Common use of Interest Sale; Sale of Company Assets Clause in Contracts

Interest Sale; Sale of Company Assets. At any time commencing after the five (5) year anniversary of the Effective Date, (and on no earlier date except as expressly provided for herein as set forth in Section 9.1.5 below with respect to a Portfolio Sale), subject to the Other Member’s (as defined below) rights under Section 9.1.4 below and to Section 9.3 and Section 9.4 below, either Member shall have the right to: (i) sell all, but no less than all, of its Membership Interest in the Company to any Person (an “Interest Sale”); (ii) cause the Company to sell one or more of the Hotels to any Person (or the ownership interests in the Venture Vehicles which own such Hotel or Hotels) (in the event that such Hotels constitute less than substantially all of the Company Assets, such sale is referred to as a “Hotel Sale”), and (iii) cause the Company to sell the entire Portfolio (any such sale is referred to as a “Portfolio Sale”), in each case pursuant to an agreement evidencing such sale (a “Sale Agreement”).

Interest Sale; Sale of Company Assets. At any time commencing after the five (5) year anniversary of the Effective Date, (and on no earlier date except as expressly provided for herein as set forth in Section 9.1.5 below with respect to a Portfolio Sale), subject to the Other Member’s (as defined below) rights under Section 9.1.4 below and to Section 9.3 and Section 9.4 below, either Member shall have the right to: (i) sell all, but no less than all, of its Membership Interest in the Company to any Person (an “Interest Sale”); (ii) cause the Company to sell one or more of the Hotels to any Person (or the ownership interests in the Venture Vehicles which own such Hotel or Hotels) (in the event that such Hotels constitute less than substantially all of the Company Assets, such sale is referred to as a “Hotel Sale”), and (iii) cause the Company to sell the entire Portfolio (any such sale is referred to as a “Portfolio Sale”), in each case pursuant to an agreement evidencing such sale (a “Sale Agreement”).

Interest Sale; Sale of Company Assets. At any time commencing after the five (5) year anniversary of the Effective Date, (and on no earlier date except as expressly provided for herein as set forth in Section 9.1.5 below with respect to a Portfolio Sale), subject to the Other Member’s (as defined below) rights under Section 9.1.4 below and to Section 9.3 and Section 9.4 below, either Member shall have the right to: (i) sell all, but no less than all, of its Membership Interest in the Company to any Person (an “Interest Sale”); (ii) cause the Company to sell all of its interest in one or more of the Hotels to any Person (or the ownership interests in the Venture Vehicles Hotel Lessees which own hold a leasehold interest such Hotel or Hotels) (in the event that such Hotels constitute less than substantially all of the Company Assets, such sale is referred to as a “Hotel Sale”), and (iii) cause the Company to sell all of its interest in the entire Portfolio (any such sale is referred to as a “Portfolio Sale”), in each case pursuant to an agreement evidencing such sale (a “Sale Agreement”).