Key Money Contribution definition
Examples of Key Money Contribution in a sentence
If this Agreement is terminated for any reason prior to the tenth (10th) anniversary of the Takeover Date, then Owner shall pay to Operator, concurrent with the effective date of termination of this Agreement the unamortized portion of the Key Money Contribution (the “Unamortized Key Money”).
The Key Money Contribution shall be amortized in equal monthly amounts over an eight (8) year period commencing on the second (2nd) anniversary of the Takeover Date.
Notwithstanding the foregoing, to the extent any payments are due and payable on the Key Money Contribution Date by Owner to Hyatt, Hyatt may elect, in its sole discretion, to fund the Key Money to Owner reduced by the aggregate amount owing by Owner to Hyatt.
The Key Money Contribution from Operator to the City shall not be treated as an equity or other investment and Operator shall not be entitled to any profit, interest or dividend or other distribution or payment from the operation of the Golf Courses, or otherwise, except as specifically described herein.
The Key Money Contribution shall be paid no later than June 1st of the first year of the Agreement and each year thereafter for the 15-year term as Capital Improvements are agreed upon by the parties.
In the event that Manager elects to terminate this Agreement under this Section 1.2, Manager will be released from the Key Money Contribution and Manager will remain entitled to receive the Technical Services Fee and any incurred, unpaid expenses for Pre-Opening Services.
After the Initial Term, Contractor shall have the option, in its sole discretion, to renew this Agreement for one (1) five (5) year renewal term conditioned on Contractor providing the Additional Key Money Contribution (“Renewal Term”; collectively with the Initial Term, the “Term”).