Participating Lessee Clause Samples

Participating Lessee. Either (i) a default by the Participating Lessee -------------------- shall occur under any Participating Lease or Participating Lessee Document or Participating Lessee Estoppel related to 3 or more Eligible Properties which shall remain uncured following any notice and cure period under such document, (ii) the Participating Lessee suffers to exist (for a period in excess of 30 days), creates, assumes or incurs, any Lien on or in respect of any of the Participating Lessee Pledged Property whether now owned or hereafter acquired, or assigns any right to receive income except for those Liens created pursuant to the Participating Lessee Documents, (iii) with respect to 3 or more Eligible Properties, (A) the Participating Lease or Participating Lessee Document for any Hotel Property is terminated and the Administrative Agent on behalf of the Banks no longer has a perfected first lien and security interest in the Participating Lessee Pledged Property for such Hotel Property or (B) any Participating Lessee Estoppel is terminated, or (iv) the Participating Lessee enters into a Participating Lease or other material agreement except those directly related to a Hotel Property owned by the Borrower or any of the Borrower's Subsidiaries.