Common use of Buy-Out Option Clause in Contracts

Buy-Out Option. Following thirty-six (36) months of continuous operation of the Project's gaming operations by Lakes, Pawnee shall have the option to buy out the Lakes' remaining rights under this Management Agreement for an amount equal to the present value, using a discount rate which is the greater of (i) two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or (ii) or the same rate for the financing provided by any third party lender for the development, construction and equipping of the Project Facilities of the Remaining Management Fees (as hereinafter defined). The term "