Common use of Hotel Covenants Clause in Contracts

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.

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, Pool 1 supplement, alter or amend, or waive or release any of its rights and remedies under, any Franchise Agreement.