Common use of Conditions to Subsequent Disbursements Clause in Contracts

Conditions to Subsequent Disbursements. Upon satisfaction of the --------------------------------------- conditions described below in this Section, the Disbursement Agent shall make the disbursements described in the corresponding Construction Disbursement Request (provided that the conditions set forth in SECTION 7.1 above shall have ----------- previously been satisfied), to the Disbursed Funds Account or otherwise as directed in such Construction Disbursement Request): (a) The Company shall have submitted to the Disbursement Agent, the Trustee, and the Independent Construction Consultant, a Construction Disbursement Request in the form set forth in EXHIBIT E-1 pertaining to the ----------- amounts requested for disbursement, together with a completed SCHEDULE 1 in the ---------- form contemplated thereby and the certifications of the Independent Construction Consultant in the form of EXHIBIT 1 attached to the Construction Disbursement --------- Request, and in the event that the requested disbursement includes Hard Costs, the certifications of the General Contractor, in the form of EXHIBIT 2 attached --------- to the Construction Disbursement Request. (b) The Construction Disbursement Request on its face shall have been completed as to the information required therein, and the required exhibits and attachments, if any, shall be attached. (c) The Disbursement Agent shall not have received written notice from any party hereto that a Default or Event of Default exists. (d) The Company certifies that any amounts deposited into the Disbursed Funds Account pursuant to any previous Construction Disbursement Requests (other than Advance Disbursements permitted to be outstanding under this Agreement) shall have been paid to the respective parties identified on the SCHEDULE 1 of each such previous Disbursement Request, except for such limited ---------- payments as the Independent Construction Consultant determines to have been withheld for good cause. (e) With respect to a Disbursement Request immediately following completion of any foundation for any building within the Isle-Black Hawk, the Disbursement Agent and the Independent Construction Consultant shall have received from the Title Insurer, on a building-by-building basis, its foundation endorsement insuring that such foundation is constructed wholly within the boundaries of the Property then owned in fee simple or leased by the Company, and does not encroach on any easement or violate any covenants, conditions or restrictions of record.

Conditions to Subsequent Disbursements. Upon satisfaction of the --------------------------------------- conditions described below in this Section, the Disbursement Agent shall make the disbursements described in the corresponding Construction Disbursement Request (provided that the conditions set forth in SECTION Section 7.1 above shall have ----------- previously been satisfied), ) from the Construction Disbursement Account to the Disbursed Funds Account or as otherwise as directed in such Construction Disbursement Request):: (a) The Company shall have submitted to the Disbursement Agent, the Trustee, and the Independent Construction Consultant, a Construction Disbursement Request in the form set forth in EXHIBIT Exhibit E-1 attached hereto pertaining to the ----------- amounts requested for disbursement, together with a completed SCHEDULE Schedule 1 in the ---------- form contemplated thereby and the certifications of the Independent Construction Consultant in the form of EXHIBIT Exhibit 1 attached to the Construction Disbursement --------- Requestthereto, and in the event that the requested disbursement includes Hard Costs, the certifications of the General Contractor, in the form of EXHIBIT Exhibit 2 attached --------- to the Construction Disbursement Requestthereto. (b) The Construction Disbursement Request on its face shall have been completed as to the information required therein, and the required exhibits and attachments, if any, shall be attached. (c) The Disbursement Agent shall not have received written notice from any party hereto that a Default or Event of Default exists. (d) The Company certifies that any amounts deposited into the Disbursed Funds Account pursuant to any previous Construction Disbursement Requests (other than Advance Disbursements permitted to be outstanding under this Agreement) shall have been paid to the respective parties identified on the SCHEDULE Schedule 1 of each such previous Disbursement Request, except for such limited ---------- payments as the Independent Construction Consultant reasonably determines to have been withheld for good cause. (e) With respect to a Disbursement Request immediately following completion of any foundation for any building within the Isle-Riviera Black Hawk, the Disbursement Agent and the Independent Construction Consultant shall have received from the Title InsurerInsurer and certified to the Disbursement Agent, on a building-by-building basis, its foundation endorsement insuring that such foundation is constructed wholly within the boundaries of the Property then owned in fee simple or leased by the Company, and does not encroach on any easement or violate any covenants, conditions or restrictions of record.

Conditions to Subsequent Disbursements. Upon satisfaction of the --------------------------------------- conditions described below in this SectionSection 7.2 and Section 4.1, the Disbursement Agent shall make the disbursements described in the corresponding Construction Renovation Disbursement Request (provided that the conditions set forth in SECTION Section 7.1 above shall have ----------- previously been satisfied), ) from the Renovation Disbursement Account to the Disbursed Funds Account or as otherwise as directed in such Construction Renovation Disbursement Request):: (a) The Company shall have submitted to the Disbursement Agent, Agent and the Trustee, and the Independent Construction Consultant, a Construction Renovation Disbursement Request in the form set forth in EXHIBIT E-1 pertaining to the ----------- amounts requested for disbursement, together with a completed SCHEDULE Schedule 1 in the ---------- form contemplated thereby and the certifications of the Independent Construction Consultant in the form of EXHIBIT 1 attached to the Construction Disbursement --------- Request, and in the event that the requested disbursement includes Hard Costs, the certifications of the General Contractor, in the form of EXHIBIT 2 attached --------- to the Construction Disbursement Requestthereby. (b) The Construction Renovation Disbursement Request on its face shall have been executed and completed as to the information required therein, and the required schedules, exhibits and attachments, if any, shall be attached. (c) The Disbursement Agent shall not have received written notice from any party hereto that a No Default or Event of Default existshas occurred and remains continuing. (d) The Company certifies Issuers certify that any amounts deposited into the Disbursed Funds Account pursuant to any previous Construction Renovation Disbursement Requests (other than Advance Disbursements permitted to be outstanding under this Agreement) shall have been paid to the respective parties identified on the SCHEDULE Schedule 1 of each such previous Renovation Disbursement Request, except for such limited ---------- payments as withheld by the Independent Construction Consultant determines to have been withheld Company for good causecause and set forth on Schedule 2 thereto (together with an explanation as to why such payment has been withheld). (e) With respect to a Disbursement Request immediately following completion of any foundation for any building within the Isle-Black Hawk, the The Disbursement Agent and the Independent Construction Consultant shall have received from the Title Insurer, on a building-by-building basis, its foundation endorsement insuring that such foundation is constructed wholly within the boundaries copies of all Contracts executed as of the Property then owned date of any Renovation Disbursement Request and, with respect to such Contract executed on or before the date of such Renovation Disbursement Request: (i) a consent substantially in fee simple or leased the form attached hereto as Exhibit G signed by each Contractor with respect to such Contract; and (ii) copies of such performance and payment bonds as the Company, Company may require to be provided to the Company pursuant to such Contract. Such bonds shall name the Issuers and does not encroach on any easement or violate any covenants, conditions or restrictions the Trustee as co-obligees and shall be in full force and effect. The Disbursement Agent shall conclusively rely upon the certification of recordthe Issuers set forth in the Renovation Disbursement Request in order to establish satisfaction of this condition.