Retained Facility definition
Examples of Retained Facility in a sentence
Between the date hereof and the Effective Time, each SNH Entity and its agents and consultants shall have been given all reasonable access to each Retained Facility to perform such investigations and due diligence as it deems appropriate to determine whether each condition precedent to its obligations hereunder has been satisfied.
The schedule setting forth the Maximum Fixed Rent Term with respect to each Facility set forth on Schedule 3 annexed to the Lease is hereby amended such that the reference to “Bally’s Atlantic City” thereon is deleted (it being understood, for the avoidance of doubt, that the reference to “Caesars Atlantic City” thereon shall be deemed to also include the Retained Facility).
Purchaser and Bally’s Atlantic City LLC (i.e., the Landlord entity which is the fee owner with respect to the Retained Facility) have, on or about the date hereof, entered into a certain Reciprocal Easement Agreement (the “REA”) affecting portions of the Retained Leased Property and portions of the real property formerly comprising the Bally’s Leased Property, which REA is intended hereafter to be recorded.
In addition, the Mariner Entities shall pay to the New Manager for each Facility an amount of cash equivalent to all Employee Accruals with respect to such Retained Facility at the Effective Time and, in connection therewith, the SNH Entities shall assume the Mariner Entities' obligation to pay the same.
The term “Bally’s Facility” shall refer to the applicable Facility identified as Facility 13 on the list of the Facilities annexed as Exhibit A to the Lease (prior to giving effect to the replacement of said Exhibit A pursuant to Section 2.N.i. of this Amendment), other than the portion thereof pertaining to the Retained Facility.
Boardwalk Regency LLC has obtained all Gaming Licenses necessary to continue the operations of the Wild Wild West Parcel under Boardwalk Regency LLC’s Gaming Licenses for the Facility known as Caesars Atlantic City, and all operations and related assets associated with the Retained Facility have been conveyed to Boardwalk Regency LLC.
For the avoidance of doubt, the Lease shall continue in full force and effect with respect to (i) the balance of (x) the Facilities (other than the Bally’s Facility) and (y) the Leased Property (other than the Bally’s Leased Property), and (ii) the Retained Facility and Retained Leased Property (as defined below).
The Mariner Operator of each Retained Facility shall, as of the Effective Time, deliver to the New Manager all personnel records for employees at such Retained Facility.
With respect to each of the Retained Facilities, SPTMNR shall have received a satisfactory lien report showing that, as of the Effective Time, such Retained Facility is not subject to any liens, claims or encumbrances other than the Permitted Encumbrances.
Except as set forth in Schedule 9.15, neither any Mariner Entity, nor any Retained Facility is a party to any contract or agreement with a labor union, including without limitation, collective bargaining or employment agreements, or any agreements that contain any severance or termination pay liabilities that is enforceable against the Mariner Entities in their capacity as debtors in possession.