Common use of PERFORMANCE BY THE SENIOR LENDERS Clause in Contracts

PERFORMANCE BY THE SENIOR LENDERS. (a) The FF&E Agent agrees that it will not commence the exercise of any rights, remedies or options under the Facilities Agreement or the Operative Documents (including the termination or suspension of performance of its obligations thereunder) without first giving the Administrative Agent notice and opportunity to cure as provided for in CLAUSE (B) below, subject to the provisions of CLAUSES (C) through (E) below ; PROVIDED, HOWEVER, if such exercise of rights, remedies or options under the Facilities Agreement or the Operative Documents shall arise by virtue of (x) a bankruptcy or insolvency of Aladdin Gaming or (y) an Event of Default under the Facilities Agreement or the Operative Documents relating to an act, event or condition which is (1) personal to Aladdin Gaming or any other Person, (2) cannot be performed or cured by the Senior Lenders or the Administrative Agent, and (3) the continuation of such Event of Default materially and adversely interferes with the practical realization of the rights and benefits provided by the Facilities Agreement and the Operative Documents (other than the economic consequences of any judicial, administrative or other procedural delay), then the FF&E Agent shall not be obligated to give the Administrative Agent an opportunity to cure and the provisions of ARTICLE VII shall apply. Notwithstanding the foregoing, there shall be no obligation on the part of GE Capital and the Participants to make any Funding during any cure period granted to the Administrative Agent hereunder until such time as the Administrative Agent has delivered the notice pursuant to which the Senior Lenders are electing to exercise their right to cure.