Common use of Operating Property Clause in Contracts

Operating Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries and/or subtenants to own (or lease) and maintain) on the Leased Property adequate and sufficient Operating Property, and shall maintain (or cause its Subsidiaries and/or subtenants to maintain) all of such Operating Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Leased Property for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any Operating Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary and/or subtenant to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s or subtenant’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries and subtenants may sell, transfer, convey or otherwise dispose of Operating Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of their respective business and Landlord shall have no rights to such Operating Property. Tenant shall, upon L▇▇▇▇▇▇▇’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Operating Property located at the Leased Property. In the case of any such Operating Property that is leased (rather than owned) by Tenant, Tenant shall use commercially reasonable efforts to ensure (or cause its Subsidiaries to ensure) that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Operating Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall, at its sole cost and expense, remove all Operating Property from the Leased Property at the end of the Term, except to the extent Tenant (or its Subsidiaries) has transferred ownership of such Operating Property to a Successor Tenant or Landlord. Any Operating Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord, and Landlord shall have the right to remove and/or dispose of same at Tenant’s sole cost and expense.

Operating Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries and/or subtenants to own (or lease) and maintain) on the Leased Property adequate and sufficient Operating Property, and shall maintain (or cause its Subsidiaries and/or subtenants to maintain) all of such Operating Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Leased Property for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any Operating Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary and/or subtenant to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s or subtenant’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries and subtenants may sell, transfer, convey or otherwise dispose of Operating Property (other than Gaming Licenses and subject to Section 6.36.4) in their discretion in the ordinary course of their respective business and Landlord shall have no rights to such Operating Property. Tenant shall, upon L▇▇▇▇▇▇▇’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Operating Property located at the Leased Property. In the case of any such Operating Property that is leased (rather than owned) by Tenant, Tenant shall use commercially reasonable efforts to ensure (or cause its Subsidiaries to ensure) that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Operating Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall, at its sole cost and expense, remove all Operating Property from the Leased Property at the end of the Term, except to the extent Tenant (or its Subsidiaries) has transferred ownership of such Operating Property to a Successor Tenant or Landlord. Any Operating Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord, and Landlord shall have the right to remove and/or dispose of same at Tenant’s sole cost and expense.