Chip Liability definition

Chip Liability means all liability incurred by Buyer, including the amount of cash to be paid, in connection with the redemption of chips, tokens and tickets in accordance with Section 6.12.2 hereof.
View Source

Examples of Chip Liability in a sentence

  • Any and all unredeemed gaming chips and tokens in circulation, whether relating to the operation of the Business before, at or after the Closing (the "Unredeemed Chip Liability"), which are presented by patrons of the Business for payment within the applicable time periods for legal redemption.

  • At the Corporation’s request, the Service Provider will execute and deliver such security as the Corporation deems necessary or desirable, in form and substance satisfactory to the Corporation in its discretion, to secure the Corporation’s interest in the Net Win, the Chip Liability and any account in which the Corporation may permit the deposit of the Net Win, Chip Liability, the Corporation Data, the Computer System, the Corporation’s Confidential Information, the BCLC IP and the Gaming Supplies.

  • Cash in an amount equal to the sum of (a)(i) the Unredeemed ---- Chip Liability at the Reversion Time minus (ii) the amount of Gaming Receivables ----- at the Reversion Time (valued in accordance with Section 1.02(a)(2)) plus (b) ---- the aggregate amount of the balances, as of the Reversion Time, of all Player Bank Deposits held by Tenant.

  • Cash or immediately available funds in an amount equal to ---- the sum of (a)(i) the Unredeemed Chip Liability (as defined below) at the Transfer Time minus (ii) the amount of Gaming Receivables (as defined and valued ----- below) at the Transfer Time plus (b) the aggregate amount of the balances, as of ---- the Transfer Time, of all accounts into which customers have deposited funds held by Landlord ("Player Bank Deposits").

  • Tenant shall assume the liability for ------------------------- all unredeemed Casino gaming chips and tokens in circulation, whether relating to the operation of the Casino Business before, at or after the Transfer Time (the "Unredeemed Chip Liability"), which are presented by patrons of the Casino for payment within the applicable time periods for legal redemption.

  • Any and all unredeemed gaming ------------------------- chips and tokens in circulation, whether relating to the operation of the Business before, at or after the Closing (the "Unredeemed Chip Liability"), which are presented by patrons of the Business for payment within the applicable time periods for legal redemption.

  • Section 2.1 of the Purchase Agreement (“Purchase Price”) is hereby further amended to add the following two new sentences at the end thereof: “For purpose of determining the Purchase Price, the parties agree that the aggregate amount of Chip Liability relating to chips and tokens (but not tickets) as of the Closing Date shall be deemed to equal $349,000.

  • Landlord (or its designee) shall ------------------------- assume the Unredeemed Chip Liability for all unredeemed Casino gaming chips and tokens in circulation, whether relating to the operation of the Casino Business before, at or after the Reversion Time, which are presented by patrons of the Casino for payment within the applicable time periods for legal redemption.

  • Any and all unredeemed ------------------------- gaming chips and tokens in circulation, whether relating to the operation of the Business before, at or after the Closing (the "Unredeemed Chip Liability"), which are presented by patrons of the Business for payment within the applicable time periods for legal redemption.