Common use of Management and Franchise Agreements Clause in Contracts

Management and Franchise Agreements. The Company has made available to Parent, or otherwise identified, all material management, license and franchise agreements (or forms thereof) to which the Company or any of its Subsidiaries is a party (collectively, the "Material Company Agreements") that contain material radius or non-competition restrictions which would prohibit Parent or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Material Adverse Effect or (y) those agreements the Company has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Material Adverse Effect.

Management and Franchise Agreements. The Company Parent has made available to Parentthe Company, or otherwise identified, all material management, license management and franchise agreements (or forms thereof) to which the Company Parent or any of its Subsidiaries is a party (collectively, the "Material Company Parent Agreements") that contain material radius or non-competition restrictions which would prohibit Parent the Company or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Parent Material Adverse Effect or (y) those agreements the Company Parent has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Parent Material Adverse Effect. Neither the Company Parent nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Parent Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Parent Material Adverse Effect.

Management and Franchise Agreements. The Company has made available to Parent, or otherwise identified, all material management, license and franchise agreements (or forms thereof) to which the Company or any of its Subsidiaries is a party (collectively, the "Material Company AgreementsMATERIAL COMPANY AGREEMENTS") that contain material radius or non-competition restrictions which would prohibit Parent or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Material Adverse Effect or (y) those agreements the Company has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Material Adverse Effect.

Management and Franchise Agreements. The Company Parent has made available to Parentthe Company, or otherwise identified, all material management, license management and franchise agreements (or forms thereof) to which the Company Parent or any of its Subsidiaries is a party (collectively, the "Material Company AgreementsMATERIAL PARENT AGREEMENTS") that contain material radius or non-competition restrictions which would prohibit Parent the Company or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Parent Material Adverse Effect or (y) those agreements the Company Parent has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Parent Material Adverse Effect. Neither the Company Parent nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Parent Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Parent Material Adverse Effect.