Operating Covenant definition

Operating Covenant. The covenants and obligations of Tenant contained in Section 7.3, collectively.

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Operating Covenant has the meaning set out in Section 8.10(b).

Operating Covenant. The covenants and obligations of Tenant contained in Section 7.3, collectively. “Operating Expenses”: All costs and expenses of any kind, nature, and description incurred in connection with the maintenance, operation, care and repair of the Property which are necessary or desirable for the operation and maintenance of the Property, including all payments or charges due and payable with any Encumbrance, in accordance with the standard maintained in the City and State in which the Property is located for similar buildings and sites (subject to any other specific standards applicable to the Property as provided in this Master Lease), and which are not duplicative of other costs and expenses provided in the Master Lease or otherwise required to be paid or reimbursed by Tenant under this Master Lease. “Overdue Rate”: On any date, an annual rate equal to five (5) percentage points above the Prime Rate, but in no event greater than the maximum rate then permitted under applicable law. “Party” or “Parties”: Landlord and/or ▇▇▇▇▇▇, their successors and assigns as party to this Master ▇▇▇▇▇. “Payment Date”: As defined in Section 3.1. “Permitted Encumbrances”: (i) Liens imposed by law, such as mechanics and materialmen Liens in each case for sums not yet overdue for a period or more than thirty (30) days or which are being diligently contested in good faith by appropriate proceedings or such other Liens arising out of judgments or awards against Tenant (for purposes of this definition of “Permitted Encumbrances,” “Tenant” shall mean Tenant and any Person claiming by, through or under Tenant, as applicable) with respect to which Tenant shall then be proceeding with an appeal or other proceedings for review if enforcement of such Liens is bonded or stayed, (ii) Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than thirty (30) days or payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings diligently conducted, if enforcement of such Liens is bonded or stayed, (iii) all matters disclosed on the title commitment or title policy delivered to Landlord in connection with Landlord’s acquisition of the Properties, together with minor survey exceptions (or any state of facts an accurate survey might show), minor encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and

Examples of Operating Covenant in a sentence

• Notwithstanding the foregoing, in the event that the balance due and owing on the Dealer Note or prior to the seventh (7th) anniversary of the date of this Agreement, the terms of the Operating Covenant shall be reduced to fifteen (15) years from date of this Agreement.

• The Company shall have, on each Dispenser Base Measurement Date occurring during the Operating Covenant Period, a Dispenser Base of at least seven thousand five hundred (7,500).

• For the term of this Operating Covenant, the Owner may use the Property for the purposes of the operation of the E-Commerce Distribution Facility or comparable function, with the intent, but subject to Owner’s exercise of its business judgement to modify operations from time to time, of generating the greatest feasible amount of Sales Tax Revenues over the Covenant Term, and otherwise conducting Owner’s Sales Activities in accordance with this Covenant Agreement.

• Owner shall be prohibited from sharing the Covenant Payment with Affiliate and Affiliate shall be prohibited from requesting the City enter into a separate Operating Covenant Agreement with Affiliate directly.

• As a result of an Unavoidable Delay, the time for compliance with the Special Operating Covenant will be extended for a period equivalent to the period of delay and performance of the act during the period of delay will be excused; provided, however, that no Unavoidable Delay shall continue for a period in excess of one (1) year (individually or in the aggregate) without Seller’s prior written consent.

• This Operating Covenant Agreement (“Covenant Agreement”) is dated August 1, 2023, for reference purposes only.

• The parties understand and agree that ▇▇▇▇▇▇▇▇▇’s performance of the Special Operating Covenant is of significant importance to Seller in ensuring that the Owned Real Property and non-removable Personal Property are operated for the benefit of the communities served by Seller, and that such obligation continue and be uninterrupted except as specifically provided herein.

• In the event of a violation of the Special Operating Covenant, Landlord shall thereafter have the power, at its option, to terminate all right, title, and interest in the Fee Estate granted by deed to Tenant and its successors and assigns, in the manner provided by law for the exercise of this power of termination.

• GRANTOR is transferring the Property to GRANTEE, subject to the following Special Operating Covenant, pursuant to that certain Asset Purchase Agreement dated as of October 30, 2020 between GRANTOR, as Seller, and GRANTEE, as Purchaser.

• During the Developer Operating Covenant, the Reserve Tracts shall only be used for retail and service facilities normally associated with regional mall shopping centers, including, without limitation, restaurants and fast-food restaurants, banks and savings and loan institutions, office buildings, hotels and motels.

More Definitions of Operating Covenant

Operating Covenant is defined in Section 2.19(c).

Operating Covenant means that certain Operating Covenant Agreement, a copy of which will be recorded against the Property on the Closing Date, and will restrict the use of the Property for the construction and continual operation of the Improvements, substantially in the form attached hereto as Exhibit D.

Operating Covenant. Ten years as "Elde▇-▇▇▇▇▇▇▇."