Participating Lease definition

Participating Lease means each Lease between any Credit Party, as lessor and the operator of a golf course property, as the lessee.
View Source
Participating Lease means any lease for Gaming Equipment entered into by the Operating Company or its Subsidiaries, as lessee, whereby the rental payable to the lessor thereunder, in whole or in part, is based upon a percentage of the revenues produced by the Gaming Equipment covered by such lease.
View Source
Participating Lease means the Lease between the Borrower as lessor and the operator of each golf course property as the Lessee.
View Source

Examples of Participating Lease in a sentence

  • Neither the Borrower, the Parent nor any of their Subsidiaries is in default under or with respect to (i) any contract, agreement, lease or other instrument which could reasonably be expected to cause a Material Adverse Change or (ii) any Ground Lease, Participating Lease, Franchise Agreement or Management Agreement except as disclosed to the Administrative Agent in writing prior to the date such representation is deemed given.

  • Neither the Borrower, the Parent nor any of their Subsidiaries is in default under or with respect to (i) any contract, agreement, lease or other instrument which could reasonably be expected to cause a Material Adverse Change or (ii) any Qualified Ground Lease, Approved Participating Lease, franchise agreement or Approved Management Agreement.

  • Upon knowledge of a material default -------------------- by a Participating Lessee under a Participating Lease, the Borrower will send, or will cause the Guarantor who is a party to such Participating Lease to send, a notice of such default to such Participating Lessee as provided in the document under which such default has occurred.

  • To the best knowledge of the Credit Parties, and except with respect to the Osage National Participating Lease, no monetary default, and no non-monetary default which would have a material adverse effect on the enforcement thereof, exists under any Participating Lease or under the Innisbrook Note, the Innisbrook Loan Agreement or the Innisbrook Mortgage.

  • Upon knowledge of a material default by LaSalle Leasing under an Approved Participating Lease, the Borrower will send, or will cause the Guarantor who is a party to such Approved Participating Lease to send, a notice of such default to LaSalle Leasing as provided in the document under which such default has occurred and provide a copy of such notice to the Administrative Agent.

  • Throughout the Term, Tenant's Required Minimum Net Worth (x) shall be increased proportionately after the execution of any additional Participating Lease in accordance therewith and (y) shall be decreased with the termination of any Participating Leases (unless such termination results from an Event of Default thereunder).

  • Cause each Participating Lease hereafter entered into by any Credit Party to include a capital expenditure reserve of at least two percent (2%) of the annual Gross Golf Revenues from the relevant golf course property, which reserve amount shall be used by the relevant lessee solely as set forth in such Participating Lease.

  • Neither the Borrower, the Parent nor any of their Subsidiaries is in default under or with respect to (i) any contract, agreement, lease or other instrument which could reasonably be expected to cause a Material Adverse Change or (ii) any Qualified Ground Lease, Approved Participating Lease, Approved Franchise Agreement or Approved Management Agreement.

  • Comply in all respects with each term, condition and provision of all leases, agreements and other instruments entered into in the conduct of its business including, without limitation, any Participating Lease or Material Contract; provided, that each Credit Party may contest any such lease, agreement or other instrument, including, without limitation, any Material Contract, in good faith through applicable proceedings so long as adequate reserves are maintained in accordance with GAAP.

  • Any Credit Party shall default in the payment when due, or in the performance or observance, of any obligation or condition of any Material Contract or any Participating Lease unless, but only as long as, the existence of any such default is being contested by such Credit Party in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of such Credit Party to the extent required by GAAP.


More Definitions of Participating Lease

Participating Lease. The meaning set forth in Article II.
View Source

Related to Participating Lease

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that: