Common use of Manager Notice Clause in Contracts

Manager Notice. In connection with each Manager Transaction, and to the extent not otherwise presented by Advisor to the REIT Parties in accordance with the terms of the Advisory Agreement, Manager on behalf of the Manager Affiliates shall deliver to the REIT Parties, with a copy to the Independent Directors, a written notice (the “Manager Notice”) in reasonable detail sufficient to describe the material terms of the Manager Transaction, including without limitation, as applicable, a description of the nature of the transaction (acquisition, development, or other investment), description and location of the asset, name of franchisor, inspection period, timing for closing, xxxxxxx money requirements, closing costs, an accounting of the Reimbursement Amount in reasonable detail, and to the extent available and in the possession of Manager, copies of any letters of intent, purchase and sale agreements, or development agreements, as applicable (the “REIT Transaction Documents”). Such Manager Notice shall be delivered to the REIT Parties (with a copy to the Independent Directors), as soon as reasonably practical after the opportunity of the Manager Transaction is identified for any of the Manager Affiliates.