Key Money Sample Clauses

Key Money. All rights of any kind to the Key Money.

Key Money. (a) As an inducement for Owner to enter into the transactions contemplated by this Agreement, Hyatt shall, subject to the Funding Conditions, provide to Owner a financial contribution in an amount equal to Two Million Seven Hundred Thousand United States Dollars (US$2,700,000.00), in the form of key money (the “Key Money”) on the date which is the later of (A) 30 days after the Opening Date or (B) the date all of the Funding Conditions (defined below) have been satisfied (the “Key Money Contribution Date”). (b) Hyatt’s obligation to provide such Key Money is expressly subject to satisfaction of the following conditions (the “Funding Conditions”): (i) Owner shall have satisfied each of the conditions and undertakings in Article III and Sections 4.2 and 11.3 of this Agreement; (ii) Hyatt’s reasonable confirmation on (or no earlier than 5 days prior to) the Key Money Contribution Date of Owner’s compliance with the representations and warranties set forth in Article XXI of this Agreement; (iii) Owner is not in default in the performance of any obligations pursuant to this Agreement or any of the other Hyatt Agreements, including payment of all amounts owing to Hyatt or its Affiliates hereunder or thereunder. Notwithstanding the foregoing, to the extent any payments are due and payable on the Key Money Contribution Date by Owner to Hyatt, Hyatt may elect, in its sole discretion, to fund the Key Money to Owner reduced by the aggregate amount owing by Owner to Hyatt. For the avoidance of doubt, Hxxxx’x obligation to fund the Key Money pursuant to this Section 3.5 shall be considered satisfied in full despite any set-off by Hyatt of amounts owing by Owner to Hyatt; (iv) Owner shall have delivered a fully-executed estoppel certificate from any lenders and ground lessors, or equivalent estoppel certifications made by each such party, in its own capacity, to Hyatt, set forth in such party’s applicable fully-executed Financing Non-Disturbance Agreement and/or Lessor Non-Disturbance Agreement at the time of delivery to Hyatt in accordance herewith; (v) Owner shall have delivered a fully-executed guaranty (the “Guaranty”) from a guarantor (other than Owner) (the “Guarantor”) that is acceptable to Hyatt meeting the Net Worth and Liquidity Requirement to guarantee the full repayment to Hyatt of any Unamortized Key Money in the event of any termination or expiration of this Agreement, substantially in the form of Exhibit F attached hereto, and all the Guaranty’s ancillary...

Key Money. The Tenant hereby expressly declares that for the grant of the said term no key money or other premium or consideration has been paid to the Landlord or to any person.

Key Money. (a) Xxxxx agrees to contribute up to One Million Two Hundred and Fifty Thousand Dollars ($1,250,000) as a key money contribution (the “Key Money”) to be used by the City to cover the costs associated with the re-model and/or reinvention of the Vue Grille & Bar at the Golf Resort or any other capital project designed to expand ROI. Troon agrees to pay the Key Money to City on a pull- down basis, subject to the approval of applicable renovation plans and costs. The Key Money payment from Troon to City shall not be treated as an equity investment, and Troon shall not be entitled to any profit, interest, or dividend from the operation of the Golf Resort. Xxxxx’s contribution of Key Money is based on managing the Golf Resort for the entire Initial Term. (b) In the event this Agreement or the Restaurant Lease is terminated by City or Troon for any reason, the City shall be required to pay Troon the Key Money Repayment Amount (as hereinafter defined). “Key Money Repayment Amount” shall mean an amount equal to the pro-rata amount of the Key Money payment, based on the number of days remaining in the Initial Term (i.e., the Key Money amount divided by the total number of days in the Initial Term, multiplied by the number of days remaining in the Initial Term as of the termination date).

Key Money. (a) Xxxxx agrees to contribute up to One Million Two Hundred and Fifty Thousand Dollars ($1,250,000) as a key money contribution (the “Key Money”) to be used by the City to cover the costs associated with the reinvention of the Vue Grille & Bar at the Golf Resort. Xxxxx agrees to pay the Key Money to the City on a pull-down basis, subject to the approval of applicable renovation plans and costs. The Key Money payment from Troon to City shall not be treated as an equity investment, and Troon shall not be entitled to any profit, interest, or dividend from the operation of the Golf Resort. Xxxxx’s contribution of Key Money is based on managing the Golf Resort for the entire Initial Term. (b) In the event this Agreement or the Restaurant Lease is terminated early by City or Troon for any reason, the City shall be required to pay Troon the Key Money Repayment Amount (as hereinafter defined). “Key Money Repayment Amount” shall mean an amount equal to the pro-rata amount of the Key Money payment, based on the number of days remaining in the Initial Term (i.e., the Key Money amount divided by the total number of days in the Initial Term, multiplied by the number of days remaining in the Initial Term as of the termination date).

