Restricted Facility definition
Examples of Restricted Facility in a sentence
Accordingly, each of the Partners (and all of their respective Affiliates) shall be precluded from being involved and hereby covenants not to become involved in any manner whatsoever, directly or indirectly, in the ownership or management of any Restricted Facility in the Restricted NJ Area.
Accordingly, each Partner hereby covenants and agrees with the Partnership that neither it nor any of its Affiliates shall, directly or indirectly, become engaged or involved in any manner whatsoever with respect to the booking, production, presentation or promotion of any live musical or comedic concert (other than concerts presented at the Amphitheater) to be presented at a Fully Restricted Facility in the Restricted NJ Area.
During the term of this Agreement, the Company shall have an option to acquire any Restricted Facility exercisable at any time prior to the expiration of the Restricted Facility Option Period for a purchase price equal to 105% (or such lower percentage as may be agreed to by WCC) of the Total Facility Cost.
The first such Restricted Facility is an approximately 379,000 square foot facility in Lea County, New Mexico which has a design capacity of 1,200 beds.
In the event the option is not so exercised prior to the expiration of the Future Facility Option Period or the Restricted Facility Option Period, as applicable, the option with respect to the relevant Facility shall expire and the parties shall have no further obligation hereunder in connection with such Facility.
During such period, the decision making, operations and management of the Restricted Facilities shall be under the exclusive control of the Restricted Facility License Committee.
Subject to the specific exceptions contained in this Section 5.11, neither Landlord nor Tenant (or its Affiliates) shall, directly or indirectly, become engaged or involved in any manner whatsoever with respect to the booking, production, presentation or promotion of any live musical or comedic concert (other than concerts presented at the Amphitheater) to be presented at a Fully Restricted Facility in the Restricted Area.
WCC shall notify the Company of the Total Facility Cost as well as the terms of any restriction upon the sale of the Restricted Facility to the Company, prison operating contract, governmental lease or option rights with respect to the Restricted Facility promptly after such information is reasonably available to WCC.
Unless the Facility Agent agrees, a Request may not be given if, as a result of making the Utilisation requested, there would be more than 15 Loans per General Term Loan Facility (provided that until the date 60 days after the Closing Date, there may be 30 Loans per Term Loan Facility), 10 Loans per Restricted Facility, 20 Revolving Credit Loans or 20 Documentary Credits or 20 Restructuring Loans outstanding.
If the option is exercised by the Company, the Restricted Facility must be acquired within the Restricted Facility Option Period, unless otherwise mutually agreed by Company and WCC or unless a later date is permitted or required under the terms and conditions of a purchase and sale agreement for the Restricted Facility.