Common use of Integrated Resort Clause in Contracts

Integrated Resort. (a) The Integrated Resort is wholly or in any material part (as reasonably determined by the Majority Lenders) damaged or destroyed, whether insured or not, unless in respect of any such material part, the Borrower makes all commercially reasonable efforts to reinstate, rebuild or replace such material part within a reasonable period of time. (b) The Integrated Resort is not being operated substantially in accordance with the Commercial Documents. (c) The Development Agreement or (once issued) the Head Lease is terminated. (d) The Casino License is cancelled, suspended, revoked or (to an extent which would be reasonably likely to have a Material Adverse Effect) varied (each a “Licence Event”), except where within 14 days of the occurrence of such Licence Event, that Licence Event is itself cancelled or withdrawn and the Casino Licence is reinstated to at least the form it took prior to the occurrence of such Licence Event. (e) Legislation is adopted, and the terms of such legislation are such that either the Borrower or the Head Lessor is unable to fulfil its material obligations (as reasonably determined by the Majority Lenders) under any Commercial Document.