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 so requires, the operating lessees as further described on Schedule V attached hereto.

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 I LLC, a Delaware limited liability company, the current operating lessee of each Individual Property, and an Affiliate of the Borrowers.

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 borrowed or received other debt financing that has not been heretofore repaid in full and no Borrower has any known material contingent liabilities.

• No Borrower or Operating Lessee has any liabilities or obligations including, without limitation, Contingent Obligations (and including, without limitation, liabilities or obligations in tort, in contract, at law, in equity, pursuant to a statute or regulation, or otherwise) other than those liabilities and obligations expressly permitted by this Agreement.

• Each Borrower, each SPE Equity Owner and Operating Lessee shall at all times be a Single-Purpose Entity.

More Definitions of Operating Lessee

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.

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 has the meaning set forth in the Recitals.