of a financial covenant in a subsequent fiscal period, the Cure
Amount shall continue to be included in the amount of Consolidated EBITDA for
such fiscal quarter;
provided that CCR may not exercise such Cure Right (x) in respect of more than
two fiscal quarters and (y) with respect to any fiscal quarter following the
first fiscal quarter in which both of Cannery East and Permanent Meadows Casino
are Operating.
If CCR shall have delivered a Notice of Issuance of Permitted
Cure Securities in accordance with Section 6.01(f), then (subject to the
preceding sentence) the Lenders shall not have the right to declare a Default or
Event of Default or otherwise declare the Loans due and payable and terminate
the Commitments pursuant to Section 8.01 solely as a result of a Default under
Section 7.11 until 10 Business Days following the date of delivery of such
Notice of Issuance of Permitted Cure Securities, and then only if CCR has not
received the necessary Cure Amount to cure the non-compliance by such date.
112
ARTICLE IX.
ADMINISTRATIVE AGENT
9.01
Appointment and Authority.
(A)
EACH OF THE LENDERS AND THE L/C ISSUER HEREBY IRREVOCABLY APPOINTS
BANK OF AMERICA TO ACT ON ITS BEHALF AS THE ADMINISTRATIVE AGENT HEREUNDER AND
UNDER THE OTHER LOAN DOCUMENTS AND AUTHORIZES THE ADMINISTRATIVE AGENT TO TAKE
SUCH ACTIONS ON ITS BEHALF AND TO EXERCISE SUCH POWERS AS ARE DELEGATED TO THE
ADMINISTRATIVE AGENT BY THE TERMS HEREOF OR THEREOF, TOGETHER WITH SUCH ACTIONS
AND POWERS AS ARE REASONABLY INCIDENTAL THERETO.
THE PROVISIONS OF THIS ARTICLE
ARE SOLELY FOR THE BENEFIT OF THE ADMINISTRATIVE AGENT, THE LENDERS AND THE L/C
ISSUER, AND NEITHER ANY BORROWER NOR ANY OTHER LOAN PARTY SHALL HAVE RIGHTS AS A
THIRD PARTY BENEFICIARY OF ANY OF SUCH PROVISIONS.
(B)
THE ADMINISTRATIVE AGENT SHALL ALSO ACT AS THE "COLLATERAL AGENT"
UNDER THE LOAN DOCUMENTS, AND EACH OF THE LENDERS (IN ITS CAPACITIES AS A
LENDER, POTENTIAL HEDGE BANK AND POTENTIAL CASH MANAGEMENT BANK) AND THE L/C
ISSUER HEREBY IRREVOCABLY APPOINTS AND AUTHORIZES THE ADMINISTRATIVE AGENT TO
ACT AS THE AGENT OF SUCH LENDER AND THE L/C ISSUER FOR PURPOSES OF ACQUIRING,
HOLDING AND ENFORCING ANY AND ALL LIENS ON COLLATERAL GRANTED BY ANY OF THE LOAN
PARTIES TO SECURE ANY OF THE OBLIGATIONS, TOGETHER WITH SUCH POWERS AND
DISCRETION AS ARE REASONABLY INCIDENTAL THERETO.
IN THIS CONNECTION, THE
ADMINISTRATIVE AGENT, AS "COLLATERAL AGENT" AND ANY CO-AGENTS, SUB-AGENTS AND
ATTORNEYS-IN-FACT APPOINTED BY THE ADMINISTRATIVE AGENT PURSUANT TO SECTION 9.05
FOR PURPOSES OF HOLDING OR ENFORCING ANY LIEN ON THE COLLATERAL (OR ANY PORTION
THEREOF) GRANTED UNDER THE COLLATERAL DOCUMENTS, OR FOR EXERCISING ANY RIGHTS
AND REMEDIES THEREUNDER AT THE DIRECTION OF THE ADMINISTRATIVE AGENT), SHALL BE
ENTITLED TO THE BENEFITS OF ALL PROVISIONS OF THIS ARTICLE IX AND ARTICLE X
(INCLUDING SECTION 10.04(C), AS THOUGH SUCH CO-AGENTS, SUB-AGENTS AND
ATTORNEYS-IN-FACT WERE THE "COLLATERAL AGENT" UNDER THE LOAN DOCUMENTS) AS IF
SET FORTH IN FULL HEREIN WITH RESPECT THERETO.
9.02
Rights as a Lender.
The