Participating Leases Sample Clauses
A Participating Leases clause defines the terms under which a lessee shares a portion of the revenue or profits generated from the leased property with the lessor, in addition to or instead of fixed rent payments. This clause typically applies to leases involving commercial properties such as retail spaces, where rent may be calculated based on a percentage of sales or profits. By including this provision, the clause aligns the interests of both parties and allows the lessor to benefit from the success of the tenant’s business, while also providing flexibility in rent payments for the lessee.
Participating Leases. Upon knowledge of a default by a -------------------- Participating Lessee under a Participating Lease or a Participating Lessee Document, the Borrower will send, or will cause the Guarantor who is a party to such Participating Lease or Participating Lessee Document to send, a notice of such default to such Participating Lessee as provided in the document under which such default has occurred.
Participating Leases. Cause each Participating Lease hereafter entered into by any Credit Party to include a capital expenditure reserve of at least two percent (2%) of the annual Gross Golf Revenues from the relevant golf course property, which reserve amount shall be used by the relevant lessee solely as set forth in such Participating Lease.
Participating Leases. All Participating Leases hereafter entered into by the Borrower with the operator of any golf course property shall include a capital expenditure reserve of at least two percent (2%). The Borrower shall not materially amend or modify any Participating Lease now or hereafter entered into with respect to any golf course property which is subject to a Lien in favor of the Agent for the benefit of the Lenders without the prior written consent of the Agent (it being understood that any amendment of the capital expenditure reserve provision shall be material).
Participating Leases. As of December 31, 1998 the Patriot Partnership leased all but five of its hotels to Wyndham. The remaining five hotels were leased to third party lessees. Subsequent to year end and pursuant to a prior agreement, four of the leases were terminated effective January 1, 1999. The remaining hotel leased to a third party is currently under contract to be sold. The leases as of December 31, 1998 have terms expiring through 2008. Minimum future rental income under these non-cancelable operating leases for the next five years and thereafter is as follows: