WITH THE AGENT BANK THAT AMOUNT
REASONABLY DETERMINED BY THE REQUISITE LENDERS (TAKING INTO CONSIDERATION THE
AMOUNT OF BORROWINGS AVAILABLE AND THE AMOUNT OF PROCEEDS, IF ANY, OF INSURANCE
POLICIES COVERING PROPERTY DAMAGE AND BUSINESS INTERRUPTION, LOSS OR RENTAL
INCOME IN CONNECTION WITH THE HOTEL/CASINO FACILITY OR COLLATERAL DAMAGED,
DESTROYED OR CONDEMNED ACCRUING AND IMMEDIATELY FORTHCOMING TO THE AGENT BANK)
TO BE SUFFICIENT TO SERVICE NO LESS THAN SEVENTY-FIVE PERCENT (75.0%) OF THE
INDEBTEDNESS SECURED HEREBY DURING THE PERIOD OF RECONSTRUCTION, AS REASONABLY
ESTIMATED BY THE REQUISITE LENDERS;
I.
BEFORE COMMENCING ANY SUCH WORK, BORROWERS SHALL, AT THEIR OWN
COST AND EXPENSE, FURNISH AGENT BANK WITH APPROPRIATE ENDORSEMENTS, IF NEEDED,
TO THE "ALL RISK" INSURANCE POLICY WHICH BORROWERS ARE THEN PRESENTLY
MAINTAINING, AND COURSE OF CONSTRUCTION INSURANCE TO COVER ALL OF THE RISKS
DURING THE COURSE OF SUCH WORK;
J.
SUCH WORK SHALL BE COMMENCED BY BORROWERS WITHIN ONE HUNDRED
TWENTY (120) DAYS AFTER (I) SETTLEMENT SHALL HAVE BEEN MADE WITH THE INSURANCE
COMPANIES OR CONDEMNATION PROCEEDS SHALL HAVE BEEN RECEIVED, AND (II) ALL THE
NECESSARY GOVERNMENTAL APPROVALS SHALL HAVE BEEN OBTAINED, AND SUCH WORK SHALL
BE COMPLETED WITHIN A REASONABLE TIME, FREE AND CLEAR OF ALL LIENS AND
ENCUMBRANCES SO AS NOT TO INTERFERE WITH THE LIEN OF THE DEEDS OF TRUST; AND
K.
DISBURSEMENTS OF SUCH CAPITAL PROCEEDS SHALL BE MADE IN THE
CUSTOMARY MANNER USED BY AGENT BANK FOR THE DISBURSEMENT OF CONSTRUCTION LOANS.
116
ARTICLE IX
AGENCY PROVISIONS
SECTION 9.01.
APPOINTMENT.
A.
EACH LENDER HEREBY (I) DESIGNATES AND APPOINTS WFB AS THE AGENT
BANK OF SUCH LENDER UNDER THIS CREDIT AGREEMENT AND THE LOAN DOCUMENTS,
(II) AUTHORIZES AND DIRECTS AGENT BANK TO ENTER INTO THE LOAN DOCUMENTS OTHER
THAN THIS CREDIT AGREEMENT FOR THE BENEFIT OF LENDERS, AND (III) AUTHORIZES
AGENT BANK TO TAKE SUCH ACTION ON ITS BEHALF UNDER THE PROVISIONS OF THIS CREDIT
AGREEMENT AND THE LOAN DOCUMENTS AND TO EXERCISE SUCH POWERS AS ARE SET FORTH
HEREIN OR THEREIN, TOGETHER WITH SUCH OTHER POWERS AS ARE REASONABLY INCIDENTAL
THERETO, SUBJECT TO THE LIMITATIONS REFERRED TO IN SECTIONS 9.10(A) AND
9.10(B).
AGENT BANK AGREES TO ACT AS SUCH ON THE EXPRESS CONDITIONS CONTAINED
IN THIS ARTICLE IX.
B.
THE PROVISIONS OF THIS ARTICLE IX ARE SOLELY FOR THE BENEFIT OF
AGENT BANK AND LENDERS, AND BORROWERS SHALL NOT HAVE ANY RIGHTS TO RELY ON OR
ENFORCE ANY OF THE PROVISIONS HEREOF (OTHER THAN AS SET FORTH IN THE PROVISIONS
OF SECTIONS 9.03, 9.09 AND 10.10), PROVIDED, HOWEVER, THAT THE FOREGOING SHALL
IN NO WAY LIMIT BORROWERS' OBLIGATIONS UNDER THIS ARTICLE IX.
IN PERFORMING ITS
FUNCTIONS AND DUTIES UNDER THIS CREDIT AGREEMENT, AGENT BANK SHALL ACT SOLELY AS
AGENT BANK OF LENDERS AND DOES NOT ASSUME AND SHALL NOT BE DEEMED TO HAVE
ASSUMED ANY OBLIGATION TOWARD OR RELATIONSHIP OF AGENCY OR TRUST WITH OR FOR
BORROWERS OR ANY OTHER PERSON.
SECTION 9.02.
NATURE OF DUTIES.
AGENT BANK SHALL NOT HAVE ANY DUTIES
OR RESPONSIBILITIES EXCEPT THOSE EXPRESSLY SET FORTH IN THIS CREDIT AGREEMENT