EW Preferred Return definition

EW Preferred Return shall have the meaning given to it in the Operating Agreement for 155.
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EW Preferred Return means a return, calculated as set forth in the Operating Agreement, of 4% per annum, cumulative, on the EW Preferred Account (as defined in the Operating Agreement); provided, however, that solely for purposes of clause (f) of the covenant “Limitation on Restricted Payments,” the EW Preferred Return shall not exceed an amount equal to 4% per annum of (a) the sum of (x) $20,000,000, which represents the balance of the EW Preferred Account as of the Issue Date, and (y) upon the contribution by E&W or EW Common of gaming assets to the Company pursuant to Section 5.1 of the Operating Agreement following the occurrence of the Operator Licensing Event, $5,000,000, less (b) the amount of any reductions in, or repayments or returns of, the EW Preferred Account on and after the Issue Date.
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EW Preferred Return means a sum equal to four percent (4%) per annum, determined on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days occurring in the period for which the EW Preferred Return is being determined, cumulative (but not compounded), of the average daily balance of EW Preferred Account (or, if the EW Preferred Account has been converted to the EW Preferred Note Loan, the average daily balance of the EW Preferred Note Loan) from time to time during the period for which the EW Preferred Return relates. The EW Preferred Return shall not commence to accrue until the Re-opening.
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Examples of EW Preferred Return in a sentence

  • From the First Closing Date and until the Second Closing Date and for so long as the debt evidenced by the loan documents underlying the New Financing is outstanding, and pursuant to the loan documents evidencing the New Financing and except as necessary under Sections 7.6 and 7.7, no distribution shall be made to any Member or in payment of the EW Preferred Return, and any royalties due and owing related to use of the Hooters Brand may only be paid to HI LP.

  • In the event that, under Section 7.1, there is insufficient Net Cash Flow From Operations to satisfy all obligations of the Company and its subsidiaries under the Renovation Financing and the EW Preferred Return and any royalty payments to Hooters Gaming Corporation, Las Vegas Wings and Lags Ventures, Inc., any royalty amount due to Hooters Gaming Corporation, Las Vegas Wings and Lags Ventures, Inc.

  • The EW Preferred Return shall not commence to accrue until the Re-opening.

  • The LICENSOR agrees to subordinate the payment of the ▇▇▇▇ Fee in favor of (i) the prior payment in full in cash of all obligations of the Company and its subsidiaries under the Indenture and the Notes and (ii) the EW Preferred Return (as defined in the Operating Agreement) as further set forth in the Operating Agreement.


More Definitions of EW Preferred Return

EW Preferred Return shall have the meaning given to it in Section 7.5 of this Operating Agreement.
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