Certain Operating Lease Covenants Sample Clauses
The 'Certain Operating Lease Covenants' clause sets out specific obligations and restrictions related to operating leases that a party must follow under an agreement. Typically, this clause may limit the amount, duration, or terms of operating leases a company can enter into, or require the company to maintain compliance with certain financial ratios or reporting requirements related to such leases. Its core function is to ensure that the lessee's use of operating leases does not negatively impact the financial stability or risk profile of the business, thereby protecting the interests of lenders or other stakeholders.
Certain Operating Lease Covenants. Borrower further covenants and agrees with Lender as follows:
10.15.1 Borrower shall enforce each Operating Lease and, if the Operating Lessee is a TRS Lessee, cause the hotel located on each Individual Property to be operated pursuant to the related Operating Lease.
Certain Operating Lease Covenants. 74 ARTICLE XI
Certain Operating Lease Covenants. Borrower further covenants and agrees with Agent as follows:
(a) Borrower shall not, without Agent’s prior consent: (i) surrender, terminate or cancel the Operating Lease; (ii) reduce or consent to the reduction of the term of the Operating Lease; (ii) increase or consent to the increase of the amount of any rent or other charges under the Operating Lease; or (iii) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under the Operating Lease in any material respect; and
(b) Borrower shall: (i) promptly perform and/or observe all of the covenants and agreements required to be performed and observed by it under the Operating Lease and do all things necessary to preserve and to keep unimpaired its rights thereunder; (ii) promptly notify Agent of any default under the Operating Lease of which it is aware; and (iii) promptly deliver to Agent a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by Borrower under the Operating Lease.
Certain Operating Lease Covenants. Borrower further covenants and agrees with Lender as follows:
10.15.1 Borrower shall enforce each Operating Lease and, if the Operating Lessee is a TRS Lessee, cause the hotel located on each Individual Property to be operated pursuant to the related Operating Lease.
10.15.2 Borrower shall:
(a) promptly perform and/or observe all of the covenants and agreements required to be performed and observed by Borrower under the Operating Leases, including without limitation, that certain Master Lease Termination and Conversion Agreement, dated as of September 7, 2000, and do all things necessary to preserve and to keep unimpaired its material rights thereunder;
(b) promptly notify Lender of any default under any Operating Lease of which Borrower is aware;
(c) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by Borrower under any Operating Lease; and
(d) promptly enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by the Operating Lessee under any Operating Lease.