Common use of Disbursements after an Event of Default Clause in Contracts

Disbursements after an Event of Default. In the event that the Trustee has provided the Disbursement Agent notice that a Default or Event of Default exists and is continuing (unless the same has been waived by the Trustee in writing), the Disbursement Agent shall not approve any disbursement of funds for the Facility from the Construction Disbursement Account. Notwithstanding the foregoing, the Trustee may direct that any of the following payments be made, and provided, further, that nothing in this Section 7.4 shall limit the Trustee’s right to the disbursement of funds in the Construction Disbursement Account pursuant to Section 3.4: (i) if all other conditions in Section 7.2 (including those stated in Section 7.1) are met, funds from the Construction Disbursement Account, for work completed or materials purchased on or prior to the date that such Default or Event of Default first occurred; (ii) payments not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate to prevent the condition of the Facility from deteriorating or to preserve any work completed on the Facility, certified to the Disbursement Agent and the Trustee in writing by the Issuers to be reasonably necessary or advisable; provided, however, that the foregoing limitation may be increased or decreased by the Trustee by written notice to the Disbursement Agent and the Issuers; and (iii) if such condition continues for a period of three (3) consecutive months or more, at the written request of the Issuers, Retainage Amounts for work completed; provided that the Issuers and the Manager each certify to the Disbursement Agent and the Trustee in writing the amount required to be paid for such Retainage Amounts and that the conditions for paying such amounts (other than that the Opening has occurred) are met.

Disbursements after an Event of Default. In the event that the Trustee has provided the Disbursement Agent receives notice from any party hereto (which notice has not been revoked or cancelled by the Trustee) that a Default or Event of Default exists and is continuing (unless the same has been waived by the Trustee in writing)continuing, the Disbursement Agent shall not approve any disbursement of funds for the Facility Riviera Black Hawk from the Construction Disbursement Account or the Completion Reserve Account. Notwithstanding ; provided, however, that, with the foregoingconsent of the Trustee, the Trustee may direct that any of the following payments can be made, and provided, further, that nothing in this Section 7.4 shall limit made at the discretion of the Trustee’s right to the disbursement of funds in the Construction Disbursement Account pursuant to Section 3.4: (i) if all other conditions in Section 7.2 (including those stated in Section 7.17.1 hereof) are met, funds from the Construction Disbursement Account, as approved by the Independent Construction Consultant in writing, for work completed or materials purchased on or prior to the date that such Default or Event of Default first occurred; (ii) payments not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate to prevent the condition of the Facility Riviera Black Hawk from deteriorating or to preserve any work completed on the FacilityRiviera Black Hawk, certified to the Disbursement Agent and the Trustee in writing by the Issuers Independent Construction Consultant to be reasonably necessary or advisable; provided, however, that the foregoing limitation may be increased or decreased by the Trustee by written notice to the Disbursement Agent and the Issuers; andAgent; (iii) if such condition continues for a period of three (3) consecutive months or more, at the written request of the IssuersCompany, Retainage Amounts for work completed; provided that the Issuers Company and the Manager each Independent Construction Consultant certify to the Disbursement Agent and the Trustee in writing the amount required to be paid for such Retainage Amounts and that the conditions for paying such amounts (other than that the Opening has occurredRiviera Black Hawk will be Operating) are met; and (iv) at the direction of the Trustee, disbursements from the Completion Reserve Account in accordance with Section 5.1.

Disbursements after an Event of Default. In the event that the Trustee has provided the Disbursement Agent notice that a Default or Event of Default exists and is continuing (unless the same has been waived by the Trustee in writing)continuing, the Disbursement Agent shall not approve any disbursement of funds for the Facility Hooters Renovation from the Construction Renovation Disbursement Account. Notwithstanding ; provided, however, that, with the foregoingconsent of the Trustee, the Trustee may direct that any of the following payments can be made, and provided, further, that nothing in this Section 7.4 7.5 shall limit the Trustee’s right to the disbursement of funds in the Construction Renovation Disbursement Account pursuant to Section 3.4: (i) if all other conditions in Section 7.2 (including those stated in Section 7.17.1 hereof) are met, funds from the Construction Renovation Disbursement Account, for work completed or materials purchased on or prior to the date that such Default or Event of Default first occurred; (ii) payments not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate to prevent the condition of the Facility Hooters Renovation from deteriorating or to preserve any work completed on the FacilityHooters Renovation, certified to the Disbursement Agent and the Trustee in writing by the Issuers to be reasonably necessary or advisable; provided, however, that the foregoing limitation may be increased or decreased by the Trustee by written notice to the Disbursement Agent and the Issuers; and (iii) if such condition continues for a period of three (3) consecutive months or more, at the written request of the Issuers, Retainage Amounts for work completed; provided that the Issuers and the Manager each certify to the Disbursement Agent and the Trustee in writing the amount required to be paid for such Retainage Amounts and that the conditions for paying such amounts (other than that the Re-Opening has occurredwill occur on or prior to the Re-Opening Deadline) are met.