Operating Tenants definition
Examples of Operating Tenants in a sentence
Any and all operating supplies, whether consumables or non-consumables, used or consumed in the ordinary course of business at the Hotels and owned by Sellers or Operating Tenants, including without limitation, paper products, soap, cleaning supplies, food, and alcoholic and non-alcoholic beverages.
Borrower shall not be obligated to prepare or provide any financial statements or information pursuant to this Section 5.1.11 with respect to the operation by Operating Tenants of any of the Individual Properties except those obtained by Borrower pursuant to the foregoing sentence.
All funds held in reserve accounts for furniture, fixtures and equipment, for capital expenditures, or for other matters relating to the operation of the Hotels, whether such accounts are held in the name of the Sellers, Operating Tenants or Managers on behalf of Sellers or Operating Tenants.
Buyer shall indemnify, defend and hold Sellers and Operating Tenants harmless from any claim, liability, cost or expense (including without limitation reasonable attorneys’ fees) arising out of any Operating Agreement from and after the Transfer Time.
Sellers shall and shall cause Operating Tenants to, subject to the terms of the Management Agreements, use reasonable efforts to cause the Managers to maintain inventory levels consistent with Managers’ prior practices and continue to operate the Property in the ordinary course of business.
Sellers and Operating Tenants shall indemnify, defend and hold Buyer harmless from any claim, liability, cost or expense (including without limitation reasonable attorneys’ fees and costs) arising out of any Operating Agreement for the period prior to the Transfer Time.
The Operating Tenants shall be responsible for, and shall indemnify, defend and hold harmless the Fee Owners against, any liability, damage, loss, cost or expense incurred by the Fee Owners with respect to any theft, loss or damage to any Inventoried Baggage from and after the time of such inventory, and any other baggage or similar items left in the care of the Hotels on or after the Closing Date.
The Company shall pay or cause to be paid to the Operating Tenants the amount of all prepayments or deposits disclosed in such schedule.
The Fee Owners shall be solely responsible for payment of the Operational Taxes with respect to the period prior to the Cut-Off Time and shall be the responsibility of the Operating Tenants with respect to the period after the Cut-Off Time, subject to adjustment as provided in this paragraph.
Subject to the provisions of this Article 9, the occurrence of a default by Operating Tenants under the Master Lease which continues uncured beyond any applicable notice and grace period provided under the Master Lease (a “Master Lease Default”).