Arena Agreement definition
Examples of Arena Agreement in a sentence
Notwithstanding anything in this Agreement to the contrary, the effectiveness of this Agreement is conditioned upon the NBA's approval of the Team Agreement and the Arena Agreement, which approval is required for the effectiveness of both such agreements pursuant to the terms thereof.
The Parties agree that the provisions of Section 16 of the Arena Agreement (authorizing Leasehold Mortgages and Mezzanine Financings and granting certain rights and protections to Leasehold Mortgagees and Mezzanine Lenders) are hereby incorporated by reference.
Further, the Licensee acknowledges the terms and conditions of Section 1.1(F) of the Arena Agreement and hereby agrees, for the express benefit of the City, to execute and deliver the documents contemplated therein.
The Licensee acknowledges and agrees that, notwithstanding anything to the contrary herein, its Licensee Use Rights are subject to, and therefore shall not be broader than, the Licensor’s rights under the Arena Agreement.
The Project Agreements include, without limitation, that certain Arena Management, Operations, and Lease Agreement, between the City and ArenaCo, pursuant to which the City is leasing the Arena and Arena Land to ArenaCo and ArenaCo is agreeing to operate, maintain, and repair the Arena (the "Arena Agreement").
If the Licensor has not promptly made the repairs necessary to alleviate such Emergency or has notified the Licensee that it does not have the funds necessary to alleviate such Emergency, unless the City has made such repairs pursuant to the Arena Agreement, the Licensee may (but is not obligated to), in addition to any other rights and remedies available to the Licensee, make the repairs necessary to alleviate such Emergency.
For any given City Minor Event (as defined in the Arena Agreement), ArenaCo shall make available to the City, without charge, a number of parking spaces at the Parking Facilities equal to one‐third of the City's reasonable and good faith estimate of the number of attendees at such City Minor Event, but in no event more than 150 parking spaces.
All out of pocket expenses (without markup) actually incurred by ArenaCo or its Affiliates in connection with providing parking at the Parking Facilities for City Minor Events and City Civic Events that would not have been incurred by ArenaCo but for the Arena hosting such events will be City Event Expenses for purposes of (and as defined in) the Arena Agreement.
If the Arena Agreement is terminated pursuant to Section 9.3(A) of the Arena Agreement due to a Condemnation Action, the Licensor shall promptly provide notice thereof to the Licensee and then the Licensee shall have the right to terminate this Agreement by delivering written notice thereof to the Licensor and the City within ninety (90) days thereafter.
The Licensee acknowledges and agrees that, to the extent permitted by Applicable Law, the City shall have the option to use one (1) Suite, including Event Tickets therefor, as more particularly described in the Arena Agreement.