Franchise Agreements. At all times cause each Borrowing Base Asset that is subject to a franchise agreement or similar arrangement to be operated by an Approved Franchisor who has entered into a franchise agreement or similar agreement with respect to such Asset in form and substance satisfactory to the Administrative Agent.
Appears in 10 contracts
Samples: Credit Agreement (Hersha Hospitality Trust), Term Loan Agreement (Hersha Hospitality Trust), Credit Agreement (Hersha Hospitality Trust)
Franchise Agreements. At all times cause each Borrowing Base Asset that is to be subject to a franchise agreement or similar arrangement to be operated by with an Approved Franchisor who has (i) entered into a franchise agreement or similar agreement with respect to such Asset in form and substance reasonably satisfactory to the Administrative AgentRequired Lenders, and (ii) executed and delivered a franchisor comfort letter in form and substance reasonably satisfactory to the Required Lenders.
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