Key Money. 2.03.1 Manager shall provide to Lessor a financial contribution in the amount of US$900,000 (the “Key Money”) in connection with the renovation of the Hotel pursuant to the PIP, to be funded on the Brand Commencement Date. 2.03.2 If this Agreement is terminated for any reason prior to the scheduled expiration of the Initial Term, except as otherwise contemplated Double Tree Resort by Hiltxx Xxxxxx Xxxch Oceanfront - MA in Section 7.03.4(a), Owner shall refund (or shall cause Lessor to refund) to Manager an amount equal to (a) the Key Money, multiplied by (b) a fraction, the numerator of which is the number of whole calendar months from the date of such termination until the scheduled expiration of the Initial Term, and the denominator of which is 240. Except as otherwise stated in Section 7.03.4(a), if Owner is the party terminating this Agreement, the refund of the unamortized portion of the Key Money shall be a condition of the effectiveness of any termination. 2.03.3 In the event of any conflict between the terms and provisions of this Section 2.03 and any other provision of this Agreement, the terms and provisions of this Section 2.03 shall control. The provisions of this Section 2.03 shall survive any cancellation, termination or expiration of this Agreement.

Key Money. As consideration for its engagement as hotel manager under this Agreement, Manager will, within five (5) Business Days after the execution of this Agreement, provide a financial contribution to Corporation in the form of (i) a return of a portion of base management fees previously collected under the Original Management Agreement from April 1, 2020 through September 30, 2020 in the aggregate amount equal to $[ _] plus (ii) an additional financial contribution of $4,000,000 (such amounts collectively being referred to herein as the "Key Money")The Key Money shall be applied as follows: (i) First, towards payment to Manager of an amount equal to [$848,738.00], representing the full 2020 subordinate management fee anticipated under the Original Agreement prorated for the period of January 1, 2020 through September 30, 2020; (ii) Second, Corporation shall cause an amount equal to $[ ] to be deposited into the Operating Reserve Fund established by Corporation and the Trustee under the Indenture to be used in accordance with the terms thereof; and (iii) Third, Corporation shall cause an amount equal to $[ ] to be deposited into the Supplemental Renewal and Replacement Fund established by Corporation and the Trustee under the Indenture to be used in accordance with the terms thereof. Manager shall be entitled to a reimbursement of any Unamortized Key Money (as defined below) upon the early termination of this Agreement for any reason except as otherwise provided in Section 4.6.2 hereof. The Key Money will amortize monthly over the Operating Term commencing on the first day of the calendar month following the Effective Date. The unamortized portion of Key Money remaining as of any given date shall be referred to herein as the "Unamortized Key Money". Manager's right to reimbursement of any Unamortized Key Money shall survive any foreclosure by the Trustee under the Indenture, or any additional future indenture, mortgage or other security interest (or granting of a deed in lieu thereof). Subject to the provisions of Section 4.6.2 hereof, the payment of Unamortized Key Money shall be a condition to any termination of this Agreement; provided, however, that Manager may waive such condition in the event of a termination initiated by Manager under this Agreement without otherwise waiving its rights to collect such Unamortized Key Money after such termination.

Key Money. Crowne Plaza Borrower (as successor-in-interest to CHPH, LLC) has received a Key Money loan in the original principal amount of $1,500,000.00 from Six Continents Hotels, Inc., a Delaware corporation (“Key Money Lender”), pursuant to that certain Loan Agreement dated as of August 1, 2013 by and between Crowne Plaza Borrower (as successor-in-interest to CHPH, LLC) and Key Money Lender, as evidenced by that certain Promissory Note dated as of August 1, 2013 made by Crowne Plaza Borrower (as successor-in- interest to CHPH, LLC) to the order of Key Money Lender (the “Key Money Note”), and guaranteed pursuant to that certain Guaranty made by Xxxxx X. Xxxxxxx, Xxxx X. Xxxxxxxx XX, Xxxxxx Xxxxxxxx and Xxxxxxxx Xxxxxxxx in favor of Key Money Lender (such three agreements, collectively, the “Key Money Loan Documents”). Crowne Plaza Borrower represents and warrants that, as of the Closing Date: (i) the Key Money Loan Documents are in full force and effect, (ii) there have been no amendments or modifications to the Key Money Loan Documents except for that certain Addendum to Loan Documents dated as of September 17, 2018, (iii) Crowne Plaza Borrower has not received any notice of default under the Key Money Loan Documents, (iv) Crowne Plaza Borrower is not currently in default under the Key Money Loan Documents, (v) the Outstanding Principal Balance (as defined in the Key Money Note) under the Key Money Loan Documents is $900,000.00, and (vi) no payments of principal or interest will be due and payable by Crowne Plaza Borrower to Key Money Lender under the Key Money Loan Documents until the occurrence of an Acceleration Event or the Maturity Date (each as defined in the Key Money Note). ENTITY COVENANTS Section

Key Money. To the extent any key money is provided by Franchisor to Tenant pursuant to the terms of any Franchise Agreement, Tenant agrees to transfer such key money to Landlord as an advance payment of Rent.

Key Money as defined in Section 2.03.1.