Master Leases. Neither the Issuers nor any of the Restricted Subsidiaries shall (i) amend or modify any of the Significant Master Leases in any manner that would materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company) or (ii) grant any waiver or release under or terminate any Significant Master Lease in any manner if such granting or termination would materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes (as determined in good faith by the Company); provided that the amendments and modifications to the Significant Master Leases contemplated by that certain Master Transaction Agreement, dated as of June 24, 2019, by and between the Company and ERI, as in effect on the Issue Date, shall be deemed to not materially impair the ability of the Issuers to satisfy their obligations to make payments on the Notes.
Master Leases. Notwithstanding anything herein to the contrary, no Default or Event of Default shall arise with respect to any Leased Property to the extent that the Company and the Restricted Subsidiaries are in compliance with the MGP Master Lease, the Bellagio Lease or the MGP XXXXX XX Master Lease, as applicable, with respect to such Leased Property.
Master Leases. LTC and ALC shall enter into two (2) master lease agreements (the “Master Leases”) upon terms and conditions similar to those contained in the Master Lease Agreement dated November 30, 2001, between LTC and ALC/CHAL (the “Original Master Lease”), except as otherwise specified in this MOU. The Leased Properties shall be grouped under the Master Leases according to the groupings set forth in Exhibit A. The Master Leases shall be deemed as of the “Commencement Date” (as that term is hereinafter defined) to have amended, restated, superseded and replaced the Leases, including the Original Master Lease, for all purposes and the Master Leases and this MOU shall constitute the only agreements between LTC and ALC with respect to the Leased Properties; provided, however, that nothing in this MOU shall relieve ALC/CHAL (and, following consummation of the Merger, ALC) of any accrued or unpaid obligation to pay rent or other monies to LTC, whether under any Lease or otherwise. Notwithstanding the foregoing, ALC and LTC agree that the Master Leases shall contain the following elements, with the terms of this MOU superseding the terms of the Original Master Lease to the extent they are inconsistent, conflict with, or vary from any of the terms or conditions of the Original Master Lease:
Master Leases. The occurrence of a default under any Master Lease which continues uncured beyond any applicable notice and grace period provided under such Master Lease.
Master Leases. (i) Borrowers have delivered to Lender a true, correct and complete copy of the Master Leases (including all amendments thereto and modifications thereof);
Master Leases. (a) The Borrower shall not enter into any amendment, modification, consent or waiver of any term of the Master Leases, in a manner that is (as reasonably determined by the Borrower on the date of effectiveness of such amendment, modification, consent or waiver) materially adverse to the Lenders (in their capacities as such); provided that the Borrower shall not enter into or permit any amendment, modification, consent or waiver of the Initial Master Lease with respect to any provision of the Initial Master Lease that has the effect of shortening the initial term of the Initial Master Lease to a date earlier than the tenth (10th) anniversary of the Closing Date (it being understood that any removal of a property from the Initial Master Lease in accordance with its terms shall not, by itself, constitute a shortening of the term of the Initial Master Lease).
Master Leases. Collectively, the Emeritus Master Lease, the Summerville Master Lease and the Painted Post Lease (each, a “Master Lease”).
Master Leases. Borrowers shall not, without Agent’s prior written consent, which consent shall not be unreasonably withheld or delayed, amend or terminate any Master Lease.
Master Leases. A copy of each Master Lease, certified by Borrowers as being true, correct and complete.
Master Leases. The Master Leases shall have been approved by Lender.
