Gaming Property definition
Examples of Gaming Property in a sentence
Each subsequent Casino Gaming property that the Group operates which utilizes any of the licensed marks in connection with generating the relevant revenue will pay for each of the first three fiscal calendar years after commencement of operations of each subsequent property, a royalty fee of 1.5% of the respective gross revenues of the operations in connection with which such licensed marks are used (each, the “Subsequent Casino Gaming Property Royalty”), subject to a US$20.0 million cap per fiscal year.
For the fiscal calendar years thereafter until expiration of the initial term, the Group will pay LVSLLC an annual royalty being the lesser of the Subsequent Casino Gaming Property Royalty or the annual caps reflecting an increase of 20.0% for each subsequent year.
Royalty Cap for Each Subsequent Casino Gaming Property Year 1 2 3 4 5 6 7 8 9 10 Cap (US$ in millions) 20.0 20.0 20.0 24.0 28.8 34.6 41.5 49.8 59.7 71.7 Note: This assumes, for illustrative purposes, that the Casino Gaming properties open on January 1, 2013 and have the right to use the licensed marks until expiration of the initial term.
As of the Closing Date, Schedule 4.10 sets forth a legal description of all Real Property owned by Borrower or held by the United States government in trust for the benefit of Borrower which is Gaming Property, which legal description is accurate and complete in all material respects.
In any event, in any action or proceeding to enforce the Loan Documents, the Creditors agree that they shall, to the extent then permitted by applicable Law, take commercially practicable steps to enforce any claim for damages awarded to the Creditors by any court, tribunal, arbitrator or other decision maker against the Gaming Property prior to taking general recourse to Borrower and the Non-Gaming Property.
The Gaming Property includes all real, mixed and personal property which is operationally integral to the on-reservation gaming activities of Borrower.
Fail, within ten days following the opening of each such account into which Gaming Property is to be deposited, to execute and deliver to the Administrative Agent Deposit Account Agreements granting Liens in each deposit, checking, brokerage or other similar account of Borrower which is opened following the Closing Date with any bank, savings association, financial institution or similar financial intermediary in which Cash or Cash Equivalents will be deposited.
Not create, incur, assume or suffer to exist any Recourse Obligation which is not permitted by Section 6.8, or any Lien or other encumbrance upon Gaming Property which is not permitted by Section 6.7.
Use any Gaming Property for a purpose which is not related to the business of Borrower or specifically contemplated hereby, expend any funds which are Gaming Property for any purpose which does not directly or indirectly benefit Borrower, or make any Capital Expenditure using funds of Borrower or other Gaming Property except to add to, further improve, maintain, repair, restore or refurbish the Thunder Valley Casino.
The actual procedures followed by any particular Group, Division or Gaming Property to implement these policies will vary.