Primary Hotels Sample Clauses

Primary Hotels. The Banks' right to review and approve certain matters set out herein differentiate between those hotels that are "Primary Hotels" and other hotels. "Primary Hotels" are (i) all Initial Hotels, and (ii) any Subsequent Hotel a Supermajority of Banks in their discretion deem acceptable as a Primary Hotel. The Banks shall not consider any hotel as a potential Primary Hotel unless the Banks can be given a first-priority lien on such hotel, and the Banks shall have sole and absolute discretion in determining whether to accept the offered hotel as a "Primary Hotel." In that regard, the Banks can take into consideration their determination of the appraised value of the hotel, its geographic location, the Rents (as hereinabove defined) generated by such hotel, its cash flow, the management company for such hotel, the management contract with the management company for operation of the hotel, and any other factors the Banks deem pertinent, in their sole discretion. Prior to determining whether to accept a hotel as a Primary Hotel, the Banks (i) shall require all underwriting documentation for each such hotel received in connection with an Initial Hotel (appraisal, environmental, title policy, etc.), (ii) shall have the right to review and approve the lessee, the Rent schedule, and lease associated with such hotel, and (iii) shall have a right of review/approval over all other matters for which it has review/approval for an Initial Hotel. The Borrower is not obligated to offer any Subsequent Hotel to the Banks for consideration as a Primary Hotel. If the Borrower has requested that the Banks accept a Subsequent Hotel as a Primary Hotel and has submitted all documentation required hereby for such consideration, the Collateral Agent shall within 45 days of its receipt of such request and information inform the Borrower whether the Banks will accept such hotel as a Primary Hotel. COVENANTS PROVIDED FOR HEREIN WITH RESPECT TO THE INITIAL HOTELS SHALL BE 37 45 AUTOMATICALLY APPLICABLE TO ANY SUBSEQUENT HOTEL THAT BECOMES A PRIMARY HOTEL.
Sample 1
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Related to Primary Hotels

  • Franchisee A “franchisee” is a retailer or distributor who is authorized or permitted, under a franchise, to use a trademark in connection with the sale, consignment, or distribution of motor fuel.

  • Property Management Borrower will provide for professional management of the Mortgaged Property by the Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of Lender, which consent will not be unreasonably withheld.

  • Property Manager Any entity that has been retained to perform and carry out property rental, leasing, operation and management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property.

  • Project The Land and all improvements thereon, including the Building, the Parking Facilities, and all Common Areas.

  • Access to Property Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice.

  • Personnel, Office Space, and Facilities of Manager The Manager at its own expense shall furnish or provide and pay the cost of such office space, office equipment, office personnel, and office services as the Manager requires in the performance of its investment advisory and other obligations under this Agreement.

  • Projects 3.3.1 Exult Supplier shall perform the impact analysis as described in Section 4.

  • Service Area The municipalities and counties in and around which Seller operates or is authorized to operate the Systems and the Business, which are disclosed on Schedule 1.39.

  • The Project The Project is the total construction of which the Work performed under the Contract Documents may be the whole or a part and which may include construction by the Owner or by separate contractors.

  • Access to Properties Subject to the rights of Tenants, Borrower shall permit agents, representatives and employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice.

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