Hotel Covenants Sample Clauses

Hotel Covenants. Each Borrower further covenants and agrees with Lender as follows: (a) Such Borrower shall cause the hotel located on the Property owned by such Borrower to be operated in all material respects pursuant to the Franchise Agreement applicable to such Borrower’s Property. (b) Such Borrower shall: (i) promptly perform and/or observe, or cause Operating Lessee to promptly perform and/or observe, all of the covenants and agreements required to be performed and observed by such Borrower or Operating Lessee under the Franchise Agreement applicable to such Borrower’s Property in all material respects and do, or cause Operating Lessee to do, all things necessary to preserve and to keep unimpaired the material rights of such Borrower or Operating Lessee thereunder; (ii) promptly notify Lender of any default under the Franchise Agreement applicable to such Borrower’s Property of which it is aware; (iii) promptly deliver, or cause Operating Lessee to promptly deliver, to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by such Borrower or Operating Lessee under the Franchise Agreement applicable to such Borrower’s Property; and (iv) promptly enforce, or cause Operating Lessee to promptly enforce, in all material respects the performance and observance of all of the covenants and agreements required to be performed and/or observed by the Franchisor under the Franchise Agreement applicable to such Borrower’s Property. (c) If any Borrower or Operating Lessee shall enter into any new or amended Franchise Agreement with respect to any Property, such Borrower shall deliver to Lender within sixty (60) days following the execution of such Franchise Agreement a comfort letter from the Franchisor under such Franchise Agreement in which such Franchisor shall agree: (i) that Lender shall have the right, but not the obligation, to cure any defaults under such Franchise Agreement, (ii) to give Lender written notice of, and a reasonable time to cure, any default of such Borrower or Operating Lessee under such Franchise Agreement, (iii) not to assert against Lender any defaults which by their nature are personal to such Borrower or Operating Lessee and not curable by Lender; (iv) to allow Lender to change operators or managers of the hotel operated at such Property; (v) that, if Lender or its Affiliate shall acquire title to such Property, Lender or its Affiliate shall have an option to succeed to the interest of...
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Hotel Covenants. Neither any Borrower or Operating Lessee shall, without Lender’s prior written consent (a) surrender, terminate or cancel any Franchise Agreement unless such Franchise Agreement is being replaced with a new franchise agreement with a comparable franchisor, and on terms, satisfactory to Lender in its reasonable discretion and the terms of Section 4.1.14(c) hereof have been satisfied; (b) reduce or consent to the reduction of the term of any Franchise Agreement; (c) increase or consent to the increase of the amount of any charges under any Franchise Agreement; or (d) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any Franchise Agreement.
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Hotel Covenants. Borrower shall not, without Lender's prior written consent (i) surrender, terminate or cancel the Franchise Agreement; (ii) reduce or consent to the reduction of the term of the Franchise Agreement; (iii) increase or consent to the increase of the amount of any charges under the Franchise Agreement; or (iv) otherwise modify, change, supplement, assign, transfer, alter or amend, or waive or release any of its rights and remedies under, the Franchise Agreement.
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Hotel Covenants. (a) Each of Borrower and Leasehold Pledgor shall cause each of Owner and Operating Lessee to cause the hotel located on each Individual Property to be operated pursuant to the applicable Franchise Agreement. (b) Borrower or Leasehold Pledgor shall cause each of Owner and Operating Lessee to (i) promptly perform and/or observe all of the covenants and agreements required to be performed and observed by Owner under each Franchise Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under any Franchise Agreement of which it is aware; and (iii) promptly enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by each Franchisor under each Franchise Agreement. (c) Neither Borrower nor Leasehold Pledgor shall, without Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) permit Owner or Operating Lessee to (1) surrender, terminate or cancel any Franchise Agreement; (2) reduce the term of any Franchise Agreement; (3) increase the amount of any charges under any Franchise Agreement; or (4) otherwise materially modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any Franchise Agreement in a manner adverse to Borrower, Leasehold Pledgor or Lender.
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Hotel Covenants. (a) Each of Borrower and Operating Lessee shall cause the hotel located on each Individual Property to be operated pursuant to the applicable Franchise Agreement. (b) Each of Borrower and Operating Lessee shall (i) promptly perform and/or observe all of the covenants and agreements required to be performed and observed by it under each Franchise Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under any Franchise Agreement of which it is aware; and (iii) promptly enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by each Franchisor under each Franchise Agreement. (c) Neither Borrower nor Operating Lessee shall, without Lender’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) (1) surrender, terminate or cancel any Franchise Agreement; (2) reduce the term of any Franchise Agreement; (3) increase the amount of any charges under any Franchise Agreement; or (4) otherwise materially modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any Franchise Agreement in a manner adverse to Borrower, Operating Lessee or Lender.
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Hotel Covenants 
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Related to Hotel Covenants

  • Additional Covenants The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:

  • General Covenants The Corporation covenants with the Warrant Agent that, so long as any Warrants remain outstanding: (a) it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants; (b) it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and the terms hereof; (c) all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable; (d) it will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course; (e) it will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from time to time (including without limitation the Common Shares issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the NEO or CSE (or such other stock exchange acceptable to the Corporation), provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the NEO or CSE, so long as the holders of Common Shares receive securities of an entity that is listed on a stock exchange in Canada or the United States, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the NEO, CSE or other stock exchange on which the Common Shares are trading; (f) it will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer for a period of 24 months after the Effective Date, provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the NEO or CSE (or such other Canadian stock exchange acceptable to the Corporation), so long as the holders of Common Shares receive securities of an entity that is listed on a stock exchange in Canada or the United States, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the NEO, CSE or other Canadian stock exchange on which the Common Shares are trading; (g) the Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains unrectified for more than ten days following its occurrence; (h) the Corporation will generally perform and carry out all of the acts or things to be done by it as provided in this Warrant Indenture.

  • Mutual Covenants Each of the Parties covenants and agrees that, except as contemplated in this Agreement, during the period from the date of this Agreement until the earlier of the Effective Time and the time that this Agreement is terminated in accordance with its terms: 5.6.1 it shall, and shall cause its subsidiaries to, use commercially reasonable efforts to satisfy (or cause the satisfaction of) the conditions precedent to its obligations hereunder as set forth in Article 6 to the extent the same is within its control and to take, or cause to be taken, all other action and to do, or cause to be done, all other things necessary, proper or advisable under all applicable Laws to consummate the Arrangement, including using its commercially reasonable efforts to (i) obtain all Regulatory Approvals required to be obtained by it, (ii) effect all necessary registrations, filings and submissions of information requested by Governmental Entities required to be effected by it in connection with the Arrangement, (iii) oppose, lift or rescind any injunction or restraining order against it or other order or action against it seeking to stop, or otherwise adversely affecting its ability to make and complete, the Arrangement, and (iv) cooperate with the other Party in connection with the performance by it and its subsidiaries of their obligations hereunder. Subject to the terms and conditions herein provided, none of the Parties shall knowingly take or cause to be taken any action which would reasonably be expected to prevent or materially delay the consummation of the transactions contemplated hereby; and 5.6.2 it shall not take any action, refrain from taking any commercially reasonable action, or permit any action to be taken or not taken, which is inconsistent with this Agreement or which would reasonably be expected to significantly impede the consummation of the Arrangement except as permitted by this Agreement.

  • Financial Covenants (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.

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