Operating Lessee definition

Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Parent Guarantor that leases such Hotel Property from a Subsidiary of the Parent Guarantor that is the owner or ground lessee of such Hotel Property.

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Operating Lessee means, individually or collectively, as the context may require, any operating lessee under an Operating Lease, which is an Affiliate of the Borrowers and which is a Special Purpose Entity, provided that such operating lessee shall be selected in accordance with the terms hereof. As of the date hereof, the Operating Lessee is Ashford TRS Lessee III LLC, a Delaware limited liability company, the current operating lessee of each Individual Property, and an Affiliate of the Borrowers.

Operating Lessee and together with Mortgage Borrower, collectively the “Borrower Parties” and individually a “Borrower Party”), leases and operates the Property pursuant to that certain Lease Agreement dated as of [ ] (as amended, the “Operating Lease”), by and between Mortgage Borrower and Operating Lessee.

Examples of Operating Lessee in a sentence

• Except for those obtained or filed on or prior to the Closing Date, no Borrower or Operating Lessee is required to obtain any consent, approval or authorization from, or to file any declaration or statement with, any Governmental Authority or other agency in connection with or as a condition to the execution, delivery or performance of the Loan Documents.

• No statement of fact made by Borrower or Operating Lessee in the Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading.

• Each Borrower and Operating Lessee shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened against such Borrower or Operating Lessee which is reasonably likely to have a Material Adverse Effect.

• Each Borrower and Operating Lessee shall permit agents, representatives and employees of Lender to inspect their Individual Properties or any part thereof at such reasonable times as may be requested by Lender upon reasonable advance written notice and without materially interfering with the business conducted at the Individual Property.

• The Loan Documents to which any Borrower, Operating Lessee or any Manager is a party have been duly authorized, executed and delivered by such parties.

More Definitions of Operating Lessee

Operating Lessee means, individually or collectively, as the context so requires, the operating lessees as further described on Schedule V attached hereto.

Operating Lessee means a lessee of an Unencumbered Property pursuant to an Operating Lease.

Operating Lessee means any Subsidiary of the Borrower that is the lessee under an Operating Lease.

Operating Lessee shall have the meaning set forth in the Mortgage Loan Agreement.

Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Company that leases such Hotel Property from a Subsidiary of the Company that is the owner or ground lessee of such Hotel Property.

Operating Lessee means a wholly-owned subsidiary ---------------- of Seller as tenant, of an Operating Lease(s); which is a single-purpose entity with the sole purpose of leasing, managing, maintaining, operating and performing other related functions for the Hotel.

Operating Lessee means Hotel Del ▇▇▇▇▇▇▇▇, ▇▇, a Delaware limited partnership.