Approved Participating Lease. (i) Such Hotel Property is leased to an Approved Participating Lessee pursuant to an Approved Participating Lease, (ii) no material default by the Approved Participating Lessee or the Property Owner under the Approved Participating Lease exists beyond any applicable cured period (provided that for purposes of this subsection (c) such cure period will be deemed to commence running when the Borrower, the Parent or a Guarantor has knowledge of such default), (iii) the Approved Participating Lease remains in full force and effect, and (iv) no failure to achieve specified financial results under such Approved Participating Lease has occurred which would allow the Property Owner for such Hotel Property to terminate such Approved Participating Lease.
Appears in 3 contracts
Samples: Senior Unsecured Credit Agreement (Lasalle Hotel Properties), Senior Unsecured Credit Agreement (Lasalle Hotel Properties), Senior Unsecured Credit Agreement (Lasalle Hotel Properties)
Approved Participating Lease. (i) Such Hotel Property is leased to an Approved Participating Lessee pursuant to an Approved Participating Lease, (ii) no material default by the Approved Participating Lessee or the Property Owner under the Approved Participating Lease exists beyond any applicable cured cure period (provided that for purposes of this subsection (c) such cure period will be deemed to commence running when the Borrower, the Parent or a Guarantor has knowledge of such default), (iii) the Approved Participating Lease remains in full force and effect, and (iv) no failure to achieve specified financial results under such Approved Participating Lease has occurred which would allow the Property Owner for such Hotel Property to terminate such Approved Participating Lease.
Appears in 2 contracts
Samples: Senior Credit Agreement (Eagle Hospitality Properties Trust, Inc.), Senior Unsecured Credit Agreement (Lasalle Hotel Properties)
Approved Participating Lease. (i) Such Hotel Property is leased ---------------------------- to an Approved Participating Lessee pursuant to an Approved Participating Lease, (ii) no material default by the Approved Participating Lessee or the Property Owner under the Approved Participating Lease exists beyond any applicable cured period (provided that for purposes of this subsection (c) such cure period will be deemed to commence running when the Borrower, the Parent or a Guarantor has knowledge of such default), (iii) the Approved Participating Lease remains in full force and effect, and (iv) no failure to achieve specified financial results under such Approved Participating Lease has occurred which would allow the Property Owner for such Hotel Property to terminate such Approved Participating Lease.
Appears in 1 contract
Samples: Senior Unsecured Credit Agreement (Lasalle Hotel Properties)
