Operating Covenant definition

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

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

Examples of Operating Covenant in a sentence

• 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).

• In the event that Tenant elects to close its store for business with the public at any time after the Operating Covenant Period, then Landlord shall have the right to terminate this Lease.

• If crop or crop/revenue insurance is required, it will be set forth in Operating Covenant 29, below.

• Notwithstanding anything to the contrary contained in this Lease, Tenant shall be obligated to initially open the Leased Premises for business with the public and to continuously operate its business open to the public in accordance with this Lease for the Operating Covenant Period, whereafter Tenant shall have no obligation to have its store open for business with the public; provided, however, that Tenant shall nonetheless be obligated to comply with all of the provisions of this Lease.

• Landlord and Tenant agree that the Tenant's full and complete satisfaction of the Operating Covenant at all times during the Term of this Lease goes to the essence of the parties' agreement hereunder, and that Tenant's failure to satisfy its Operating Covenant will result in automatic deprivation to Landlord for which Landlord's remedies hereunder or at law may not be adequate.

• The Seller's decision to revoke such rights for failure to meet the Operating Covenant shall be subject to challenge by the Buyer whose remedy shall be to submit the dispute to a panel of three arbitrators of the American Arbitration Association (the "AAA") in accordance with AAA Rules and the decision shall be final and binding.

• The aforedescribed period during which Dillard is required to operate a Dillard retail department store is herein referred to as the "Dillard Operating Covenant".

• In order to assist Buyer in complying with the Operating Covenant Hocus Pocus shall provide Buyer with written notice of any change in the menu items and Buyer shall have 30 days to implement such change.

• Notwithstanding any provision to the contrary in this Section 27.2 or elsewhere in this Lease, until such time as the Players' Lease is terminated, Landlord's sole remedy upon the occurrence of (a) a Monetary Default by Tenant relating to the payment of Percentage Rent or Substitute Percentage Rent and/or (b) an Operating Covenant Default, shall be to pursue Tenant's remedies under the Players' Lease or any other Sublease of Players' Premises, which remedies Tenant hereby assigns to Landlord.

• A failure by Tenant to perform any obligation of Tenant under this Lease, other than a Monetary Default or an Operating Covenant Default.

More Definitions of Operating Covenant

Operating Covenant. Ten years as "Eldex-Xxxxxxx." Recapture by Landlord: Tenant to turn over 17,609 sq. ft. Home Store space and 3,000 sq. ft. Men's Store space to landlord. Construction: Tenant to build 24,000 sq. ft. expansion. Estimated cost: $1,680,000. Landlord to raze existing Goodyear building and compact soil for tenant's building. Land Purchase: Landlord to cover the $25,000 expense to acquire adequate land to accommodate the building expansion.

Operating Covenant is defined in Section 2.19(c).