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.
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

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.

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 Borrower or Operating Lessee has entered into this Loan Agreement or any Loan Document with the actual intent to hinder, delay, or defraud any creditor, and each Borrower and Operating Lessee has received reasonably equivalent value in exchange for its obligations under the Loan Documents.

Each Borrower and Operating Lessee agrees that prior to the payment in full of the Indebtedness, the Cash Collateral Account Agreement shall be irrevocable by any Borrower or Operating Lessee without the prior written consent of Lender.

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.


More Definitions of Operating Lessee

Operating Lessee means a lessee of an Unencumbered Property pursuant to an Operating Lease.
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 any Subsidiary of the Borrower that is the lessee under an Operating Lease.
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. As defined in the Mortgage Loan Agreement.
Operating Lessee means a Taxable REIT Subsidiary that is owned, directly or indirectly, wholly or through a Joint Venture, by the Borrower and that leases a Property.
Operating Lessee means collectively those lessees party to the Operating Leases or other Leases from time to time.