Operating Lessee definition

Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Parent Guarantor that leases such Hotel Property from a Subsidiary of the Parent Guarantor that is the owner or ground lessee of such Hotel Property.

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Operating Lessee means, individually or collectively, as the context may require, any operating lessee under an Operating Lease, which is an Affiliate of the Borrowers and which is a Special Purpose Entity, provided that such operating lessee shall be selected in accordance with the terms hereof. As of the date hereof, the Operating Lessee is Ashford TRS Lessee I LLC, a Delaware limited liability company, the current operating lessee of each Individual Property, and an Affiliate of the Borrowers.

Operating Lessee means, individually or collectively, as the context so requires, the operating lessees as further described on Schedule V attached hereto.

Examples of Operating Lessee in a sentence

All references in this Agreement and each other Loan Document to Borrower taking any action, or refraining from taking any action, shall mean, if applicable, that Borrower shall cause or permit Operating Lessee to take such action or refrain from taking such action, as the case may be.
Borrower will cause Operating Lessee to remain in good standing under the laws of each jurisdiction to the extent required for the ownership of its interest in the Operating Lease.
Each Operating Lessee has the power and authority to perform its obligations under its respective Operating Lease, to execute, deliver and perform under the Loan Documents to which it is a party, and to lease and operate the applicable Property and to carry on its business as contemplated to be conducted in connection with the performance of its obligations under the applicable Operating Lease.
Borrower hereby covenants and agrees not to commit, permit or suffer to exist, and shall not permit Pledgor, Pledgee, Operating Lessee or Pledgee Subsidiaries to commit, permit or suffer to exist, any act or omission affording such right of forfeiture.
To ▇▇▇▇▇▇▇▇’s knowledge, no statement of fact made by ▇▇▇▇▇▇▇▇, Guarantor, Operating Lessee, Pledgor, Pledgee or Pledgee Subsidiaries in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading in any material respect.

More Definitions of Operating Lessee

Operating Lessee and together with Mortgage Borrower, collectively the “Borrower Parties” and individually a “Borrower Party”), leases and operates the Property pursuant to that certain Lease Agreement dated as of [ ] (as amended, the “Operating Lease”), by and between Mortgage Borrower and Operating Lessee.

Operating Lessee means a lessee of an Unencumbered Property pursuant to an Operating Lease.

Operating Lessee means any Subsidiary of the Borrower that is the lessee under an Operating Lease.

Operating Lessee shall have the meaning set forth in the Mortgage Loan Agreement.

Operating Lessee means, with respect to a Hotel Property, the Subsidiary of the Company that leases such Hotel Property from a Subsidiary of the Company that is the owner or ground lessee of such Hotel Property.

Operating Lessee means a wholly-owned subsidiary ---------------- of Seller as tenant, of an Operating Lease(s); which is a single-purpose entity with the sole purpose of leasing, managing, maintaining, operating and performing other related functions for the Hotel.

Operating Lessee means Hotel Del ▇▇▇▇▇▇▇▇, ▇▇, a Delaware limited partnership.