Operating Covenant definition

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.
Sample 1
Operating Covenant has the meaning set out in Section 8.10(b).
Sample 1
Operating Covenant. The covenants and obligations of Tenant contained in Section 7.3, collectively.
Sample 1

Examples of Operating Covenant in a sentence

  • J., Ex. 6, at 6.) The provisions following this paragraph then specify the products and merchandise to be displayed and offered for sale and other usages of the Propertyprior to the expiration of the three year Operating Covenant.

  • 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).

  • 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.

  • 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.

  • The Special Operating Covenant set forth in this Deed, unless subsequently released, is a binding servitude on the Property, shall inure to the benefit of GRANTOR and GRANTEE, their successors and assigns, and will be deemed to run with the land for the duration of the Covenant Period.

  • Purchaser further acknowledges that any breach or threatened breach of the Operating Covenant would cause irreparable injury to the City and that money damages would not provide an adequate remedy to the City.

  • The parties understand and agree that Xxxxxxxxx’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.

  • 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.

  • 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.


More Definitions of Operating Covenant

Operating Covenant is defined in Section 2.19(c).
Sample 1
Operating Covenant. Ten years as "Eldex-Xxxxxxx."
Sample 1

Related to Operating Covenant

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Financial Covenant has the meaning specified in Section 7.08.

  • Covenant means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Tax Covenant means the covenant relating to Tax set out in Schedule 9;

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Normal Operating Conditions means those Service conditions which are within the control of Grantee. Those conditions which are not within the control of Grantee include, but are not limited to, natural disasters, civil disturbances, power outages, telephone network outages, and severe or unusual weather conditions. Those conditions which are ordinarily within the control of Grantee include, but are not limited to, special promotions, pay-per-view events, rate increases, regular peak or seasonal demand periods, and maintenance or upgrade of the Cable System.

  • Covenants means the covenants set forth in Section 4 of this Agreement.

  • Financial Performance Covenant means the covenant set forth in Section 6.11.

  • Covenant Testing Period means a period (a) commencing on the last day of the fiscal month of Parent most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver to Agent monthly financial statements pursuant to Schedule 5.1 to this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Availability has equaled or exceeded the greater of (a) 15% of the Maximum Revolver Amount, and (b) $4,500,000 for 60 consecutive days.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Covenant Suspension Event has the meaning assigned to it in Section 3.22(b).

  • Covenant Compliance Certificate means a properly completed and executed Covenant Compliance Certificate substantially in the form of Exhibit X hereto.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Debt Service Requirement means, as of any date of calculation with respect to the Bonds, the sum of (i) all interest due or to become due on such date on all Outstanding Bonds plus (ii) all Principal Installments due or to become due on such date on all Outstanding Bonds or, if no Principal Installment is due and payable on such date on any Outstanding Bonds, one- half of the Principal Installments, if any, due and payable on all Outstanding Bonds on the next succeeding Interest Payment Date.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.