Hotel Franchise Sample Clauses

Hotel Franchise. Acquiror or its designee shall have received a franchise with respect to the Hotel from the Franchisor for a minimum term of ten (10) years from the date hereof, all upon terms and conditions reasonably acceptable to Acquiror. Acquiror will use its best efforts to obtain such approval and shall pay all costs and expenses associated therewith. From the date hereof to and including the Closing Date, Contributor shall comply with and perform all of the duties and obligations of licensee under the Franchise.
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Hotel Franchise. Developer shall obtain a binding commitment from Marriott International, Inc. or other national franchisor for a franchise to operate the Hotel as a Courtyard By Marriott or other equivalent national brand as provided in Section 1.04 and shall present satisfactory evidence of such binding commitment to the City.
Sample 1
Hotel Franchise. (a) Borrower shall cause Operating Tenant to cause the hotel located on the Property to be operated pursuant to the Franchise Agreement.
Sample 1
Hotel Franchise. Operating Lessee shall (1) promptly perform and observe all of the material covenants required to be performed and observed by it under the Hotel Franchise Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (2) promptly notify Agent of any default under the Hotel Franchise Agreement of which it is aware; (3) promptly deliver to Agent a copy of any notice of default or other material notice received by either Loan Party under the Hotel Franchise Agreement (including any Franchisor Warning Notice); (4) promptly give notice to Agent of any notice or information that either Loan Party receives which indicates that the franchisor thereunder is terminating the Hotel Franchise Agreement; and (5) promptly enforce the performance and observance of all of the covenants required to be performed and observed by the franchisor under the Hotel Franchise Agreement. If, at any time, a default has occurred and is continuing under the Hotel Franchise Agreement, Operating Lessee shall, at the request of Agent, terminate such Hotel Franchise Agreement upon thirty (30) days prior notice to the franchisor and replace the franchisor with a Qualified Franchisor approved by Agent on terms and conditions satisfactory to Agent. Subject to Section 6.37, Loan Parties will not, without the prior written approval of Agent, (i) replace any franchise or enter into any new Hotel Franchise Agreement; (ii) terminate or reduce or consent to the reduction of the term of any Hotel Franchise Agreement; (iii) increase or consent to the increase of the amount of any charges under any Hotel Franchise Agreement; (iv) otherwise modify, change, supplement, alter or amend (or waive or release any of its rights and remedies under) any Franchise Agreement in any material respect; or (v) consent to, approve or agree to any assignment or transfer by or with respect to the franchisor thereunder (including transfers of beneficial interests in the franchisor or assignments or transfers by the franchisor of any or all of its rights under any Hotel Franchise Agreement). Any change in ownership or control of the franchisor under the Hotel Franchise Agreement other than as specifically set forth herein shall be cause for Agent to re-approve such franchisor and Hotel Franchise Agreement. If at any time Agent consents to the appointment of a new Qualified Franchisor, such new Qualified Franchisor shall, as a condition of Agent’s consent, execute a “comfort lette...
Sample 1
Hotel Franchise. Lessee and the Franchisor shall have entered into, at no cost or expense to the Acquiror or its 41 47 Affiliates, the Franchise Agreement with respect to the Hotel for a minimum term of twenty (20) years, to be effective on the Closing Date.
Sample 1
Hotel Franchise. Purchaser or its designee shall have received a franchise with respect to the Hotel from the Licensor for a minimum term of ten (10) years from the date hereof, all upon terms and conditions acceptable to Purchaser. Purchaser will use its best efforts to obtain such approval and shall pay all costs and expenses associated therewith, except with respect to any improvements to the Property required by Licensor, which Seller shall pay for at its sole cost and expense. Seller shall assist Purchaser in all respects thereto.
Sample 1
Hotel Franchise. Buyer shall successfully procure approval of a hotel franchise agreement for the Real Property to operate a Hilton Home 2 hotel on terms satisfactory to Buyer in Buyer’s sole discretion.
Sample 1
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Related to Hotel Franchise

  • Franchise Agreements The Franchise Agreements are in full force and effect and there is no default thereunder by any party thereto and no circumstance, condition or event has occurred that, with the passage of time and/or giving of notice, would constitute a default thereunder or entitle Franchisor to terminate any Franchise Agreement. All franchise fees, reservation fees, royalties, marketing fees and other sums and payable due under the Franchise Agreements have been paid in full or are current. A true, correct and complete copy of the Franchise Agreements, together with all amendments and ancillary agreements or side letters related thereto, have been delivered to Lender. The Loan, and the encumbrance of the Properties as security for the Loan, will not cause Borrower to violate any financial covenants contained in any Franchise Agreement.

