Common use of Repair or Replacement Clause in Contracts

Repair or Replacement. Subject to the Bank Loan Documents, if the Facility is damaged, destroyed or condemned so that Gaming can no longer be conducted at the Facility, the Facility shall be reconstructed if the insurance or condemnation proceeds are sufficient to restore or replace the Facility to a condition at least comparable to that before the casualty occurred. If MPM elects to reconstruct the Facility and if the insurance proceeds or condemnation awards are insufficient to reconstruct the Facility to such condition, MPM may, in its sole discretion and subject to the Bank Loan Documents, supply such additional funds as are necessary to reconstruct the Facility to such condition and such funds shall, with the prior consent of MBPI and the BIA or NIGC, as appropriate, constitute a loan to MBPI, secured by the revenues from the Enterprise and repayable upon such terms as may be agreed upon by MBPI and MPM. Subject to the Bank Loan Documents, MBPI may also elect to advance funds or borrow funds from a third party to reconstruct the Facility and such funds shall constitute a loan to the Enterprise repayable as an operating expense upon such terms as may be agreed upon by MBPI and MPM. The loan provided for herein shall not be subject to the ceiling set forth in the Development Agreement. If the insurance proceeds are not sufficient and are not used to repair the Facility, MBPI and MPM shall, subject to the Bank Loan Documents, jointly adjust and settle any and all claims for such insurance proceeds or condemnation awards, and such proceeds or award shall be applied first, to the amounts due under the Bank Loan Agreement (including principal and interest); second, to any other loans; third, to any undistributed Net Revenues pursuant to Section 6 of this Agreement; and fourth, any surplus shall be distributed to MBPI, in each case not in contravention of the Bank Loan Documents.

Repair or Replacement. Subject to the Bank Loan Documents, if If the Facility is damaged, destroyed or condemned so that Gaming can no longer be conducted at the Facility, the Facility shall be reconstructed if the insurance or condemnation proceeds are sufficient to restore or replace the Facility to a condition at least comparable to that before the casualty occurred. If MPM the Manager elects to reconstruct the Facility and if the insurance proceeds or condemnation awards are insufficient to reconstruct the Facility to such condition, MPM the Manager may, in its sole discretion and subject discretion, offer to lend the Bank Loan Documents, supply Company such additional funds as are necessary to reconstruct the Facility to such condition and such funds shall, with the prior consent approval of MBPI and the BIA or NIGC, as appropriateCompany, constitute a loan to MBPIthe Company, secured solely by the revenues from the Enterprise and repayable upon such terms as may be agreed upon by MBPI the Company and MPMthe Manager. Subject to the Bank Loan DocumentsThe Company may also, MBPI may also elect to advance funds or at its sole discretion, borrow funds from a third party to reconstruct the Facility and such funds as are necessary to rebuild the Facility. The interest upon any such loan shall constitute a loan to the Enterprise repayable be treated as an operating expense upon such terms as may be agreed upon by MBPI and MPM. The loan provided for herein shall not be subject to Operation Expense of the ceiling set forth in the Development AgreementEnterprise. If the insurance proceeds are not sufficient and are not used to repair the Facility, MBPI and MPM shallneither the Manager nor the Company wishes to provide the additional funds necessary to re-build and reopen the Facility, subject to the Bank Loan Documents, Company and the Manager shall jointly adjust and settle any and all claims for such insurance proceeds or condemnation awards, and such proceeds or award and any undistributed Net Revenues shall be applied applied: (i) first, as to insurance proceeds or condemnation awards for Equipment subject to a purchase money security interest or lease, to such secured party or lessor; (ii) second, as to any other insurance proceeds, condemnation awards or undistributed Net Revenues, to the amounts due under on the Bank Loan Agreement (and any other loans relating to the Facility, in the order of their priority), including principal and interest); second, to any other loans; (iii) third, to the repayment of any undistributed Net Revenues pursuant other third party claims relating to the Facility; and (iv) fourth, to Manager and the Company in accordance with Section 6 5 of this Agreement; and fourth, any surplus shall be distributed to MBPI, in each case not in contravention of the Bank Loan Documents.

Repair or Replacement. Subject to the Bank Loan Documents, if If the Facility is damaged, destroyed or condemned so that continued development, construction or operation of Gaming cannot be or can no longer be conducted continued at the Facility, the Facility shall at the Band's option be reconstructed if the insurance or condemnation proceeds proceeds, together with any other funds available to the Band, are sufficient to restore or replace the Facility to a condition at least comparable to that before the casualty occurred. If MPM elects to reconstruct the Facility and if the insurance proceeds occurred or condemnation awards are insufficient to reconstruct the Facility to such condition, MPM may, in its sole discretion and subject to the Bank Loan Documents, supply such additional funds other condition as are necessary to reconstruct the Facility to such condition and such funds shall, with the prior consent of MBPI Great Lakes and the BIA or NIGC, as appropriate, constitute a loan to MBPI, secured by the revenues from the Enterprise and repayable upon such terms as Band may be agreed upon by MBPI and MPM. Subject to the Bank Loan Documents, MBPI may also elect to advance funds or borrow funds from a third party to reconstruct the Facility and such funds shall constitute a loan to the Enterprise repayable as an operating expense upon such terms as may be agreed upon by MBPI and MPM. The loan provided for herein shall not be subject to the ceiling set forth in the Development Agreementagree. If the insurance proceeds proceeds, together with other funds available to the Band, are not sufficient and to so restore or replace the Facility or are not used to repair the Facility, MBPI and MPM the Band shall, subject to with the Bank Loan Documentsassistance of Great Lakes, jointly adjust and settle any and all claims for such insurance proceeds or condemnation awards, and such proceeds or award and any undistributed Net Revenues pursuant to Article 5 of the Management Agreement shall be applied first, as to proceeds or awards relating to Furnishings and Equipment securing the Equipment Loan, to the amounts due under the Equipment Loan; second, to the amounts due under the Minimum Payments Note; third, to the Lakes Working Capital Advances, including accrued interest; fourth, to the Band Working Capital Advances, including accrued interest; fifth, to the amounts due under the Bank Loan Agreement (including principal and interest)Loan; secondsixth, to any remaining balance under the Equipment Loan and to any other loansthird party liabilities of the Enterprise to which Great Lakes has subordinated in writing; thirdseventh, to the Lakes Facility Loan; eighth, to the Lakes Development Loan; and ninth, to the Band; but subject, in each case, to any undistributed Net Revenues pursuant to Section 6 applicable subordination agreements. Any unpaid balance of this Agreement; the Lakes Development Loan, the Lakes Facility Loan and fourththe Lakes Working Capital Loan, any surplus after application of such proceeds, shall be distributed repaid as provided in Section 14.4 on failure to MBPI, in each case not in contravention of the Bank Loan Documentsobtain NIGC Approval.

