Permitted Leasehold Mortgagees. (a) On one or more occasions without Landlord’s prior consent Tenant may mortgage or otherwise encumber Tenant’s estate in and to the Leased Property (the “Leasehold Estate”) to one or more Permitted Leasehold Mortgagees under one or more Permitted Leasehold Mortgages and pledge its right, title and interest under this Master Lease as security for such Permitted Leasehold Mortgages or any Debt Agreement secured thereby; provided that no Person shall be considered a Permitted Leasehold Mortgagee unless (1) such Person delivers to Landlord a written agreement (in form and substance reasonably satisfactory to Landlord) providing (i) that (unless this Master Lease has been terminated as to a particular Facility) such Permitted Leasehold Mortgagee and any lenders for whom it acts as representative, agent or trustee, will not use or dispose of any Gaming License for use at a location other than at the Facility to which such Gaming License relates as of the date such Person becomes a Permitted Leasehold Mortgagee (or, in the case of any Facility added to the Master Lease after such date, as of the date that such Facility is added to the Master Lease), and (ii) an express acknowledgement that, in the event of the exercise by the Permitted Leasehold Mortgagee of its rights under the Permitted Leasehold Mortgage, the Permitted Leasehold Mortgagee shall be required to (except for a transfer that meets the requirements of Section 22.2(iii)) secure the approval of Landlord for the replacement of Tenant with respect to the affected portion of the Leased Property and contain the Permitted Leasehold Mortgagee’s acknowledgment that such approval may be granted or withheld by Landlord in accordance with the provisions of Article XXII of this Master Lease, and (2) the underlying Permitted Leasehold Mortgage includes an express acknowledgement that any exercise of remedies thereunder that would affect the Leasehold Estate shall be subject to the terms of the Master Lease.
Permitted Leasehold Mortgagees. Any Leasehold Mortgage may be given only to (i) an institutional lender, which shall include a bank or trust company, savings bank, insurance company, pension or retirement fund, credit company, or real estate investment trust having assets of not less than Twenty-Five Million Dollars ($25,000,000), or (ii) such other type of lender as may be approved by Landlord, which approval shall not be unreasonably withheld or withheld.
Permitted Leasehold Mortgagees. 65 17.2 Landlord’s Right to Cure Tenant’s Default 72 17.3 Landlord’s Right to Cure Debt Agreement 72 Article XVIII 73 18.1 Sale of the Leased Property 73 Article XIX 74 19.1 Holding Over 74 Article XX 74 20.1 Risk of Loss 74 Article XXI 74 21.1 General Indemnification 74 Article XXII 75 22.1 Subletting and Assignment 75 22.2 Permitted Assignments 75 22.3 Permitted Sublease Agreements 78 22.4 Required Assignment and Subletting Provisions 78 22.5 Costs 79 22.6 No Release of Tenant’s Obligations; Exception 79 22.7 Perryville and Xxxxxxx Xxxxxxxxx Leases 80 22.8 Specified Developer Default; Project Developer Default 84 Article XXIII 84 23.1 Officer’s Certificates and Financial Statements. 84 23.2 Public Offering Information 87 23.3 Financial Covenants 88 23.4 Landlord Obligations 88 Article XXIV 89 24.1 Landlord’s Right to Inspect 89 Article XXV 89 25.1 No Waiver 89 Article XXVI 89 26.1 Remedies Cumulative 89 Article XXVII 89 27.1 Acceptance of Surrender 89 ACTIVE/119970514.22 Article XXVIII 89 28.1 No Merger 89 Article XXIX 90 29.1 Conveyance by Landlord 90 Article XXX 90 30.1 Quiet Enjoyment 90 Article XXXI 90 31.1 Landlord’s Financing 90 31.2 Attornment 91 31.3 Compliance with Facility Mortgage Documents 92 Article XXXII 93 32.1 Hazardous Substances 93 Article XXXIII 96 33.1 Memorandum of Lease 96 33.2 Reserved. 96 33.3 Tenant Financing 96 Article XXXIV 96 34.1 Expert Valuation Process. 96 Article XXXV 98 35.1 Notices 98 Article XXXVI 99
Permitted Leasehold Mortgagees. 59 17.2 Landlord’s Right to Cure Xxxxxx’s Default 66 17.3 Landlord’s Right to Cure Debt Agreement 67 ARTICLE XVIII 18.1 Sale of the Leased Property 67 ARTICLE XIX 19.1 Holding Over 68 ARTICLE XX 20.1 Risk of Loss 68 ARTICLE XXI 21.1 General Indemnification 68 ARTICLE XXII 22.1 Subletting and Assignment 69 22.2 Permitted Assignments 69 22.3 Permitted Sublease Agreements 72 22.4 Required Assignment and Subletting Provisions 73 22.5 Costs 73 22.6 No Release of Xxxxxx’s Obligations; Exception 73 ARTICLE XXIII
Permitted Leasehold Mortgagees. (a) On one or more occasions without Xxxxxxxx’s prior consent Tenant may mortgage or otherwise encumber Tenant’s estate in and to the Leased Property (the “Leasehold Estate”) to one or more Permitted Leasehold Mortgagees under one or more Permitted Leasehold 61 ACTIVE/103726432.5 US-DOCS\116344257.8
Permitted Leasehold Mortgagees. 55 1.2 Landlord’s Right to Cure Tenant’s Default. 62 1.3 Landlord’s Right to Cure Debt Agreement. 62 ARTICLE XVIII 62 1.1 Sale of the Leased Property. 62 ARTICLE XIX 63 1.1 Holding Over. 63 ARTICLE XX 63 ii |US-DOCS\126208570.12|| 1.1 Risk of Loss. 63 ARTICLE XXI 64 1.1 General Indemnification. 64 ARTICLE XXII 64 1.1 Subletting and Assignment. 64 1.2 Permitted Assignments. 64 1.3 Permitted Sublease Agreements. 67 1.4 Required Assignment and Subletting Provisions. 68
Permitted Leasehold Mortgagees
