arena lease and management agreement city of glendale, arizona ...

SUBSTANTIAL FINAL DRAFT 11/27/12 12:35
“Arena Revenue Bonds” means the 2003 Arena Revenue Bonds designated “Series 2003A” and
“Series 2003B” and any other bonds issued to refinance these bonds to the extent the principal maturity
date is not extended.
“Arena Sub-Manager” means a qualified arena manager acceptable to and approved by the City
to whom the Arena Manager may, from time to time, delegate all or a portion of its duties and
responsibilities under this Agreement.
“Business Day” means any day other than a Saturday, a Sunday or a public or bank holiday or
the equivalent for banks generally under the laws of the State of Arizona. Use of the word “day”, as
opposed to “Business Day”, means calendar day.
“Capital Improvements” means any or all installations, alterations or improvements of or to,
and all purchases of additional or replacement furniture, fixtures, machinery or equipment for, the Arena
Facility, the depreciable life of which, according to GAAP, is in excess of one (1) year.
“City Default” means the occurrence of any of the following events:
a. If the City fails to pay when due, for any reason, any amount payable by the City
hereunder, including any portion of the Management Fee, and such failure is not cured within 30
days after the City’s receipt of notice of such failure from any other party hereto;
b. If any representation or warranty made by the City herein at any time proves to
have been incorrect in any material respect as of the time made, and if the City fails to cause such
representation or warranty to become correct within 30 days after the City’s receipt of notice
from any other party hereto that such representation or warranty was incorrect; provided,
however, that if it is reasonably possible to cause such representation or warranty to become
correct but it is not reasonably possible to cause such representation or warranty to become
correct within such thirty-day period, then such cure period shall be for an unlimited period of
time so long as the City (i) commences to cause such representation or warranty to become
correct within 30 days after the City’s receipt of such notice, and (ii) thereafter diligently
continues to cause such representation or warranty to become correct;
c. If the City commences a proceeding under Chapter 9 of the United States
Bankruptcy Code; or
e. If the City materially breaches any covenant or provision of this Agreement, and
such breach is not cured within 30 days after the City’s receipt from any other party hereto of
notice of such breach; provided, however, that if it is reasonably possible to cure such breach
(excluding any failure to pay any portion of the Management Fees, which shall only be subject to
subpart a. above) but it is not reasonably possible to cure such breach within such thirty-day
period, then such cure period shall be for an unlimited period of time so long as the City (i)
commences to cure such breach within 30 days after the City’s receipt of such notice, and (ii)
thereafter diligently continues to cure such breach.
“City Revenue Event” shall have the meaning set forth in Section 7.6.
“City Sponsored Event” shall mean a City Revenue Event or a Community Event.
“City Surcharge” shall have the meaning set forth in Section 9.1.
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