Common use of Nevada Gaming Law Clause in Contracts

Nevada Gaming Law. This Agreement will be governed by the Nevada Gaming Control Act. Without limiting the generality of the foregoing, the parties agree to the following: 8.1 The pledges of the Stock provided for herein will be subject to the approval of the Nevada State Gaming Control Board and the Nevada Gaming Commission (collectively, the "Nevada Gaming Authorities"); 8.2 Notwithstanding the approval by the Nevada Gaming Authorities pursuant to paragraph 8.1 above, other approvals of the Nevada Gaming Authorities may, and in some cases will, be required before certain transactions relating to this Agreement may occur, including but not limited to the following: a. any re-registration or action similar to re-registration of the Stock (or any distribution in respect of, in addition to, in substitution of, or in exchange for, the Stock or any part thereof); b. any foreclosure, sale, transfer or other disposition of the Stock, except a transfer back to the Pledgor; and c. pursuant to Regulation 8.050 of the Nevada Gaming Commission, the payment or receipt of any money or other thing of value constituting any part of the consideration for the transfer or acquisition of the Stock, except that such consideration may be placed in escrow pending receipt of the necessary approvals. 8.3 Trustee or its agents shall physically retain all evidence of ownership of the Stock or any distribution of additional securities in respect of, in addition to, in substitution of, or in exchange for, such Stock or any part thereof, within the State of Nevada at a location designated to the Nevada Gaming Authorities, and shall make such evidence of ownership available for inspection by agents of the Nevada Gaming Authorities immediately upon request during normal business hours. 8.4 Notwithstanding any other provision contained herein to the contrary, the Trustee agrees that prior to exercising any remedies set forth in Section 6 hereof or elsewhere with respect to the Collateral it shall obtain any and all consents and approvals required under such statute or regulations.