Execution of Submanagement Agreements Sample Clauses

Execution of Submanagement Agreements. On or before the Divestiture, the Submanager and IHC II, LLC will execute Submanagement Agreements for each of the Exhibit B Hotels in the form attached as Exhibit B, which Submanagement Agreements shall become effective immediately upon execution for a term commencing on the "Take-Over Dates" (as defined in the Submanagement Agreements), and pursuant to which the Submanager shall submanage (as more particularly set forth therein) the relevant Exhibit B Hotel (each a "Submanagement Agreement" and collectively, the "Submanagement Agreements") as of the "TakeOver Dates" (as defined in such Submanagement Agreements), which dates correspond to the dates set forth on Exhibit B. For any hotel listed on Schedule 6.2.6, the terms of this Section 3.2.1 shall not apply to such hotel until the consent set forth in Schedule 6.2.6 for such hotel is obtained. The management fees of 2.85% payable to the Submanager for its submanagement services under the Submanagement Agreements (on a collective basis), subject to adjustment under Sections 3.1.2 and 5.11, reflect the value of Marriott management (including costs), and the loss in economic value resulting from the termination of the Exhibit A Hotel Franchise Agreements. If, despite Patriot's reasonable best efforts and Marriott's efforts to obtain the relevant consents referred to on Schedule 6.2.6, the execution and effectiveness of any of the Submanagement Agreements must be delayed beyond such Take-Over Dates because the relevant consents and approvals listed on Schedule 6.2.6 have not been obtained (the "Delayed Submanagement Agreements"), the management fees payable to Marriott pursuant to those Submanagement Agreements which do become effective as of such Take-Over Dates and with respect to which Patriot owns 100% of the related Exhibit B Hotel (the "Timely Submanagement Agreements") shall be adjusted upward (pro-rata, with respect to all such Timely Submanagement Agreements) to reflect the delayed effectiveness of the Delayed Submanagement Agreements beyond their Take-Over Dates. If Patriot ultimately obtains such missing consent within one (1) year after such Take-Over Date, then such Delayed Submanagement Agreement shall be executed and become effective within sixty (60) days after the date of such consent and the management fees under the Timely Submanagement Agreements shall be re-adjusted downward (pro-rata, with respect to all such Timely Submanagement Agreements) to reflect such execution and effectiveness a...
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Related to Execution of Submanagement Agreements

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Assignment of Management Agreement As additional collateral security for the Loan, Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.

  • Acquisition Agreements If the Equipment is subject to any Acquisition Agreement, Lessee, as part of this lease, transfers and assigns to Lessor all of its rights, but none of its obligations (except for Lessee's obligation to pay for the Equipment conditioned upon Lessee's acceptance in accordance with Paragraph 6), in and to the Acquisition Agreement, including but not limited to the right to take title to the Equipment. Lessee shall indemnify and hold Lessor harmless in accordance with Paragraph 19 from any liability resulting from any Acquisition Agreement as well as liabilities resulting from any Acquisition Agreement Lessor is required to enter into on behalf of Lessee or with Lessee for purposes of this lease.

  • Termination of Management Agreement Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager.

  • Hold-Back Agreements (a) The Company agrees (i) if so required by the managing underwriter of an underwritten offering effected pursuant to a Registration under Section 2 or 3 hereof, not to effect any public or private sale or distribution of securities of the same type (including any underlying securities) as the Registrable Securities included in such underwritten registration, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to the pricing of such offering and until the earlier of (A) the end of the 180-day period beginning on the date of pricing of such offering (except as part of such underwritten offering and except pursuant to registrations on Form S-4 or Form S-8 (or any successor form to such Form)), unless the managing underwriter for such offering otherwise agrees, and (B) the abandonment of such offering, and (ii) to use reasonable best efforts to cause each holder of securities of the same type as the securities included in such underwritten offering, or any securities convertible into or exchangeable or exercisable for such securities, in each case purchased from the Company at any time after the date of this Agreement (other than in a registered public offering) to agree not to effect any public or private sale or distribution or otherwise dispose (including sales pursuant to Rule 144 under the Securities Act) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted), unless the managing underwriter for such offering otherwise agrees. (b) If the Company registers securities of the Company in connection with an underwritten public offering of Common Stock solely by the Company, the Holders, if so requested by the managing underwriter of such underwritten offering, agree not to effect any public sale or distribution of any of the Registrable Securities, including any sale pursuant to Rule 144 under the Securities Act (other than as a part of such underwritten public offering) without the consent of the Company or such managing underwriter during the period commencing on a date specified by the underwriter, such date not to exceed seven days prior to the effective date of such registration statement, and ending on the earlier of (A) 180 days after the pricing of such offering, (B) the abandonment of such offering and (C) the first date on which the Company or any affiliate or executive officer of the Company is permitted to sell shares of Common Stock of the Company.

  • Master Services Agreement This Agreement is a master agreement governing the relationship between the Parties solely with regard to State Street’s provision of Services to each BTC Recipient under the applicable Service Modules.

  • MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT (a) At or prior to the Closing, Seller shall terminate the Existing Management Agreement and the Existing Franchise Agreement, and Seller shall be solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date, except termination or similar fees, which shall be paid by Buyer. Seller shall be responsible for paying all costs related to the termination of the Existing Management Agreement and Buyer shall be responsible for paying all reasonable and actual costs of the Franchisor related to the assignment or termination, as applicable, of the Existing Franchise Agreement. (b) At Closing, Buyer shall enter into the New Management Agreement in the form attached as Exhibit E and the New Franchise Agreement, effective as of the Closing Date, containing terms and conditions acceptable to Buyer (including, without limitation, such terms and conditions as may be required to accommodate Buyer’s and/or Buyer’s Affiliates’ REIT structure). (c) Seller shall use best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement. Prior to the expiration of the Review Period, Buyer and Franchisor shall agree on the form and substance of the New Franchise Agreement. Except as otherwise provided in this Contract, the New Franchise Agreement shall contain such terms and conditions as are acceptable to Buyer in its sole and absolute discretion.

  • Management Agreement The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Management Letters Promptly after the receipt thereof by any Company, a copy of any “management letter” received by any such person from its certified public accountants and the management’s responses thereto;

  • Management Services Agreement The term "Management Services ----------------------------- Agreement" shall mean this Management Services Agreement by and between Practice and Business Manager and any amendments hereto.

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