  • Franchise Matters (i) Comply in all material respects with all of its material obligations under the Franchise Agreements to which it is a party; (ii) appear in and defend any action challenging the validity or enforceability of any Franchise Agreement, except for such actions which, individually or in the aggregate, have not had and could not reasonably be expected to result in a Material Adverse Effect; (iii) give prompt notice to the Collateral Agent of (A) any written notice of default given by such Loan Party under any Franchise Agreement with respect to any Franchisee-operated Franchised Locations that generates more than $350,000 in revenues for the Loan Parties in the last Fiscal Year of the Loan Parties, (B) any written notice by a Franchisee with respect to any Franchisee-operated Franchised Locations that generates more than $350,000 in revenues for the Loan Parties in the last Fiscal Year of the Loan Parties that terminates or threatens to terminate such Franchise Agreement or withhold any payments under such Franchise Agreement, together with a copy or statement of any information submitted or referenced in support of such notices and any reply by the Loan Party or its Subsidiary, and (C) any notice or other communication received by it in which any other party to any Franchise Agreement declares a breach or default by a Loan Party or Subsidiary of any material term under such Franchise Agreement; (iv) provide Franchisees and prospective Franchisees with a Franchise Disclosure Document or other disclosure statement of similar import as required by 16 C.F.R. 436, and (v) promptly upon any material amendment, revision or modification (except for any new, modified, terminated or expired Franchise Agreement in the ordinary course of business) to the information on Schedule 6.01(q), deliver an updated Schedule 6.01(q) to the Collateral Agent.

  • Franchisee A “franchisee” is a retailer or distributor who is authorized or permitted, under a franchise, to use a trademark in connection with the sale, consignment, or distribution of motor fuel.

  • Franchise Agreement (a) Except as provided in this Agreement, the Properties shall at all times be operated in accordance with the terms and conditions of the Franchise Agreements. Borrower shall, or shall cause Operating Lessee to cause Manager to, (i) pay all sums required to be paid by Borrower, Operating Lessee and/or Manager under the Franchise Agreements, (ii) diligently perform, observe and enforce all of the terms, covenants and conditions of the Franchise Agreements, (iii) promptly deliver to Lender a copy of any written notice to Borrower or Operating Lessee of any default by Borrower, Operating Lessee and/or Manager under the Franchise Agreements and notify Lender of any material default under the Franchise Agreements of which it is aware, (iv) promptly deliver to Lender a copy of any written notice to Franchisor of any default by Franchisor under the Franchise Agreements, (v) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditure plan, notice of non-performance, report and estimate (a) received by Borrower or Operating Lessee under the Franchise Agreements and (b) required to be delivered by Borrower, Operating Lessee and/or Manager to Franchisor under the Franchise Agreements, (vi) complete all work required under any PIP on or prior to the Outside Date, (vii) not modify or amend the Franchise Agreements to the extent such modification or amendment could reasonably be expected to have a Material Adverse Effect, and (viii) except as provided in clause (b) below not terminate, cancel, or replace the Franchise Agreements, nor replace the Franchisor, nor waive or release any of its rights and remedies under the Franchise Agreements in any material respect, without Lender’s prior written consent. Each request by Borrower for approval and consent by Lender pursuant to this Section 5.25 shall be in writing and contain a legend in capitalized bold letters on the top of the cover page stating: “LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S CONSENT BEING DEEMED TO HAVE BEEN GRANTED” and Borrower shall include the following documentation with such request all materials reasonably necessary in order for Lender to evaluate such matter. In the event that Lender fails to grant or withhold its approval and consent to such matter within such ten (10) Business Day period (and, in the case of a withholding of consent, stating the grounds therefor in reasonable detail), then, so long as no Event of Default is continuing, Lender’s approval and consent shall be deemed to have been granted. There shall be no administrative or approval fee in connection with this Section 5.25(a), but Borrower shall pay any out-of-pocket costs and expenses incurred by Lender.

  • Property Management Borrower will provide for professional management of the Mortgaged Property by the Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of Lender, which consent will not be unreasonably withheld.

  • Operating Leases Not permit the aggregate amount of all rental payments under Operating Leases made (or scheduled to be made) by the Loan Parties (on a consolidated basis) to exceed $1,000,000 in any Fiscal Year.

  • Franchise Fees Lessee will maintain in full force and effect, and pay or cause to be paid all fees and other charges payable pursuant to, any Franchise Agreement with respect to the Hotel.

  • 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.

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