LKAR definition
Examples of LKAR in a sentence
As of the date hereof, the Termination Agreement is the legal, valid and binding obligation of LKAR and Lakes as provided therein, and is not subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury.
The Tribe shall not, directly or indirectly, take any action, enter into any agreement, or enact any ordinance, law, rule or regulation that would prejudice or have a material adverse effect on the rights of LKAR, Lakes or any other LKAR Indemnitee under this Termination Agreement.
LKAR and the Authority shall not be construed as joint venturers or partners of each other by reason of this Termination Agreement, and neither shall have the power to bind or obligate the other.
The Authority acknowledges that, as of the Closing Date, LKAR has incurred to date $296,208.97 in such costs and expenses to be so reimbursed in connection with the Flooring Litigation (the “Flooring Litigation Accrued Amount”).
Upon determination of the amount of Losses specified in a Notice of Claim, whether by agreement or by final adjudication, the Indemnifying Party shall pay the amount of such Losses within ten (10) days of the date such amount is determined (and, in the case of the Tribe Parties, LKAR Losses so determined with be paid subject to the Intercreditor Agreements so long as the same may remain in effect).
The Authority may designate a later Termination Date (which right may only be exercised once) by giving LKAR written notice after December 1, 2013 but on or before December 16, 2013, designating such new Termination Date, which new Termination Date must be no more than one hundred twenty (120) days from and after December 31, 2013 (the period between December 31, 2013 and the new Termination Date so designated being hereinafter referred to as the “Extension Period”).
The Tribe and the Authority each waive any requirement that LKAR exhaust tribal remedies, abstention doctrine, and any other law, rule, regulation, resolution or interpretation that might otherwise require, as a matter of law or comity, that any suit or proceeding otherwise applicable as to any Claims subject to the limited waiver stated in this Addendum be heard first in a tribal forum.
LKAR hereby covenants and agrees with the Authority that, unless and until the Effective Date shall occur, LKAR shall manage the Red Hawk Casino in the ordinary course of business, in accordance with the terms of the Management Agreement, consistent with current practices and shall not take or permit any action or omit to take any action which would render untrue any of its representations or warranties, or result in a breach of any of its obligations contained in this Termination Agreement.
After the Effective Date, neither this Termination Agreement nor the rights hereunder may be assigned by LKAR without the prior written consent of the Authority (which may be withheld in its sole and absolute discretion) and any required approvals by Governmental Authorities.
LKAR acknowledges that all of the Authority Intellectual Property might not be used in connection with the Red Hawk Casino, and the Authority shall have sole discretion to determine which Authority Intellectual Property shall be so used.