Common use of Redemption Pursuant to Gaming Laws Clause in Contracts

Redemption Pursuant to Gaming Laws. Notwithstanding any other provision of this Article 3, if any Gaming Authority requires that a Holder or beneficial owner of Securities of a Holder must be licensed, qualified or found suitable under any Gaming Law, such Holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time period. If such person fails to apply or become licensed or qualified or is not found suitable (in each case, a "failure of compliance"), the Company shall have the right, at its option, (i) to require such Holder or owner to dispose of such Holder's or owner's Securities within 30 days of receipt of notice of the Company's election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem within such 30-day or earlier period requested or prescribed by such Gaming Authority the Securities of such Holder or owner at a redemption price equal to the lesser of (A) 100% of the Principal Amount thereof or (B) the price at which such Holder or owner acquired the Securities, together, in either case, with accrued interest to the earlier of the redemption date or the date of the failure of compliance, which may be less than 30 days following the notice of redemption if so requested or prescribed by such Gaming Authority. The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or owner may incur in connection with its application for a license, qualification or finding of suitability.

Redemption Pursuant to Gaming Laws. Notwithstanding any other provision the provisions of this Article 3Eleven, if the Louisiana Gaming Authorities, or any other relevant Gaming Authority does not waive the qualification requirements as to any Holder (whether the record owner or beneficial owner) and requires that such Holder be qualified or be found suitable under the Gaming Laws, then, in such event, such Holder must qualify or be found suitable under such Laws. If a Holder does not so qualify or is not found suitable, the Holder must dispose of its interest in the Notes, within 30 days (or within such earlier date as such Gaming Authority may require) after the Company's receipt of notice of such finding and the giving of notice of such finding to such Holder, or, at the Company's option, either (a) the Company may redeem such Notes at the lower of the principal amount thereof or the price at which the Note was acquired by such Holder, in either case, plus accrued interest to the Redemption Date or (b) the Holder shall enter into such escrow, trust or similar arrangement as may be required by such Gaming Authority under the circumstances. The Company will as quickly as practicable, in any event no later than 10 days, notify the Trustee by telecopier notice (and will confirm such notice by overnight courier) of (i) the name or names of any Holder or any beneficial owner of Securities of a Holder must be licensedthe Notes described in this Section and (ii) what action, qualified or found suitable under any Gaming Lawif any, the Company then intends to take with respect to such Holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time periodowner. If such person fails to apply or become licensed or qualified or is not found suitable (in each case, a "failure of compliance"), the Company shall have the right, at its option, (i) to require such Holder or owner to dispose of such Holder's or owner's Securities within 30 days of receipt of notice of the Company's election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem within such 30-day or earlier period requested or prescribed by such Gaming Authority the Securities of such Holder or owner at a redemption price equal to the lesser of (A) 100% of the Principal Amount thereof or (B) the price at which such Holder or owner acquired the Securities, together, in either case, with accrued interest to the earlier of the redemption date or the date of the failure of compliance, which may be less than 30 days following the notice of redemption if so requested or prescribed by such Gaming Authority. The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or owner may incur in connection with its application for a license, qualification or finding of suitability.ARTICLE TWELVE

Redemption Pursuant to Gaming Laws. Notwithstanding any other provision of this Article 3, if any Gaming Authority requires that a Holder or beneficial owner of Securities of a Holder must be licensed, qualified or found suitable under any Gaming Law, such Holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time period. If such person fails to apply or become licensed or qualified or is not found suitable (in each case, a "failure of compliance"), the Company shall have the right, at its option, (i) to require such Holder or owner to dispose of such HolderXxxxxx's or owner's Securities within 30 days of receipt of notice of the Company's election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem within such 30-day or earlier period requested or prescribed by such Gaming Authority the Securities of such Holder or owner at a redemption price equal to the lesser of (A) 100% of the Principal Amount thereof or (B) the price at which such Holder or owner acquired the Securities, together, in either case, with accrued interest to the earlier of the redemption date or the date of the failure of compliance, which may be less than 30 days following the notice of redemption if so requested or prescribed by such Gaming Authority. The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or owner may incur in connection with its application for a license, qualification or finding of suitability.