SHALL BE THE RATIO OF EBITDAR TO INTEREST AND
OPERATING LEASE EXPENSES.
(D)
"LETTER OF CREDIT" MEANS AN EVERGREEN, IRREVOCABLE, UNCONDITIONAL,
TRANSFERABLE, CLEAN SIGHT DRAFT LETTER OF CREDIT, IN FORM AND SUBSTANCE
ACCEPTABLE TO LANDLORD IN ITS REASONABLE DISCRETION, IN FAVOR OF LANDLORD AND
ISSUED BY A BANK OR FINANCIAL INSTITUTION REASONABLY ACCEPTABLE TO LANDLORD.
51
(E)
"RESERVE EVENT" SHALL MEAN THE OCCURRENCE OF (I) A MONETARY
DEFAULT OR (II) AN EBITDAR EVENT.
(F)
"RESERVE PERIOD" SHALL MEAN THE PERIOD TIME COMMENCING ON THE
DATE THAT
(I) A MONETARY DEFAULT SHALL HAVE OCCURRED OR (II) AN EBIDTAR EVENT SHALL HAVE
OCCURRED AND, WITH RESPECT TO CLAUSE (A) OR (B), ENDING UPON THE OCCURRENCE OF A
RESERVE REVERSAL EVENT.
(G)
"RESERVE REVERSAL EVENT" SHALL MEAN TENANT (I) REMAINING FREE FROM
MONETARY DEFAULT AND (II) MAINTAINING AN EBITDAR RATIO OF 1.15 TO 1 OR HIGHER
(ON A TWELVE (12) MONTH TRAILING BASIS) FOR A PERIOD OF NOT LESS THAN FOUR
(4) CONSECUTIVE QUARTERS.
ARTICLE 31.
MISCELLANEOUS
31.01
SUCCESSORS AND ASSIGNS.
EACH PROVISION OF THIS LEASE SHALL EXTEND
TO AND SHALL BIND AND INURE TO THE BENEFIT NOT ONLY OF LANDLORD AND TENANT, BUT
ALSO OF THEIR RESPECTIVE HEIRS, LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS,
BUT THIS PROVISION SHALL NOT OPERATE TO PERMIT ANY TRANSFER, ASSIGNMENT,
MORTGAGE, ENCUMBRANCE, LIEN, CHARGE OR SUBLETTING CONTRARY TO THE PROVISIONS OF
THIS LEASE.
31.02
MODIFICATIONS IN WRITING.
NO MODIFICATION, WAIVER OR AMENDMENT OF
THIS LEASE OR OF ANY OF ITS CONDITIONS OR PROVISIONS SHALL BE BINDING UPON
EITHER PARTY UNLESS IN WRITING AND SIGNED BY LANDLORD AND TENANT.
31.03
DEFINITION OF TENANT.
THE WORD "TENANT" WHENEVER USED HEREIN SHALL
BE CONSTRUED TO MEAN TENANT OR ANY ONE OR MORE OF THEM IN ALL CASES WHERE THERE
IS MORE THAN ONE TENANT; AND THE NECESSARY GRAMMATICAL CHANGES REQUIRED TO MAKE
THE PROVISIONS HEREOF APPLY EITHER TO CORPORATIONS, LIMITED LIABILITY COMPANIES
OR OTHER ORGANIZATIONS, PARTNERSHIPS OR OTHER ENTITIES, OR INDIVIDUALS, SHALL BE
ASSUMED IN ALL CASES AS THOUGH FULLY EXPRESSED IN EACH CASE.
IN ALL CASES WHERE
THERE IS MORE THAN ONE TENANT, THE LIABILITY OF EACH SHALL BE JOINT AND
SEVERAL.
LANDLORD SHALL HAVE THE RIGHT, AT ITS DISCRETION, TO ENFORCE
LANDLORD'S RIGHTS UNDER THIS LEASE AGAINST EACH ENTITY SIGNING THIS LEASE AS
TENANT, INDIVIDUALLY, OR AGAINST ALL OF SUCH PERSONS COLLECTIVELY, SO THAT ANY
ONE OF THE ENTITIES SIGNING THIS LEASE AS TENANT SHALL BE BOUND TO THE
PROVISIONS OF THIS LEASE AND SHALL BE REQUIRED TO PAY ALL OF THE RENT AND OTHER
AMOUNTS FROM TIME TO TIME OWED BY TENANT UNDER THIS LEASE.
31.04
DEFINITION OF LANDLORD.
THE TERM "LANDLORD" AS USED IN THIS LEASE
MEANS ONLY THE OWNER OR OWNERS AT THE TIME BEING OF EACH PROPERTY LOCATION SO
THAT IN THE EVENT OF ANY ASSIGNMENT, CONVEYANCE OR SALE, ONCE OR SUCCESSIVELY,
OF SAID PROPERTY LOCATION, OR ANY ASSIGNMENT OF THIS LEASE BY LANDLORD, SAID
LANDLORD MAKING SUCH SALE, CONVEYANCE OR ASSIGNMENT SHALL BE AND HEREBY IS
ENTIRELY FREED AND RELIEVED OF ALL COVENANTS