Gaming Liabilities definition
Gaming Liabilities means the following gaming-related liabilities incurred in connection with the Casino Business: (A) the amount accrued on the meters of ACE Lo’s progressive slot machines and progressive Caribbean stud poker games (“Progressive Gaming Liabilities”), (B) liabilities for redemption of outstanding chips, keno tickets, w▇▇▇▇▇, ticket-in/ticket-out and other similar gaming liabilities at face value less discounts in accordance with past practice taken prior to June 30, 2006 (“Outstanding Chip & Ticket-In/Ticket-Out Liabilities”); and (C) unclaimed jackpot liabilities; provided that, the amounts in each of subclauses (A) - (C) above shall be adjusted downward to equal the amounts for which ACE Lo remains liable, which shall consist of (I) any amounts required to be paid into escrow (any such amounts, “Escrow Gaming Amounts”), and (II) any other amounts existing as of the Measurement Date for which ACE Lo remains liable after the Casino Shutdown, such adjustment to be determined following discussions among Buyer, ACE Hi and the New Jersey Casino Control Commission (such amounts, the “Required Gaming Liabilities”); provided, however, that to the extent that Required Gaming Liabilities include amounts accrued on meters on ACE Lo’s progressive slot machines required to be carried over to another meter when Buyer reopens a casino on the Properties, only one-half (½) of such amounts accrued on meters shall be included in Gaming Liabilities.
Gaming Liabilities means the Assumed Liabilities specifically relating to the operation of the Casino.
Gaming Liabilities means (i) all Material Contracts listed in Section 2.15 of the Disclosure Schedule relating to the gaming operations of the Casino; (ii) all other Contracts relating to the gaming operations of the Casino (other than Contracts involving Intercompany Receivables or Intercompany Liabilities) entered into by Seller in the Ordinary Course of Business for a term not exceeding one year in duration that (a) are not required to be listed in Section 2.15 of the Disclosure Schedule and (b) are appropriately accounted for in the Financial Statements or were entered into since the date of the most recent Financial Statements, but not including Excluded Contracts; and (iii) all equipment or other leases relating to the gaming operations of the Casino and listed in Schedule 1.3.
Examples of Gaming Liabilities in a sentence
In order that the Gaming Subsidiary shall not be responsible in any respect for any liabilities or obligations that would constitute Excluded Gaming Liabilities in the case of Comdata, Comdata shall assume and agree to pay, perform and discharge such liabilities and obligations of the Gaming Subsidiary (the "GAMING SUBSIDIARY EXCLUDED LIABILITIES") and all Gaming Subsidiary Excluded Liabilities shall be deemed to constitute Excluded Gaming Liabilities for purposes of this Agreement.
The Gaming Liabilities shall not be assumed at Closing, but shall remain the obligation of the Seller during the term of the Lease Agreement and shall be assumed by Purchaser or its assignee concurrently with the termination of the Lease Term.
More Definitions of Gaming Liabilities
Gaming Liabilities means the liabilities listed on the Closing Date Gaming Special Report.