Operating Covenant Clause Samples
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Operating Covenant. (a) Subject to Tenant’s termination rights with respect to each Nonprofitable Property, or any other termination of this Master Lease with respect to any individual Demised Premises or all of the Demised Premises prior to the expiration of the Term, in accordance with the terms of this Master Lease, and subject to the provisions of Section 7.3(b) except in instances of casualty or condemnation during the period reasonably required for restoration, or for consecutive periods not to exceed one hundred twenty (120) days in connection with Alterations and other repairs subject to extension for Force Majeure, or for such other periods as Tenant reasonably determines in good faith are reasonably required in connection with the separation and division of any Recapture Property and/or Additional Recapture Space (in each case subject to Landlord’s reasonable approval), Tenant covenants and agrees to and shall continuously operate the retail business of each Sears Store as a Sears store and of each Kmart Store as a Kmart store (including, in part, by means of the Subleases) subject to and in accordance with the use provisions of Section 7.2, stocked and staffed as is generally consistent with Tenant’s applicable regional practices in the ordinary course of business (subject to any additional applicable terms and conditions of this Master Lease, including Section 7.3(b)), subject to any Rebranding and/or Alternative Retail Use (subject in all cases to all applicable Legal Requirements), during such hours of operation as are generally consistent with those of similar national retailers further, subject to any additional hours as Tenant may determine in its discretion; provided, however, that in no event shall Tenant be required to (but may in its discretion) operate during any hours which are longer or more restrictive than those (i) as currently operated by Tenant at each individual Demised Premises as of the Commencement Date or as determined by Tenant at any individual Demised Premises from time to time with respect to holiday schedules, or (ii) of any other anchor tenant or the majority of the other tenants or occupants of the Property and the balance of the Shopping Center from time to time. Tenant shall keep the Demised Premises (including all customer and service areas) in no worse condition than their current condition on the Commencement Date (subject to the repairs to be made in accordance with Schedule 10.1 to the Side Letter.
(b) Notwithstanding the provis...
Operating Covenant. (a) Except during any applicable Permitted Go Dark Event and subject to Tenant’s other rights to Go Dark pursuant to this Section 7.4, Tenant shall at all times during the Term continuously operate each Demised Premises in accordance with the Permitted Use. Tenant hereby acknowledges and agrees that such covenant of continuous operation is a material inducement to Landlord entering into this Lease and that Landlord would not enter into this Lease without such inducement.
(b) Notwithstanding the foregoing, but without limiting any of Tenant’s other obligations hereunder, Tenant shall have the right, without being in breach of the covenant of continuous operation set forth in Section 7.4(a), beginning in the third (3rd) Lease Year of the Initial Term, to Go Dark at any Property (a “Go Dark Event” and any Property subject to a Go Dark Event, a “Go Dark Property”) subject to the following limitations: (i) Tenant shall provide Landlord (A) not less than thirty (30) days’ notice of such Go Dark Event, which Notice shall specify the date as of which Tenant intends to Go Dark at such Property and (B) simultaneously with such delivery, a copy of any notice of Tenant’s intention to Go Dark at such Property delivered by Tenant to the Counterparty under any applicable Property Document, (ii) such Go Dark Event shall not violate any applicable Property Requirements, (iii) Tenant shall continue to comply with all terms of this Lease applicable to such Property during such period (other than, for the application of this provision, the covenant of continuous operation as set forth in clause (a) of this Section 7.4), Tenant hereby agreeing that, except upon a removal of such Property from this Lease pursuant to Landlord’s exercise of a Landlord Option, there shall be no reduction or change in the Rent following any Go Dark Event, and (iv) such Go Dark Event shall not violate the applicable
Operating Covenant a. The Tenant shall not abandon or leave vacant the chalet and shall not allow anyone other than Tenant, its employees, or agents to occupy it. Tenant shall not conduct an auction, going-out-of-business, bankruptcy sales, or similar practice.
b. Tenant may not display merchandise outside of the chalet when not open for business or obstruct the public rights of way without prior written consent from the Chamber of Commerce.
c. Tenant must keep their chalet and surrounding area clean, neat, and safe.
d. Tenant shall refrain from using the chalet in any way that is disruptive, a nuisance, annoyance, or an inconvenience.
e. Tenant must keep the chalet continuously and uninterruptedly open for business and adequately staffed no less than 10 hours per week with 4 of those hours required to be on all Saturdays between the hours of 8:00 a.m. – 1:00 p.m. (with the exception to weekend only renters only being required the 4 Saturday hours.) Noting that emergencies do arise from time-to-time, a grace period of five absences will be given (unless Tenant has contacted staff and received written authorization for more absences under extenuating circumstances). After five such absences, the Tenant will be fined $50 for each day they remain closed for the season.
f. Tenant shall maintain a stock of merchandise throughout their lease agreement.
g. Tenant shall comply with all laws, ordinances, orders, rules, regulations, and requirements of federal, state, county, and city government regulating the use and occupancy of the chalet.
h. Tenant shall not install any signs on the chalet or display any additional signs on the sidewalk or porch. No outside displays shall be attached to the building, cover the building, or cover the windows. If outdoor displays are used, they must be tastefully decorated. They cannot be on the sidewalk. It is the tenant’s responsibility to inform their employees of the rules. Items must be removed immediately when told and a $50 fine will be issued after the second warning. If racks are used, they are limited to two racks for their outdoor display. Three or more violations of this section may result in not being allowed to participate as a future renter.
i. No changes shall be made to the inside structure or the outside of the chalet in such a manner as to detract from the character and standards of the chalet. Tenant may submit a formal request for any suggested improvements or changes they would like to make.
j. Tenant shall say no disparaging r...
