Permitted Operating Lease definition
Permitted Operating Lease means a lease between one of the Borrowers or a Wholly Owned Subsidiary and a taxable Wholly-Owned Subsidiary (provided such taxable Wholly-Owned Subsidiary has entered into an Approved Management Agreement for the management of the hotel covered by such Permitted Operating Lease) on substantially the same lease form as currently in effect for the Collateral Pool Assets.
Permitted Operating Lease means (i) a lease between one of the Borrowers or a Wholly-Owned Subsidiary and Crossroads/Memphis Partnership LLC, Crossroads Future Company LLC or another entity directly or indirectly wholly-owned by Interstate Hotels Management, Inc. on substantially the same lease form as has previously been approved by the Administrative Agent and the Syndication Agent (which includes without limitation a guaranty of the tenant's obligations by Interstate Hotels Management, Inc. (or Patriot American Hospitality, Inc.) and Interstate Hotels, LLC and a cross-default provision with all other leases between either of the entities comprising the Borrower or a Wholly-Owned Subsidiary and any of such tenants) and with specific rental terms for each lease to be approved by the Administrative Agent, or (ii) a lease between one of the entities comprising the Borrower or a Wholly-Owned Subsidiary and Prime Hospitality Corporation, or a subsidiary thereof on substantially the same lease form as has previously been approved by the Administrative Agent and the Syndication Agent and with specific rental terms for each lease to be approved by the Administrative Agent, or (iii) similar leases with other entities similarly approved as to lease form and specific rental terms, provided that the identity of each such other entity is approved by either (A) the Administrative Agent and the Syndication Agent so long as such other entity, when aggregated with all other entities not named in clauses (i) or (ii) above or previously approved by the Required Lenders under clause (B) of this clause (iii), does not lease Properties representing more than 5% of the total rooms in all Properties then owned by the Consolidated Group or (B) the Required Lenders if such entity is not eligible for approval under clause (A) of this clause (iii). Notwithstanding the foregoing, the Lenders acknowledge that after the Agreement Effective Date Borrower may (a) terminate the Permitted Operating Leases on some or all of the Properties, or (b) cause the tenant under such Permitted Operating Leases on some or all of the Properties to assign the Permitted Operating Lease to one or more taxable Wholly Owned Subsidiaries of Equity Inns which will enter into management agreements with existing or newly-formed management companies. If Borrower terminates the Permitted Operating Leases, it will enter into new Permitted Operating Leases on the same Properties with one or more taxable Wholly Owned Subsidiaries of Equity ...
Permitted Operating Lease means any Lease with respect to a Hotel owned by Borrower or a Subsidiary, such Lease being between such Borrower or Subsidiary, as lessor, and either of Capstar Winston Company, L.L.C., Capstar Management Company, L.P., Capstar Hotel Company or another entity directly or indirectly owned wholly by MeriStar Hospitality Corporation (herein a "Capstar Entity"), as lessee, or such other entity approved by the Required Banks and provided further that the obligations of any Capstar Entity are guaranteed by MeriStar Hospitality Corporation and further provided that each such Lease shall conform to any one or more of the following requirements:
Examples of Permitted Operating Lease in a sentence
Borrower and such tenant may terminate a management agreement provided that there is a new Approved Management Agreement in effect immediately following such termination, and Borrower may cause the tenant under a Permitted Operating Lease to assign its interest under a Permitted Operating Lease to another taxable Wholly-Owned Subsidiary.
Cause each Collateral Pool Asset to at all times be leased pursuant to a Permitted Operating Lease and managed pursuant to the terms of an Approved Management Agreement with the tenant under such Permitted Operating Lease.
Cause each Property to at all times be leased pursuant to a Permitted Operating Lease and managed pursuant to the terms of an Approved Management Agreement with the tenant under such Permitted Operating Lease.
More Definitions of Permitted Operating Lease
Permitted Operating Lease means a lease by CCC with respect ------------------------- to a full-service hotel where CCC will be the operator or manager of the hotel (other than through a contractual arrangement with a third-party manager) (a "CCC Managed Hotel"), and which meets the following conditions:
Permitted Operating Lease means (i) a lease between one of the Borrowers or a Wholly-Owned Subsidiary and Crossroads/Memphis Partnership LLC, Crossroads Future Company LLC or another entity directly or indirectly wholly-owned by Patriot American Hospitality, Inc. under lease terms approved by the Required Lenders, (ii) a lease between one of the entities comprising the Borrower or a Wholly-Owned Subsidiary and Prime Hospitality Corporation ("Prime"), or a subsidiary thereof under lease terms approved by the Required Lenders, or (iii) similar leases with other entities similarly approved as to lease terms provided that the identity of each such other entity is approved by the Required Lenders.
Permitted Operating Lease means a lease which satisfies the criteria ------------------------- set forth in subparagraph (b) to the proviso in the definition of "Hotel Leasing Business." "Permitted Private REIT" shall mean an entity that would be a Publicly- ---------------------- Traded REIT but for the fact that shares of capital stock or other units of equity interests of the REIT that are generally entitled to vote for the election of directors or similar managers are not listed or admitted to trading on the New York Stock Exchange or the American Stock Exchange or designated for quotation on the Nasdaq National Market, or any successor to any of the foregoing, so long as CCC's lease or sublease of a full-service hotel from such entity and any other investment in or with respect to such full-service hotel would not cause CCC to violate Section 3.D. "Permitted REIT Lease" shall mean a lease which satisfies the criteria -------------------- set forth in subparagraph (a) to the proviso in the definition of "Hotel Leasing Business" and that is not a Permitted Operating Lease.
Permitted Operating Lease means a lease which satisfies the criteria ------------------------- set forth in subparagraph (b) to the proviso in the definition of "Hotel Leasing Business."