Common use of Mandatory Disposition or Redemption Pursuant to Gaming Laws Clause in Contracts

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note is required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to dispose of such Holder’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such Notes, such Holder’s Notes at a redemption price equal to the lesser of (1) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (2) the price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor.

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note is required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to dispose of such Holder’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company or prescribed by such Gaming Authority for the redemption of such Notes, such Holder’s Notes at a redemption price equal to the lesser of (1) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (2) the price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor.

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note is required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder or beneficial owner shall be obligatedobliged, at the request of the Company, to dispose of such Holder’s 's or beneficial owner's Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s 's obligation to pay any interest after the Holder's or beneficial owner's receipt of such notice request shall be limited as provided in such Gaming Laws). Thereafter, and thereafter the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such Notes, notice of which shall be furnished to the Trustee, such Holder’s 's or beneficial owner's Notes at a redemption price equal to the lesser of (1i) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s 's or beneficial owner's disqualification or (2ii) the price at which such Holder or beneficial owner acquired such the Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is will not be required to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability licensure or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming Laws must will pay all investigative fees and costs of the imposed by any Gaming Authorities Authority in connection with such licensure, qualification, finding of suitability qualification or application therefor.

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note Security is required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authoritysuitable, the Holder shall be obligatedobliged, at the request of the Company, to dispose of such Holder’s Notes 's Securities within a time period 30 days after receipt of notice of failure to be found suitable or such earlier date prescribed by the Company or such other time period prescribed by such any Gaming Authority (in which event the Company’s 's obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter, and thereafter, the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such NotesSecurities, such Holder’s Notes 's Securities at a redemption price equal to the lesser lower of (1) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (2i) the price at which such Holder or beneficial owner acquired the securities without accrued interest, if any (unless the payment of such Notes, unless a different redemption price interest is required permitted by such the applicable Gaming Authority), in which event (ii) the Current Market Price of the Securities on such required price shall be redemption date and (iii) the redemption priceprincipal amount of such securities without accrued interest, if any (unless the payment of such interest is permitted by the applicable Gaming Authority). The Company is not required to pay or reimburse any Holder or beneficial owner of a Note Security for the costs of licensure, qualification or finding of suitability licensure or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note Security required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability qualification or application therefor.

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note is required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to dispose of such HolderXxxxxx’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such Notes, such Holder’s Notes at a redemption price (to be calculated by the Company) equal to the lesser of (1i) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (2ii) the price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor.

Mandatory Disposition or Redemption Pursuant to Gaming Laws. If a Holder or beneficial owner of a Note is required after the Closing Date to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to dispose of such Holder’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such Notes, such Holder’s Notes at a redemption price (to be calculated by the Company) equal to the lesser sum of (1a) 101% of the lowest closing sale price outstanding principal amount of the Notes on any trading day during held by the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority applicable Holder plus (b) all accrued and unpaid interest in respect of such Holder’s disqualification or (2) the price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor. Notwithstanding anything herein to the contrary, no Holder shall be required to become licensed or qualified or expend any amounts to become so qualified or licensed by any Gaming Authority and the sole recourse of Holdings and the Company shall be to exercise its redemption rights in respect of the Notes contemplated by this Section 7.9.