New Development Agreement. As of the applicable New Asset Addition Date with respect to a New Development Agreement acquired or entered into on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Control Party that: (i) such New Development Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law) and (ii) such New Development Agreement complies in all material respects with all applicable Requirements of Law.
New Development Agreement. As of the applicable New Asset Addition Date with respect to a New Development Agreement acquired or entered into on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the Trustee and the Control Party that: (i) such New Development Agreement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse change in the nature, quality or timing of Collections, taken as a whole, or (C) a material adverse change in the types of underlying assets generating Collections, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating Collections that would have been reasonably expected to result had such New Development Agreement been entered into in accordance with the then-current Franchise Documents; (ii) such New Development Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (iii) such New Development Agreement complies in all material respects with all applicable Requirements of Law; (iv) the Franchisee related to such agreement is not the subject of a bankruptcy proceeding; and (v) except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable Securitization Entities.
New Development Agreement. If Developer wishes to negotiate a new development agreement with Arby's with respect to further development of Arby's Restaurants in the Territory, Developer must so advise Arby's in writing sixty (60) days before the expiration date of this Development Agreement or sixty (60) days before the anticipated date of execution of the License Agreement for the final restaurant under the Development Schedule in Exhibit B. Subject to receipt of such notice and so long as this Development Agreement is in effect and Developer is not and has not been in default under this Development Agreement or any License or Franchise Agreement or other agreement with Arby's, Arby's then will negotiate in good faith with Developer with respect to a new development agreement during the remainder of the term of this Development Agreement.
New Development Agreement. Concurrently with the execution of this ------------------------- Agreement, Franchisor and Developer shall enter into the a new Development Agreement for the development of 46 outlets, in the form attached hereto as Exhibit A (the "New Development Agreement"). The New Development Agreement is incorporated herein by reference. All remaining rights and obligations of Developer currently contained in the Development Agreements, including the remaining Development credits totalling $230,000, are hereby merged into the New Development Agreement, and upon execution thereof, all such rights and obligations shall be contained solely in the New Development Agreement.
New Development Agreement. Concurrently with the execution of this Amendment, the parties are entering into a new Development Agreement for four outlets. Franchisor agrees that if Developer opens one or more additional Outlets under this Amendment ahead of schedule, these outlets will be counted towards the Development Schedule under the New Development Agreement. Conversely, any outlets opened ahead of the Development Schedule under the New Development Agreement will be counted towards the amended Development Schedule as set forth in Section 3, above.
New Development Agreement. If Developer wishes to negotiate a new Development Agreement with All American with respect to further development of Goldxxxx'x Xxx York Bagel Shops in the Territory, Developer must so advise All American in writing sixty (60) days before the expiration date of this Development Agreement or sixty (60) days before the anticipated date of execution of the Franchise Agreement for the final location under the Development Schedule in Exhibit B, whichever is earlier. Subject to receipt of such notice and so long as this Development Agreement is in effect and Developer is not and has not been in default under this Development Agreement or any Franchise Agreement or other agreement with All American, All American will then negotiate in good faith with Developer with respect to a new development agreement during the remainder of the term of this Development Agreement.
New Development Agreement. Seller agrees that Purchaser, at Purchaser’s sole cost and expense, may take any and all actions reasonably necessary to, and Seller shall cooperate, in good faith, with Purchaser, without any cost or expense to Seller, in Purchaser’s efforts to, obtain the Town’s approval of the New Development Agreement, which obligation to cooperate shall include, without limitation, the obligation to sign any documents reasonably required by the Town or Purchaser in connection with Purchaser’s efforts to obtain the Town’s approval of the New Development Agreement. In furtherance of the foregoing, Purchaser shall use commercially reasonable efforts to diligently pursue, in good faith, an application for, the reading of a Town of Yountville Resolution related to, and the Town’s approval of, the New Development Agreement.
New Development Agreement. Tower LLC and Molasky shall have agreed upon the Budget and Schedule (as such terms are defined in the New Development Agreement).
