Actions Following Event of Default. Upon the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender.
Appears in 5 contracts
Samples: Commercial Loan Agreement (Red Oak Capital Fund V, LLC), Commercial Loan Agreement (Red Oak Capital Fund V, LLC), Commercial Loan Agreement (Red Oak Capital Fund V, LLC)
Actions Following Event of Default. Upon the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement or the Franchise Agreement without the prior written consent of Lender.
Appears in 3 contracts
Samples: Commercial Loan Agreement (Red Oak Capital Fund IV, LLC), Commercial Loan Agreement (Red Oak Capital Fund IV, LLC), Commercial Loan Agreement (Red Oak Capital Fund IV, LLC)
Actions Following Event of Default. Upon the occurrence and during the continuance of an Event of Default, (i) Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under any Intermediate Management Agreement, any Property Management Agreement, any Franchise Agreement or the Beverage Concession Agreement without the prior written consent of Lender, and (ii) Borrower shall cause Intermediate Manager to not exercise any rights, make any decisions, grant any approvals or otherwise take any action under any Property Management Agreement without the prior written consent of Lender.
Appears in 2 contracts
Samples: Loan Agreement (American Realty Capital Hospitality Trust, Inc.), Loan Agreement (American Realty Capital Hospitality Trust, Inc.)
