Passive Gaming definition
Passive Gaming. Investment shall mean any passive investment in the voting equity of an Entity, even if such Entity may own Gaming Assets. Notwithstanding the foregoing, an investment shall not be considered passive if either ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, whether jointly or individually: (i) has the power, whether by voting rights, contract or otherwise, to elect or appoint a majority of a given Entity’s Board of Directors; or (ii) otherwise participates (excluding the act of voting their equity interests) in the management of an Entity.
Examples of Passive Gaming in a sentence
Notwithstanding the foregoing, no Passive Gaming Investment held by any Optionor at any time shall be subject to the Option or the covenants described in Section 2.4 below.
Notwithstanding the foregoing, no Passive Gaming Investment held by any Optionor at any time shall be subject to the Option or the covenants described in Section 13.4 below.