Permitted Operating Lease definition

Permitted Operating Lease means a lease between one of the Borrowers or a Wholly-Owned Subsidiary and a taxable Wholly-Owned Subsidiary (provided such taxable Wholly-Owned Subsidiary has entered into an Approved Management Agreement for the management of the hotel covered by such Permitted Operating Lease) on substantially the same lease form as currently being used by Borrower.
Sample 1
Permitted Operating Lease means (i) a lease between one of the Borrowers or a Wholly-Owned Subsidiary and Crossroads/Memphis Partnership LLC, Crossroads Future Company LLC or another entity directly or indirectly wholly-owned by Interstate Hotels Company on substantially the same lease form as has been previously approved by the Administrative Agent and the Syndication Agent (which includes without limitation a guaranty of the tenant's obligations by Interstate Hotels Company and Interstate Hotels Corporation and a cross-default provision with all other leases between either of the entities comprising the Borrower or a Wholly-Owned Subsidiary and any of such tenants) and with specific rental terms for each lease to be approved by the Administrative Agent, or (ii) a lease between one of the entities comprising the Borrower or a Wholly-Owned Subsidiary and Prime Hospitality Corporation, or a subsidiary thereof on substantially the same lease form as shall hereafter be initially approved by the Administrative Agent and the Syndication Agent and with specific rental terms for each lease to be approved by the Administrative Agent, or (iii) similar leases with other entities similarly approved as to lease form and specific rental terms, provided that the identity of each such other entity is approved by either (A) the Administrative Agent and the Syndication Agent so long as such other entity, when aggregated with all other entities not named in clauses (i) or (ii) above or previously approved by the Required Lenders under clause (B) of this clause (iii), does not lease Properties representing more than 5% of the total rooms in all Properties then owned by the Consolidated Group or (B) the Required Lenders if such entity is not eligible for approval under clause (A) of this clause (iii).
Sample 1
Permitted Operating Lease means any Lease with respect to a Hotel owned by Borrower or a Subsidiary, such Lease being between such Borrower or Subsidiary, as lessor, and either of Capstar Winston Company, L.L.C., Capstar Management Company, L.P., Capstar Hotel Company or another entity directly or indirectly owned wholly by MeriStar Hospitality Corporation (herein a "Capstar Entity"), as lessee, or such other entity approved by the Required Banks and provided further that the obligations of any Capstar Entity are guaranteed by MeriStar Hospitality Corporation and further provided that each such Lease shall conform to any one or more of the following requirements:
Sample 1Sample 2

Examples of Permitted Operating Lease in a sentence

  • Borrower and such tenant may terminate a management agreement provided that there is a new Approved Management Agreement in effect immediately following such termination, and Borrower may cause the tenant under a Permitted Operating Lease to assign its interest under a Permitted Operating Lease to another taxable Wholly-Owned Subsidiary.

  • Cause each Collateral Pool Asset to at all times be leased pursuant to a Permitted Operating Lease and managed pursuant to the terms of an Approved Management Agreement with the tenant under such Permitted Operating Lease.

  • Cause each Property to at all times be leased pursuant to a Permitted Operating Lease and managed pursuant to the terms of an Approved Management Agreement with the tenant under such Permitted Operating Lease.


More Definitions of Permitted Operating Lease

Permitted Operating Lease means a lease by CCC with respect to ------------------------- a full-service hotel where CCC will be the operator or manager of the hotel (other than through a contractual arrangement with a third-party manager) (a "CCC Managed Hotel"), and which meets the following conditions:
Sample 1
Permitted Operating Lease means (i) a lease between one of the Borrowers or a Wholly-Owned Subsidiary and Crossroads/Memphis Partnership LLC, Crossroads Future Company LLC or another entity directly or indirectly wholly-owned by Patriot American Hospitality, Inc. under lease terms approved by the Required Lenders, (ii) a lease between one of the entities comprising the Borrower or a Wholly-Owned Subsidiary and Prime Hospitality Corporation ("Prime"), or a subsidiary thereof under lease terms approved by the Required Lenders, or (iii) similar leases with other entities similarly approved as to lease terms provided that the identity of each such other entity is approved by the Required Lenders.
Sample 1
Permitted Operating Lease means a lease which satisfies the criteria ------------------------- set forth in subparagraph (b) to the proviso in the definition of "Hotel Leasing Business."
Sample 1
Permitted Operating Lease means a lease which satisfies the criteria ------------------------- set forth in subparagraph (b) to the proviso in the definition of "Hotel Leasing Business." "Permitted Private REIT" shall mean an entity that would be a Publicly- ---------------------- Traded REIT but for the fact that shares of capital stock or other units of equity interests of the REIT that are generally entitled to vote for the election of directors or similar managers are not listed or admitted to trading on the New York Stock Exchange or the American Stock Exchange or designated for quotation on the Nasdaq National Market, or any successor to any of the foregoing, so long as CCC's lease or sublease of a full-service hotel from such entity and any other investment in or with respect to such full-service hotel would not cause CCC to violate Section 3.D. "Permitted REIT Lease" shall mean a lease which satisfies the criteria -------------------- set forth in subparagraph (a) to the proviso in the definition of "Hotel Leasing Business" and that is not a Permitted Operating Lease.
Sample 1

Related to Permitted Operating Lease

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Operating Lease Obligations means all obligations for the payment of rent for any real or personal property under leases or agreements to lease, other than Capitalized Lease Obligations.

  • Operating Lease Expense means the sum of all payments and expenses incurred by a Person, under any operating leases during the period of determination, as determined in accordance with GAAP.

  • Approved Lease means (a) each existing Lease as of the Closing Date as set forth in the Leasing Affidavit and (b) each Lease entered into after the Closing Date in accordance with the terms and conditions contained in Section 9.09 as such leases and related documents shall be Modified as permitted pursuant to the terms of this Agreement.

  • Permitted Facility means a facility authorized by the general permit to discharge total nitrogen or

  • Permitted Sublease means a sublease permitted under Section 7.2.7 of the Lease.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Management Agreement means the agreement to be entered into between the Borrower and the Manager providing for the ship management and crewing services of the Vessel, such agreement to be in the form and on the terms and conditions required by the Agent;

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Permitted Sublessee means the sublessee under a Permitted Sublease.

  • Financing Lease Obligation means, as applied to any Person, an obligation that is required to be accounted for as a financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP.

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Financing Lease means any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Permitted Lease means a lease permitted under Section 4.02(b) of the Trust Indenture.

  • Permitted Lessee means any Person to whom Company is permitted to lease the Airframe or any Engine pursuant to Section 7.02(a) of the Indenture and is a party to a Lease.

  • 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.

  • Pledged Operating Agreements means all of each Grantor’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.

  • Non-Financing Lease Obligation means a lease obligation that is not required to be accounted for as a financing or capital lease on both the balance sheet and the income statement for financial reporting purposes in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall be considered a Non-Financing Lease Obligation.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Master Tenant means any entity approved by HUD now or hereafter leasing the Healthcare Facility pursuant to a Master Lease.