Portfolio Sales. As set forth above, an Initiating Member may not deliver an effective Trigger Notice at any time prior to the fifth (5th) anniversary of the Effective Date. Notwithstanding the foregoing, but solely with respect to a Portfolio Sale (as opposed to an Interest Sale or Hotel Sale), (i) either Member may deliver a Sale Notice (without the need for a prior Trigger Notice) during such time as the Other Member has committed an Event of Default, and such Event of Default remains uncured, and (ii) the Xxxxxxx Member may deliver a Sale Notice (without the need for a prior Trigger Notice) in the event of the termination of any Hotel Management Agreement with respect to any of the Hotels other than a termination for “cause” (as defined therein).
Appears in 4 contracts
Samples: Operating Agreement (Pebblebrook Hotel Trust), Operating Agreement (Pebblebrook Hotel Trust), Operating Agreement (Pebblebrook Hotel Trust)
