Management Agreement Criteria definition

Management Agreement Criteria means the occurrence of either of the following events: (i) the failure of the Company to maintain an EBITDA Margin during the previous calendar year equal to at least 90% of the average EBITDA Margin of all of the Competitor Casinos during the same period, determined commencing as of the fourth January 1 following the Operation Date (after three (3) full calendar years) and tested each January 1 thereafter, or (ii) the failure of the Company to achieve Net Income (excluding actual and mock interest on the Company’s acquisition debt) during the previous calendar year totaling more than the Company’s debt services costs (or mock debt service costs) for 70% of the Company’s Gaming Operation start-up costs (based on a twenty (20) year amortization period at the Cost of Funds Rate), determined as of the second January 1 following the Operation Date (after one (1) full calendar year) and tested each January 1 thereafter; provided, however, that in the case where either Southwest or Low exercises its option to assume all rights, duties and responsibilities under this Agreement, the Management Agreement Criteria shall be determined with respect to the EBITDA Margin calculation commencing as of the fourth January 1 following the date when Southwest or Low, as the case may be, officially commences its management duties under this Agreement pursuant to such assumption (after three (3) full calendar years), and with respect to the Net Income calculation commencing as of the second January 1 following the date when Southwest or Low, as the case may be, officially commences its management duties under this Agreement pursuant to such assumption (after one (1) full calendar year).
Sample 1

Examples of Management Agreement Criteria in a sentence

  • Pursuant to the terms of the Management Agreement, Southwest shall have the option to assume Low’s rights, duties and responsibilities under the Management Agreement if the Management Agreement Criteria are not met and thereafter, Low shall have the option to assume Southwest’s rights, duties and responsibilities under the Management Agreement if the Management Agreement Criteria are not met.

  • During any period when Southwest is the Manager hereunder, Low shall have the option to assume Southwest’s rights, duties and responsibilities as the Manager under this Agreement if the Management Agreement Criteria are not met.

  • During the period when Low is the Manager hereunder, Southwest shall have the option to assume Low’s rights, duties and responsibilities as the Manager under this Agreement if the Management Agreement Criteria are not met.

Related to Management Agreement Criteria

  • Sponsor Management Agreement means the management agreement between certain of the management companies associated with the Sponsor Group or their advisors and the Borrower.

  • New Management Agreement means the management agreement to be entered into between Buyer and the Manager for the operation and management of the Hotel on and after the Closing Date.

  • Project Management Agreement means the agreement dated the 20th February 1985 made between the Trustee and the Manager providing for the Manager to manage and co‑ordinate the development and construction of the Resort and includes, if that agreement is terminated, any other agreement in like and similar terms made with the prior consent of the Minister;

  • Collateral Management Agreement The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager relating to the management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended from time to time in accordance with the terms thereof.

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Construction Management Agreement means the Construction Management Agreement, dated as of the date of the Common Agreement, between Construction Manager and the Project Company.

  • Replacement Management Agreement means, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (ii), Lender, at its option, may require that Borrower shall have obtained prior written confirmation from the applicable Rating Agencies that such management agreement will not cause a downgrade, withdrawal or qualification of the then current rating of the Securities or any class thereof and (b) an assignment of management agreement and subordination of management fees substantially in the form then used by Lender (or of such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense.

  • Investment Management Agreement means the Investment Management Agreement, dated as of the date hereof, by and between the Investment Manager and the Borrower.

  • Performance Agreement means an agreement between an HSP and its CEO that requires the CEO to perform in a manner that enables the HSP to achieve the terms of this Agreement and any additional performance improvement targets set out in the HSP’s annual quality improvement plan under the Excellent Care for All Act, 2010;

  • Asset Management Agreement means, as the context requires, any agreement entered into between a Series and an Asset Manager pursuant to which such Asset Manager is appointed as manager of the relevant Series Assets, as amended from time to time.

  • Hotel Management Agreement means any management agreements between a Hotel Management Company and Lessee and/or Landlord, as applicable, as such management agreements are amended from time to time for the Hotel.

  • Management Agreement means the agreement to be entered into between the Borrower and the Manager providing for the ship management and crewing services of the Vessel, such agreement to be in the form and on the terms and conditions required by the Agent;

  • Existing Management Agreement means that certain management agreement between the Seller and the Existing Manager for the operation and management of the Hotel.

  • Treasury Management Agreement means any agreement governing the provision of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.

  • Rate Management Agreement means any agreement, device or arrangement providing for payments which are related to fluctuations of interest rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to equity derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars and forwards), including without limitation any ISDA Master Agreement between Borrower and Lender or any affiliate of Fifth Third Bancorp, and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to time.

  • Redevelopment Agreement means an agreement between the

  • Management Letter means formal communications from the auditor to the client management in accordance with the International Standard on Auditing 265 (communicating deficiencies in internal control to those charged with governance and management), which is not required to be provided separately as it is equivalent to the Audit Findings and Recommendations prepared by the Project auditor and submitted to ADB;

  • Foundation Agreement means the agreement dated the 20th February 1985 made between the Trustee, the Manager, Xxxxxxxx, Genting WA and Tileska providing for the subscription of Units and Options;

  • Management Plan means a plan to manage the activities and protect the special value or values in an Antarctic Specially Protected Area or an Antarctic Specially Managed Area.

  • Compliance agreement means a written agreement between a person and the Commissioner to achieve compliance with this quarantine.

  • Co-operation Agreement means the agreement between the Exchange and Oslo Børs with regards to the access to the Linked Order Book;

  • Joint Development Agreement has the meaning provided in Section 5.3.

  • Payment Agreement means a written agreement which provides

  • Arrangement Agreement means the arrangement agreement dated as of April 18, 2019 between the Purchaser and the Company, including the schedules and exhibits thereto, providing for, among other things, the Arrangement, as the same may be amended, supplemented or restated.