Common use of Buy-Out Option Clause in Contracts

Buy-Out Option. Following sixty (60) months of continuous operation of the Project's gaming operations following the Opening Date, Pawnee shall have the option to buy out the Lakes' remaining rights under this Agreement for an amount equal to the present value, using a discount rate which is the greater of either two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or the same rate as the Project Permanent Financing for each Project in place at the time the buy-out option is exercised of the Remaining Project Development Fees (as hereinafter defined). The term "Remaining Project Development Fees" shall mean the total Monthly Consulting Fixed Fees which would have been payable to Lakes for the Project under Section 7.1(b) hereof for the balance of the term of this Agreement,

Buy-Out Option. Following sixty (60) months of continuous operation of the Project's gaming operations following the Opening Date, Pawnee shall have the option to buy out the Lakes' remaining rights under this Agreement for an amount equal to the present value, using a discount rate which is the greater of either two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or the same rate as the Project Permanent Financing for each Project in place at the time the buy-out option is exercised of the Remaining Project Development Fees (as hereinafter defined). The term "Remaining Project Development Fees" shall mean the total Monthly Consulting Consultig Fixed Fees which would have been payable to Lakes for the Project under Section 7.1(b) hereof for the balance of the term of this Agreement,.

Buy-Out Option. Following sixty (60) months of continuous operation of the Project's gaming operations following the Opening Date, Pawnee shall have the option to buy out the Lakes' remaining rights under this Agreement for an amount equal to the present value, using a discount rate which is the greater of either two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or the same rate as the Project Permanent Financing for each Project in place at the time the buy-out option is exercised of the Remaining Project Development Fees (as hereinafter defined). The term "Remaining Project Development Fees" shall mean the total Monthly Consulting Fixed Fees which would have been payable to Lakes for the Project under Section 7.1(b) hereof for the balance of the term of this Agreement,.

Buy-Out Option. Following sixty (60) months of continuous operation of the Project's gaming operations following the Opening Date, Pawnee Iowa Corp shall have the option to buy out the Lakes' remaining rights under this Agreement for an amount equal to the present value, using a discount rate which is the greater of either two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or the same rate as the Project Permanent Financing for each the Project in place at the time the buy-out option is exercised of the Remaining Project Development Fees (as hereinafter defined). The term "Remaining Project Development Fees" shall mean the total Monthly Consulting Fixed Fees which would have been payable to Lakes for the Project under Section 7.1(b) hereof for the balance of the term of this Agreement,.