CLAIMS AND OTHER
ENCUMBRANCES NOT PREVIOUSLY APPROVED BY LANDLORD.
30.04
RESERVE REVERSAL EVENT. UPON A RESERVE REVERSAL EVENT, NO FURTHER
RESERVES SHALL BE REQUIRED AND ANY RESERVES AND/OR LETTER OF CREDIT (AS DEFINED
IN SECTION 30.06(D) BELOW) HELD BY LANDLORD OR MORTGAGEE SHALL BE IMMEDIATELY
RELEASED AND/OR RETURNED, AS THE CASE MAY BE, TO TENANT.
30.05
LETTER OF CREDIT. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
IN THIS ARTICLE 30 OR SECTION 9.05, AT TENANT'S OPTION, IN LIEU OF THE
REQUIREMENTS SET FORTH HEREIN WITH RESPECT TO TENANT'S OBLIGATION TO MAKE
DEPOSITS INTO ONE OR MORE RESERVE SUBACCOUNTS, TENANT MAY DELIVER A LETTER OF
CREDIT OR LETTERS OF CREDIT TO LANDLORD IN AN AMOUNT OR AMOUNTS EQUAL TO THE
AGGREGATE AMOUNT WHICH TENANT WOULD OTHERWISE BE REQUIRED TO DEPOSIT FOR
IMPOSITIONS, INSURANCE PREMIUMS AND/OR MAINTENANCE EXPENSES, OVER THE ENSUING
TWELVE (12) MONTH PERIOD, AND/OR REQUIRED REPAIRS WHEREUPON LANDLORD SHALL REMIT
OR CAUSE MORTGAGEE TO REMIT THE RESERVES THEN ON DEPOSIT, IF ANY, IN THE
APPLICABLE RESERVE SUBACCOUNT TO TENANT. IN THE EVENT THAT TENANT DELIVERS A
LETTER OF CREDIT OR LETTERS OF CREDIT FOR IMPOSITIONS, INSURANCE PREMIUMS,
MAINTENANCE EXPENSES AND/OR REQUIRED REPAIRS, TENANT SHALL BE RESPONSIBLE FOR
THE PAYMENT OF SUCH ITEM AND LANDLORD SHALL NOT BE RESPONSIBLE THEREFOR. TENANT
SHALL PROVIDE LANDLORD WITH NOTICE OF ANY INCREASES (OR DECREASES) IN THE
AGGREGATE PAYMENTS OVER THE ENSUING TWELVE (12) MONTH PERIOD FOR IMPOSITIONS,
INSURANCE PREMIUMS AND/OR MAINTENANCE EXPENSES, AS THE CASE MAY BE, NOT LESS
THAN FORTY-FIVE (45) DAYS PRIOR TO THE DATE ANY SUCH INCREASE (OR DECREASE) IS
FIRST DUE AND PAYABLE, AND THE APPLICABLE LETTER OF CREDIT SHALL BE INCREASED
(OR DECREASED) BY AN AMOUNT EQUAL TO SUCH INCREASED (OR DECREASED) AMOUNT AT
LEAST THIRTY (30) DAYS PRIOR TO THE DATE SUCH INCREASE (OR DECREASE) IS FIRST
DUE AND PAYABLE. LANDLORD SHALL ALLOW A REDUCTION IN THE LETTER OF CREDIT OR
LETTERS OF CREDIT RELATING TO THE RESERVE SUBACCOUNT FOR MAINTENANCE EXPENSES OR
REQUIRED REPAIRS UPON SATISFACTION OF THE CONDITIONS PRECEDENT FOR DISBURSEMENT
SET FORTH IN SECTION 30.03 OR SECTION 9.05, AS APPLICABLE, WHICH REDUCTION SHALL
BE IN AN AMOUNT EQUAL
50
TO THE AMOUNT THAT WOULD HAVE BEEN DISBURSED TO TENANT HAD THE RESERVE ACCOUNT
FOR MAINTENANCE EXPENSES OR THE REQUIRED REPAIRS SUBACCOUNT, CONTAINED CASH.
UPON ANY NON-PAYMENT OF IMPOSITIONS, INSURANCE PREMIUMS, MAINTENANCE EXPENSES OR
REQUIRED REPAIRS, TENANT AGREES THAT LANDLORD SHALL HAVE THE RIGHT, BUT NOT THE
OBLIGATION, TO DRAW ON SUCH
APPLICABLE LETTER OF CREDIT AND TO APPLY ALL OR ANY
PART THEREOF TO THE PAYMENT OF THE ITEM FOR WHICH SUCH LETTER OF CREDIT WAS
ESTABLISHED.
30.06
DEFINED TERMS.
(A)
"EBITDAR" SHALL MEAN, WITH RESPECT TO ANY PERSON, FOR ANY PERIOD,
AN AMOUNT EQUAL TO (WITHOUT DUPLICATION):
(I) THE CONSOLIDATED NET INCOME OF
SUCH PERSON FOR SUCH PERIOD, PLUS (II) DEPRECIATION, AMORTIZATION AND OTHER
NON-CASH CHARGES (INCLUDING, BUT NOT LIMITED TO, IMPUTED INTEREST, DEFERRED
COMPENSATION AND CHARGES ASSOCIATED WITH IMPAIRMENT OF GOODWILL PURSUANT TO FASB
142) FOR SUCH PERIOD (TO THE EXTENT DEDUCTED IN