Repair or Replacement. Subject to the Bank Loan Documents, if If the Facility is damaged, destroyed or condemned so that continued development and construction of Gaming can no longer cannot be conducted continued at the Facility, the Facility shall be reconstructed if the insurance or condemnation proceeds are sufficient to restore or replace the Facility to a condition at least comparable to that before the casualty occurred. If MPM CEG elects to reconstruct the Facility and if the insurance proceeds or condemnation awards are insufficient to reconstruct the Facility to such condition, MPM CEG may, in its sole discretion and subject to the Bank Loan Documentsdiscretion, supply such additional funds as are necessary to reconstruct the Facility to such condition and such funds shall, with the prior consent of MBPI the Authority and the BIA or NIGC, as appropriate, constitute a loan to MBPIthe Authority, secured by the revenues from the Enterprise and repayable upon such terms as may be agreed upon by MBPI the Authority and MPM. Subject to the Bank Loan Documents, MBPI may also elect to advance funds or borrow funds from a third party to reconstruct the Facility and such funds shall constitute a loan to the Enterprise repayable as an operating expense upon such terms as may be agreed upon by MBPI and MPMCEG. The loan provided for herein shall not be subject to the ceiling set forth in the this Development Agreement. If the insurance proceeds are not sufficient and are not used to repair the Facility, MBPI the Authority and MPM shall, subject to the Bank Loan Documents, CEG shall jointly adjust and settle any and all claims for such insurance proceeds or condemnation awards, and such proceeds or award shall be applied first, to the amounts due under the Bank Loan Note or Security and Reimbursement Agreement (including principal and interest); second, to any other loans; third, to any undistributed Net Revenues pursuant to Section 6 of this Agreement; and fourth, any surplus shall be distributed to MBPI, in each case not in contravention of the Bank Loan DocumentsAuthority.

Repair or Replacement. Subject to the Bank Loan Documents, if If the Facility is damaged, destroyed or condemned so that continued development, construction or operation of Gaming cannot be or can no longer be conducted continued at the Facility, the Facility shall at the Band's option be reconstructed if the insurance or condemnation proceeds proceeds, together with any other funds available to the Band, are sufficient to restore or replace the Facility to a condition at least comparable to that before the casualty occurred. If MPM elects to reconstruct the Facility and if the insurance proceeds occurred or condemnation awards are insufficient to reconstruct the Facility to such condition, MPM may, in its sole discretion and subject to the Bank Loan Documents, supply such additional funds other condition as are necessary to reconstruct the Facility to such condition and such funds shall, with the prior consent of MBPI Great Lakes and the BIA or NIGC, as appropriate, constitute a loan to MBPI, secured by the revenues from the Enterprise and repayable upon such terms as Band may be agreed upon by MBPI and MPM. Subject to the Bank Loan Documents, MBPI may also elect to advance funds or borrow funds from a third party to reconstruct the Facility and such funds shall constitute a loan to the Enterprise repayable as an operating expense upon such terms as may be agreed upon by MBPI and MPM. The loan provided for herein shall not be subject to the ceiling set forth in the Development Agreementagree. If the insurance proceeds proceeds, together with other funds available to the Band, are not sufficient and to so restore or replace the Facility or are not used to repair the Facility, MBPI and MPM the Band shall, subject to with the Bank Loan Documentsassistance of Great Lakes, jointly adjust and settle any and all claims for such insurance proceeds or condemnation awards, and such proceeds or award and any undistributed Net Revenues pursuant to Article 5 of the Management Agreement shall be applied first, as to proceeds or awards relating to Furnishings and Equipment securing the Equipment Loan, to the amounts due under the Equipment Loan; second, to the amounts due under the Minimum Payments Note; third, to the Lakes Working Capital Advances, including accrued interest; fourth, to the Band Working Capital Advances, including accrued interest; fifth, to the amounts due under the Bank Loan Agreement (including principal and interest)Loan; secondsixth, to any remaining balance under the Equipment Loan and to any other loansthird party liabilities of the Enterprise to which Great Lakes has subordinated in writing; thirdseventh, to the Lakes Facility Loan; eighth, to the Lakes Development Loan; and ninth, to the Band; but subject, in each case, to any undistributed Net Revenues pursuant to Section 6 applicable subordination agreements. Any unpaid balance of this Agreement; the Lakes Development Loan, the Lakes Facility Loan and fourththe Lakes Working Capital Loan, any surplus after application of such proceeds, shall be distributed repaid as provided in Section 14.4 on failure to MBPI, in each case not in contravention of the Bank Loan Documents.obtain NIGC Approval. 50