New Operating Agreements Sample Clauses
The 'New Operating Agreements' clause establishes the procedures and requirements for creating or adopting new agreements that govern the operation of a business or project. Typically, this clause outlines who has the authority to draft, approve, or amend such agreements, and may specify the process for obtaining necessary consents from stakeholders or members. For example, it might require a majority vote of partners before a new operating agreement can take effect. The core function of this clause is to ensure that any changes to the operational framework are made transparently and with appropriate oversight, thereby preventing unilateral decisions and maintaining organizational stability.
New Operating Agreements. Without the prior written consent of the Buyer, which consent shall not be unreasonably withheld or delayed, the Seller or the Manager or any other agents shall not enter into any Operating Agreements or Equipment Leases, or renew, amend, terminate or supplement any such contracts; provided that any of such parties may enter into or renew such contracts, or amend, terminate or supplement such contracts, without the Buyer’s consent if such contract is entered into (or renewed, amended, terminated or supplemented, as the case may be) in the ordinary course of business at the Property, or is necessary as a result of an emergency to life or property at the Property and in either case, is either terminable on 90 days or less notice, without penalty. If the Seller or the Manager enters into or renews any such Operating Agreement and/or Equipment Lease, terminates, or amends or supplements any such contracts, after the date of this Agreement, then the Seller shall promptly provide written notice and a copy thereof to the Buyer and, unless the same required the Buyer’s prior written approval pursuant to this paragraph (b) and such approval was not obtained, the schedule of contracts attached to the Assignment of Contracts shall be so modified, and such contract shall be deemed added to Schedule 4.2(a) attached hereto and Schedule 4.2(a) shall be deemed amended at the Closing to include such contracts. If a new Operating Agreement and/or Equipment Lease, or a renewal, amendment, termination or supplement to any such existing contract, requires the Buyer’s prior written approval or Seller otherwise requests Buyer’s approval and the Buyer does not object within 7 days after receipt of a copy of such contract, then the Buyer shall be deemed to have approved such contract. The Seller and the Manager shall observe and perform all of the material obligations under the material Operating Agreements and Equipment Leases, excluding any such Operating Agreements or Equipment Leases which are terminated in the ordinary course of the operation of the Hotel or as a result of a default by the other party.
New Operating Agreements. During the pendency of this Agreement, Seller will not enter into any contract, or modify, amend, renew or extend any existing contract, that will be an obligation affecting the Asset subsequent to the Closing or terminate any of the Operating Agreements which Purchaser has elected to assume without Purchaser’s prior written consent in each instance.
New Operating Agreements. Without the prior written consent of the Buyer, which consent shall not be unreasonably withheld or delayed, not enter into any third party contracts, or renew, amend or supplement any third party contracts; provided that the Seller may enter into or renew third party contracts, or amend or supplement such third party contracts, without the Buyer’s consent if such contract is entered into (or renewed, amended, or supplemented, as the case may be) in the course of customary maintenance and repairs at the Property, and (i) is necessary as a result of an emergency at the Property, or, (ii) is terminable on 30 days or less notice, without penalty. If the Seller enters into or renews any third party contracts, or amends or supplements any third party contracts, after the date of this Agreement, then the Seller shall promptly provide written notice and a copy thereof to the Buyer and unless the same required the Buyer’s approval pursuant to this paragraph and such approval was not obtained, the Buyer shall assume such contract at Closing and the schedule of contracts attached to the Assignment of Contracts shall be so modified, and such contract shall be deemed added to Schedule 3.2(a) attached hereto and Schedule 3.2(a) shall be deemed amended at the Closing to include such contracts. If a new contract, or a renewal, amendment or supplement to an existing contract, requires the Buyer’s approval and the Buyer does not object within seven days after receipt of a copy of such contract, then the Buyer shall be deemed to have approved such contract.