Operating Covenant. Tenant will, except when prevented from so doing by Force Majeure or by other causes beyond its reasonable control and subject to the provisions of Article 16 and Article 17 during Tenant’s Operating Period, operate or cause to be operated for the Permitted Use (as defined below) in accordance with the terms of this Article 8 (such covenant being herein called “Tenant’s Operating Covenant”).
Operating Covenant. Each Credit Party shall operate its business and that of its direct and indirect subsidiaries in the ordinary course in a manner that is consistent with this Agreement and the Restructuring Support Agreement, the most current business plan provided to the Lenders, past practices, and, except as expressly contemplated or provided in this Agreement and the Restructuring Support Agreement, use commercially reasonable efforts to preserve intact such Credit Party’s and each of its direct and indirect subsidiaries’ business organization and relationship with third parties (including lessors, licensors, suppliers, distributors and customers) and employees, and (ii) subject to any applicable restrictions and limitations set forth in any confidentiality agreements then in effect, provide the Lender Advisors reasonable access (A) during normal business hours, to the Borrower’s books, records and facilities and (B) to the management and advisors of the Credit Parties.
Operating Covenant. Except in instances of casualty or condemnation during the period reasonably required for restoration, or for consecutive periods not to exceed one hundred twenty (120) days in connection with Alterations and other repairs subject to extension for Force Majeure, Tenant covenants and agrees to and shall continuously operate the retail business of each Bank Branch subject to and in accordance with the use provisions of Section 7.2 during such hours of operation as are generally consistent with those of similar bank branches, subject to any additional hours as Tenant may determine in its discretion; provided, however, that in no event shall Tenant be required to (but may in its discretion) operate during any hours which are longer or more restrictive than those as currently operated by Tenant at each individual Property as of the Commencement Date or as determined by Tenant at any individual Property from time to time with respect to holiday schedules.
Operating Covenant. Following the Effective Date for so long as the Bugatti Member continues to hold Membership Interests, the Cobra Member shall, and shall cause its Affiliates and shall cause the Company and its Affiliates to (a) operate the Business in the ordinary course of business consistent with past practice and (b) not take any actions, the primary intent of which could reasonably be expected to reduce the Exit Price, provided that nothing in this Section 3.20 shall prohibit the Cobra Member or any of its Affiliates or the Company and its Affiliates, from taking any action reasonably necessary to respond to any Emergency Event, provided that such action is materially consistent with the actions taken by other companies in similarly situated industries as the Business or as would be taken by a reasonably prudent businessperson in response thereto.
Operating Covenant. Tenant shall occupy the Additional Retail Premises upon the Additional Retail Commencement Date. Tenant may only use the Additional Retail Premises for the Permitted Retail Use under the Permitted Trade Name (as defined below) and for no other purpose or name whatsoever without Landlord’s prior written consent. Tenant covenants and agrees that the Additional Retail Premises shall be fully staffed and stocked and open for business to the general public for at least one (1) day within the first three (3) months after the Additional Retail Commencement Date. Furthermore, at all times that Tenant is open and operating for business, Tenant shall maintain an access point between the Additional Retail Premises and the enclosed portion of the Center (to allow ingress and egress of Tenant’s customers and invitees), which access point shall have no less than two (2) cash register check out stations. If Tenant fails to maintain such access point in accordance with this Section 2(o), and such failure continues for five (5) days after written notice from Landlord, then such failure will be an Event of Default under the Lease. For purposes of the Additional Retail Premises, the term “Permitted Trade Name” shall mean CompUSA, Tiger ▇▇▇▇▇▇.▇▇▇ Discount Computers or other trade name used or may be used by Tenant at a majority of its retail locations in the United States. If Tenant fails to continuously operate the Additional Retail Premises for more than sixty (60) days, then Landlord shall have the right (but shall not have any obligation), at any time thereafter, to terminate Tenant’s right to possession of the Additional Retail Premises by written notice to Tenant (the “Re-Capture Notice”). The Re-Capture Notice will set forth the date (the “Re-Capture Date”) on which Tenant’s right to possession of the Additional Retail Premises will terminate. If Landlord delivers a Re-Capture Notice, Tenant’s rights to occupy the Additional Retail Premises will terminate on the Re-Capture Date, and Tenant will then vacate and surrender the Additional Retail Premises to Landlord in the condition required by the Lease. If Landlord delivers a Re-Capture Notice, then from and after the date on which Tenant surrenders the Additional Retail Premises in accordance with this Section 2(o), Tenant shall have no further obligations under the Lease with respect to the Additional Retail Premises, except for those obligations that expressly survive the expiration or termination of the Lease. If Te...
Operating Covenant. The Company shall have, on each Dispenser Base Measurement Date occurring during the Operating Covenant Period, a Dispenser Base of at least seven thousand five hundred (7,500).
Operating Covenant. SECC Owner shall continuously operate (subject to Force Majeure Events) and exclusively use the SECC as a convention, trade show and exposition center and for ancillary uses (but not retail or restaurant uses except consistent with uses as of the date hereof and except in accordance with the further provisions of this Section 1(a) of Article III) in a manner and at a level that shall be no less than the standards as of the date hereof of First-class convention, trade show and exposition centers. The Parties acknowledge that SECC Owner's use and operation on the date hereof satisfies such standards. SECC Owner shall be permitted to add 2,500 square feet of additional retail and/or restaurant space in the SECC.