Hotel Management Agreements. All of the hotel management agreements are listed in the Disclosure Schedule and are in full force and effect and no Partnership or, to the Knowledge of the Contributors, other party to such hotel management agreements is in default thereunder.
Hotel Management Agreements. The hotel management agreements in effect between The Summit Group, Inc (“SGI”) and the LLC and between SGI and SGS shall have been assigned by SGI to an “eligible independent contractor” as defined by the Code, effective no later than the Effective Time.
Hotel Management Agreements. Most of the Company's hotels are subject to management agreements (the "Agreements") under which Marriott International manages the Company's hotels, generally for an initial term of 15 to 20 years with renewal terms at the option of Marriott International of up to an additional 16 to 30 years. The Agreements generally provide for payment of base management fees equal to one to four percent of sales and incentive management fees generally equal to 20% to 50% of Operating Profit (as defined in the Agreements) over a priority return (as defined) to the Company, with total incentive management fees not to exceed 20% of cumulative Operating Profit, or 20% of current year Operating Profit. In the event of early termination of the Agreements, Marriott International will receive additional fees based on the unexpired term and expected future base and incentive management fees. The Company has the option to terminate certain management agreements if specified performance thresholds are not satisfied. No agreement with respect to a single lodging facility is cross-collateralized or cross-defaulted to any other agreement and a single agreement may be canceled under certain conditions, although such cancellation will not trigger the cancellation of any other agreement. As a result of the REIT Conversion, all fees payable under the Agreements for subsequent periods are the primary obligations of the Lessees. The obligations of the Lessees are guaranteed to a limited extent by Crestline. The Company remains obligated to the managers in case the Lessee fails to pay these fees (but it would be entitled to reimbursement from the Lessee under the terms of the Leases). Pursuant to the terms of the Agreements, Marriott International is required to furnish the hotels with certain services ("Chain Services") which are generally provided on a central or regional basis to all hotels in the Marriott International hotel system. Chain Services include central training, advertising and promotion, a national reservation system, computerized payroll and accounting services, and such additional services as needed which may be more efficiently performed on a centralized basis. Costs and expenses incurred in providing such services are allocated among all domestic hotels managed, owned or leased by Marriott International or its subsidiaries. In addition, the Company's hotels also participate in the Marriott Rewards program. The cost of this program is charged to all hotels in the Marriot...
Hotel Management Agreements. The Company has caused each Fee Owner to perform all of its obligations under the Existing Hotel Management Agreements and no fact or circumstance has occurred which, by itself or with the passage of time or the giving of notice or both, would constitute an event of default under the Existing Hotel Management Agreements. 40
Hotel Management Agreements. Buyer acknowledges that Owner’s Tenant and ARL SL Management LLC, a Massachusetts limited liability company (“Seller’s Manager”), have entered into that certain Hotel Management Agreement dated as of March 29, 2013 (“Seller’s Management Agreement”), pursuant to which Seller’s Manager provides certain management services related to the management and operation of the Hotel. Seller shall terminate the Seller’s Management Agreement as of the Closing Date at Seller’s sole cost and expense and Seller shall deliver written evidence of such termination to Buyer at the Closing, unless Buyer instructs Seller otherwise in a written notice to Seller provided by the expiration of the Inspection Period. Seller acknowledges that Buyer’s Tenant intends to engage Sonesta International Hotels Corporation, a Maryland corporation, or another third party manager as may be designated by Buyer’s Tenant (“Buyer’s Manager”) to provide certain management services related to the management and operation of the Hotel as of the Closing Date.
Hotel Management Agreements. Schedule 4.1(q) attached hereto sets forth a correct and complete list of all Hotel Management Agreements. Seller has provided, or will provide, true and complete copies of the Marriott Management Agreements (except as otherwise expressly noted on Schedule 4.1(q) attached hereto) to Buyer in the Management Agreement Folder in the Datasite prior to the Closing. Except as set forth on Schedule 4.1(q) attached hereto, the applicable Hotel Management Agreements are in full force and effect and none of Seller, any of its applicable Target Entities, Target Subsidiaries or any of its applicable Hotel Owners or Operating Tenants have given or received any written notice of any breach or default under any such Hotel Management Agreement that has not been cured and no event has occurred or circumstance exists which, with notice or the passage of time, would result in a breach or default by Seller or, to Seller’s knowledge, the other party thereunder, except to the extent such breach or default would not, individually or in the aggregate, reasonably expected to have a Material Adverse Effect.
Hotel Management Agreements. Receipt of (i) with respect to each Marriott Management Agreement, (x) the Marriott Manager Approval Documents, (y) Marriott Manager’s Consent, and (ii) with respect to all other Individual Hotels subject to a Hotel Management Agreement, evidence of termination of the Terminated Management Agreements.
