Common use of Property Package Request and Requirements Clause in Contracts

Property Package Request and Requirements. As a condition to exercising the Call Right, on or prior to the expiration of the Propco Election Period, Propco shall deliver to Owner (i) a notice of Propco’s intention to exercise the Call Right, (ii) evidence reasonably satisfactory to Owner of Propco’s ability to finance the exercise of the Call Right (provided, that if Propco’s net leverage at such time of request is less than 10 to 1 (with net leverage being defined as the ratio of (1) funded debt minus unrestricted cash to (2) EBITDAR for the last four (4) fiscal quarters for which financial statements are available, in each case of Propco and its subsidiaries on a consolidated basis) then Propco shall be deemed to have provided evidence reasonably satisfactory to Owner) and (iii) a request for the Property Package from Owner (collectively, the “Property Package Request”). As promptly as practicable after receipt of the Property Package Request, but in no event later than the date occurring sixty (60) days after Owner’s receipt of the Property Package Request, Owner shall provide to Propco either (x) a Notice of Impermissibility or (y) a package of information (the “Property Package”), which shall set forth all material information with respect to the Property and the Call Right including, without limitation, the following:

Property Package Request and Requirements. As a condition to exercising the Call Right, on or prior to the expiration of the Propco Election Period, Propco shall deliver to Owner (i) a notice of Propco’s intention to exercise the Call Right, (ii) evidence reasonably satisfactory to Owner of Propco’s ability to finance the exercise of the Call Right (provided, that if Propco’s net leverage at such time of request is less than 10 to 1 (with net leverage being defined as the ratio of (1) funded debt minus unrestricted cash to (2) EBITDAR for the last four (4) fiscal quarters for which financial statements are available, in each case of Propco and its subsidiaries on a consolidated basis) then Propco shall be deemed to have provided evidence reasonably satisfactory to Owner) and (iii) a request for the Property Package from Owner (collectively, the “Property Package Request”). As promptly as practicable after receipt of the Property Package Request, but in no event later than the date occurring sixty (60) days after Owner’s receipt of the Property Package Request, Owner shall provide to Propco either or (x) a Notice of Impermissibility or (y) a package of information (the “Property Package”), which shall set forth all material information with respect to the Property and the Call Right including, without limitation, the following:

Property Package Request and Requirements. As a condition to exercising the Call Right, on or prior to the expiration of the Propco Election Period, Propco shall deliver to Owner (i) a notice of Propco’s intention to exercise the Call Right, (ii) evidence reasonably satisfactory to Owner of Propco’s ability to finance the exercise of the Call Right (provided, that if Propco’s net leverage at such time of request is less than 10 to 1 (with net 8 Value Loss Amount in the aggregate for all Call Right Properties equal to $260 million on the Effective Date; the amount attributable to each on the Effective Date to be based on relative LTM EBITDAR with respect to each Property. leverage being defined as the ratio of (1) funded debt minus unrestricted cash to (2) EBITDAR EBITDA for the last four (4) fiscal quarters for which financial statements are available, in each case of Propco and its subsidiaries on a consolidated basis) then Propco shall be deemed to have provided evidence reasonably satisfactory to Owner) and (iiiii) a request for the Property Package from Owner (collectively, the “Property Package Request”). As promptly as practicable after receipt of the Property Package Request, but in no event later than the date occurring sixty (60) days after Owner’s receipt of the Property Package Request, Owner shall provide to Propco either or (x) a Notice of Impermissibility or (y) a package of information (the “Property Package”), which shall set forth all material information with respect to the Property and the Call Right including, without limitation, the following:

Property Package Request and Requirements. As a condition to exercising the Call Right, on or prior to the expiration of the Propco Election Period, Propco shall deliver to Owner (i) a notice of Propco’s intention to exercise the Call Right, (ii) evidence reasonably satisfactory to Owner of Propco’s ability to finance the exercise of the Call Right (provided, that if Propco’s net leverage at such time of request is less than 10 to 1 (with net leverage being defined as the ratio of (1) funded debt minus unrestricted cash to (2) EBITDAR EBITDA for the last four (4) fiscal quarters for which financial statements are available, in each case of Propco and its subsidiaries on a consolidated basis) then Propco shall be deemed to have provided evidence reasonably satisfactory to Owner) and (iiiii) a request for the Property Package from Owner (collectively, the “Property Package Request”). As promptly as practicable after receipt of the Property Package Request, but in no event later than the date occurring sixty (60) days after Owner’s receipt of the Property Package Request, Owner shall (unless clause (d)(i) below is applicable) provide to Propco either or (x) a Notice of Impermissibility or (y) a package of information (the “Property Package”), which shall set forth all material information with respect to the Property and the Call Right including, without limitation, the following: