Matters Concerning Franchisor. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, Lender shall have the right to cause Borrower to cause Mortgage Borrower or Baltimore Owner to terminate any Franchise Agreement upon the occurrence of any one or more of the following: (a) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable Franchise Agreement to be terminated is then between Borrower and a Qualified Franchisor not an Affiliate of Mortgage Borrower, Borrower or Baltimore Owner), (b) Franchisor shall become bankrupt or insolvent, (c) Franchisor defaults under any Franchise Agreement beyond all applicable notice and cure periods or (d) Mortgage Lender (or its designee) takes title to the related Individual Property. Lender acknowledges that a franchisor unaffiliated with Borrower, Mortgage Borrower or Baltimore Owner may terminate any applicable franchise agreement if it is not being paid the franchise fees due under such franchise agreement.
Matters Concerning Franchisor. If (a) the Debt has been accelerated pursuant to Section 8.1(b) hereof, (b) any Franchisor shall become bankrupt or insolvent, or (c) a default by the related Franchisor occurs under any Franchise Agreement which Franchise Agreement provides for the termination of Franchisor thereunder upon such default without the payment of any termination fee, Borrower shall, at the request of Lender, terminate such Franchise Agreement and replace the related Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement.
Matters Concerning Franchisor. If (i) Franchisor shall become bankrupt or insolvent or (ii) a default on the part of Franchisor occurs under the Franchise Agreement beyond all applicable notice and cure period which would give Borrower the right to terminate the Franchise pursuant to the terms thereof, Borrower shall, at the request of Lender, shall use diligent good faith efforts to terminate the Franchise Agreement, and upon the effectiveness of any such termination replace the Franchisor with a franchisor selected by Borrower and approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (a) Franchisor shall become bankrupt or insolvent, or (b) a material default occurs under the Franchise Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (a) the Debt has been accelerated pursuant to Section 10.1(b) hereof, (b) Franchisor shall become insolvent or a debtor in any Bankruptcy Action or (c) an event of default occurs under the Franchise Agreement beyond any applicable notice and cure period, Borrower or Op Co Pledgor shall cause Mortgage Borrower or Operating Lessee to, at Lender’s request, terminate the Franchise Agreement (to the extent such party has the ability to terminate the Franchise Agreement pursuant to its terms) and replace Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such Qualified Franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If a material default occurs under the Franchise Agreement which is not cured or waived within the applicable cure period provided thereunder, Borrower shall, at the request of Lender, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement within thirty (30) Business Days of such request.
Matters Concerning Franchisor. Lender shall have the right to cause Borrower to terminate any Franchise Agreement upon the occurrence of any one or more of the following: (a) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable Franchise Agreement to be terminated is then between Borrower or Baltimore Owner and a Qualified Franchisor not an Affiliate of Borrower or Baltimore Owner), (b) Franchisor shall become bankrupt or insolvent or (c) Franchisor defaults under any Franchise Agreement beyond all applicable notice and cure periods or (d) Lender (or its designee) takes title to the related Individual Property. Lender acknowledges that a franchisor unaffiliated with Borrower or Baltimore Owner may terminate any applicable franchise agreement if it is not being paid the franchise fees due under such franchise agreement.
Matters Concerning Franchisor. If (a) Franchisor shall become bankrupt or insolvent or (b) a default occurs under the Franchise Agreement, Borrower shall, at the request of Lender, cause Operating Lessee to terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. (a) If (a) an Event of Default has occurred and is continuing, and if the Franchisor is not an Affiliate of Borrower, solely to the extent permitted pursuant to the Franchise Agreement or the applicable comfort letter or (b) Franchisor shall become subject to a Bankruptcy Action, Borrower or Operating Lessee, as applicable, shall, at the request of Lender, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement; provided that with respect to clause (a) above, such termination shall be after thirty (30) days’ prior written notice if Franchisor is an Affiliate of Borrower. At all times when Operating Lessee is the party to any Franchise Agreement, Borrower shall cause Operating Lessee to comply with the terms of this Section 9.6 with respect to such Franchise Agreement. For purposes of this Section 9.6, Hilton Worldwide, Inc. (together with its successors) or any subsidiary thereof shall not be deemed an Affiliate of Borrower or Guarantor.
Matters Concerning Franchisor. Subject to the terms and provisions of the Xxxxxx Loan Documents, Lender shall have the right to cause Borrower to cause Xxxxxx Mortgage Borrower to terminate any Franchise Agreement upon the occurrence of any one or more of the following: (a) at any time following the occurrence of and during the continuation of an Event of Default if the Franchisor is (unless the applicable Franchise Agreement to be terminated is then between Xxxxxx Mortgage Borrower and a Qualified Franchisor not an Affiliate of Xxxxxx Mortgage Borrower, (b) Franchisor shall become bankrupt or insolvent or (c) Franchisor defaults under any Franchise Agreement beyond all applicable notice and cure periods. Lender acknowledges that a franchisor unaffiliated with Borrower or Xxxxxx Mortgage Borrower may terminate any applicable franchise agreement if it is not being paid the franchise fees due under such franchise agreement.
