Major Contracts. Borrower shall not enter into any new Major Contracts or amend any existing Major Contracts without, in each instance, first obtaining Lender’s prior consent, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, Lender hereby approves Xxxxxxx Xxxxxxxx or any entity Controlled by Xxxxxxx Xxxxxxxx as a restaurant and bar operator for the bars and restaurants situated at the Premises, but reserves the right to approve any economic terms of any new Major Contracts with Xxxxxxx Xxxxxxxx or any entity Controlled by Xxxxxxx Xxxxxxxx unless such new Major Contracts are on terms which are substantially the same or more favorable to the Property than the terms of the applicable Major Contracts in effect prior to the amendment or renewal thereof, in which case such new Major Contracts shall be deemed approved by Lender.
Appears in 5 contracts
Samples: Agreement of Consolidation and Modification of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.), Agreement of Consolidation and Modification of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.)
