WILL BE PROVIDED ANNUALLY ON OR BEFORE TEN (10) DAYS PRIOR TO THE
EXPIRATION OF EACH POLICY.
ALL CERTIFICATES AND OTHER NOTICES RELATED TO THE
INSURANCE PROGRAM SHALL BE DELIVERED TO AGENT BANK CONCURRENTLY WITH THE
DELIVERY OF SUCH CERTIFICATES OR NOTICES TO SUCH CARRIER OR TO BORROWERS, OR ANY
OF THEM, AS APPLICABLE.
NOTWITHSTANDING THE FOREGOING, HOWEVER, AGENT BANK, ON
BEHALF OF THE LENDERS, CONSENTS TO THE FOLLOWING COVERAGES WITH THE A.M. BEST
RATINGS SET FORTH BELOW:
(I)
EXCESS LIABILITY WITH LEXINGTON AT A+
XV, NONADMITTED;
(II)
UMBRELLA WITH AIG (NATIONAL UNION FIRE
INSURANCE CO.) AT A+ XV;
(III)
GENERAL LIABILITY AND AUTO WITH AMERICAN
SPECIALTY/PHILADELPHIA INSURANCE COMPANY AT A+ IX;
(IV)
GENERAL LIABILITY WITH ARCH FOR BINION'S AND
SPEEDWAY AT A- XV, NONADMITTED;
(V)
LIQUOR LIABILITY WITH ASPEN SPECIALTY
INSURANCE COMPANY AT A- VIII, NONADMITTED;
(VI)
CRIME WITH AIG (NATIONAL UNION FIRE INSURANCE
CO.) AT AA+;
(VII)
PROPERTY INSURANCE WITH ALLIANZ, GLOBAL RISKS
U.S. INSURANCE COMPANY AT AA-; AFFILIATED FM AT BBBPI; CONTINENTAL CASUALTY
COMPANY AT A-; LIBERTY MUTUAL FIRE INSURANCE
117
COMPANY AT A; TRAVELERS PROPERTY CASUALTY COMPANY AT A+; AND/OR ZURICH AMERICAN
INSURANCE COMPANY AT A+.
O.
OTHER COVERAGE.
ANY OTHER INSURANCE
REASONABLY REQUESTED BY AGENT BANK OR REQUISITE LENDERS IN SUCH AMOUNT AND
COVERING SUCH RISKS AS MAY BE REASONABLY REQUIRED AND CUSTOMARY IN THE RACE
TRACK HOTEL/CASINO INDUSTRY IN THE GENERAL LOCATION OF THE HOTEL/CASINO
FACILITIES.
APPROVAL OF ANY INSURANCE BY AGENT BANK SHALL NOT BE A
REPRESENTATION OF SOLVENCY OF ANY INSURER OR SUFFICIENCY OF ANY COVERAGE
REQUIRED UNDER THIS CREDIT AGREEMENT.
ALL REQUIREMENTS ARE CONSIDERED MINIMUM
IN TERMS OF THE PURCHASE AND MAINTENANCE OF INSURANCE UNDER THIS CREDIT
AGREEMENT.
SECTION 5.10.
TAXES.
THROUGHOUT THE TERM OF THE
BANK FACILITIES, BORROWERS SHALL PREPARE AND TIMELY FILE OR CAUSE TO BE PREPARED
AND TIMELY FILED ALL FEDERAL, STATE AND LOCAL TAX RETURNS REQUIRED TO BE FILED
BY IT, AND BORROWERS SHALL PAY AND DISCHARGE PRIOR TO DELINQUENCY ALL TAXES,
ASSESSMENTS AND OTHER GOVERNMENTAL CHARGES OR LEVIES IMPOSED UPON IT, OR IN
RESPECT OF ANY OF ANY OF ITS PROPERTIES AND ASSETS EXCEPT SUCH TAXES,
ASSESSMENTS AND OTHER GOVERNMENTAL CHARGES OR LEVIES, IF ANY, AS ARE BEING
CONTESTED IN GOOD FAITH BY BORROWERS IN THE MANNER WHICH IS SET FORTH FOR SUCH
CONTESTS BY SECTION 4.07 HEREIN.
SECTION 5.11.
PERMITTED ENCUMBRANCES ONLY.
AT ALL
TIMES THROUGHOUT THE TERM OF THE BANK FACILITIES, BORROWERS SHALL NOT CREATE,
INCUR, ASSUME OR SUFFER TO EXIST ANY MORTGAGE, DEED OF TRUST, PLEDGE, LIEN,
SECURITY INTEREST, ENCUMBRANCE, ATTACHMENT, LEVY, DISTRAINT, OR OTHER JUDICIAL
PROCESS AND BURDENS OF EVERY KIND AND NATURE EXCEPT THE PERMITTED ENCUMBRANCES
ON OR WITH RESPECT TO THE COLLATERAL, EXCEPT (A) WITH RESPECT TO MATTERS
DESCRIBED IN SECTIONS 5.03 AND 5.10 SUCH ITEMS AS ARE BEING CONTESTED IN THE
MANNER DESCRIBED THEREIN, AND (B) WITH RESPECT TO ANY OTHER ITEMS, IF ANY, AS
ARE BEING CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND FOR WHICH
BORROWERS HAVE MAINTAINED ADEQUATE RESERVES FOR THE PAYMENT THEREOF.
SECTION 5.12.