Manager’s Covenants. From the Management Commencement Date until the Expiration Date or earlier termination of this Agreement, Manager covenants that it shall satisfy the following requirements: (a) Manager shall not permit wagering activities to be conducted at or in connection with the Hotels by any Person who is engaged in the business of accepting xxxxxx and who is legally authorized to engage in such business at or in connection with the Hotels; and (b) Manager shall not sublet the Hotels or enter into any similar arrangement on any basis such that the rental or other amounts to be paid by the sublessee thereunder would be based, in whole or in part, on either (i) the net income or profits derived by the business activities of the sublessee or (ii) any other formula such that any portion of the rent would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto.
Manager’s Covenants. Until the end of the Term or the Defeasance of the entire unpaid Principal, Manager hereby covenants and agrees with Lender that:
Manager’s Covenants. Provided Renter is abiding by the conditions and terms of this Agreement, Renter may use and enjoy the Premises without hindrance.
Manager’s Covenants. From the Management Commencement Date until the Expiration Date or earlier termination of this Agreement, Manager covenants that it shall satisfy the following requirements: (a) Manager shall not permit wagering activities to be conducted at or in connection with the Hotels by any Person who is engaged in the business of accepting xxxxxx and who is legally authorized to engage in such business at or in connection with the Hotels; (b) Manager shall not own, actually or constructively (within the meaning of Section 856(d)(5) of the Code), more than thirty-five percent (35%) of the shares of beneficial interest of ESH Hospitality; (c) no more than thirty-five percent (35%) of the ownership interest in Manager’s outstanding stock, membership interests, assets or net profits shall be owned, actually or constructively (within the meaning of Section 856(d)(5) of the Code), by one or more persons owning, actually or constructively (within the meaning of Section 856(d)(5) of the Code), thirty-five percent (35%) or more of the outstanding shares of beneficial interest of ESH Hospitality; (d) Manager shall not sublet the Hotels or enter into any similar arrangement on any basis such that the rental or other amounts to be paid by the sublessee thereunder would be based, in whole or in part, on either (i) the net income or profits derived by the business activities of the sublessee or (ii) any other formula such that any portion of the rent would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto; (e) Manager shall operate the Hotels such that each Hotel qualifies as a “qualified lodging facility” as defined in Section 856(d)(9)(D) of the Code; and (f) Manager shall be (or shall be related, within the meaning of Section 856(d)(9)(F) of the Code, to a person that is actively engaged in the trade or business of operating “qualified lodging facilities” (within the meaning of Section 856(d)(9)(D) of the Code) for a Person who is not a “related person” (within the meaning of Section 856(d)(9)(F) of the Code) with respect to ESH Hospitality or Lessee.
Manager’s Covenants. (1) The Manager in the performance of its duties shall:
Manager’s Covenants. Manager agrees as follows:
Manager’s Covenants. 8.1 Each Manager hereby acknowledges that the Business of the Group is conducted throughout the Restricted Territory. Each Manager acknowledges that to protect adequately the interest of Purpose and its Affiliates in the Business and its assets, it is essential that any non-competition and non-solicitation covenants apply to all of the Business and the entire Restricted Territory.
Manager’s Covenants. A. Manager hereby consents and agrees to each and every one of the following covenants and agreements for the benefit of Lender:
Manager’s Covenants. The Manager hereby covenants to the Physician Members that:
Manager’s Covenants. 5.1. Manager shall perform the Services in a proper and businesslike manner in accordance with Prudent Utility Practice.
