SUBORDINATION AND NON-DISTURBANCE AGREEMENTSubordination and Non-Disturbance Agreement • January 15th, 2021 • Ashford Inc. • Services-management consulting services
THIS SUBORDINATION AND NON-DISTURBANCE AGREEMENT (this “Agreement”) is made as of the 15th day of January, 2021, by and among (i) OAKTREE FUND ADMINISTRATION, LLC, a Delaware limited liability company, as the Administrative Agent and collateral agent on behalf of the Lenders, “Agent”); (ii) ASHFORD INC., a Nevada corporation (“AINC”), (iii) ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company (together with AINC, “Advisor”), (iv) Ashford Hospitality Trust, Inc., a Maryland corporation (“Parent”), (v) Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Borrower”), (vi) Ashford TRS Corporation, a Delaware corporation (“TRS” and, collectively with Parent, Borrower, and any other Affiliate of a Borrower Party that is or becomes party to an AINC Agreement (as defined below), the “Borrower Parties”)), (vii) Remington Lodging & Hospitality, LLC, a Delaware limited liability company (“Remington”), (viii) Premier Project Management, LLC, a Maryland limite
SUBORDINATION AND NON-DISTURBANCE AGREEMENTSubordination and Non-Disturbance Agreement • December 14th, 2005 • NUCRYST Pharmaceuticals Corp. • Pharmaceutical preparations • Alberta
This Agreement dated as of May 8, 2001 is made among Montreal Trust Company of Canada, in its capacity as security trustee under a Security Trust Agreement dated as of May 8, 2001 (in such capacity, the “Security Trustee”), Montreal Trust Company of Canada, in its capacity as trustee under a Trust Indenture dated as of May 8, 2001 (in such capacity, the “Indenture Trustee”), Smith & Nephew Inc., Smith & Nephew, Inc. and T.J. Smith & Nephew Limited (collectively, “S&N”), and Westaim Biomedical Corp. and Westaim Biomedical Inc. (collectively, “Westaim”).
Current Issues in the Negotiation of Hotel Tri-Party Agreements – 2008Subordination and Non-Disturbance Agreement • August 26th, 2020
For first-time hotel developers accustomed to office or retail projects, it may seem unsurprising that a draft management agreement requires that the owner and any future mortgage lender be obligated to enter into a three-party “Subordination and Non-disturbance Agreement” or “Recognition Agreement” with the management company. This type of agreement, as described in a typical draft management agreement presented by a brand management company, provides that the management company agrees to “subordinate” and “attorn” to the lender upon its acquisition of the hotel through default or foreclosure. The lender in turn is obligated not to “disturb” the management company unless it is in default of its obligations under the management agreement. In terminology and outline, the agreement seems very much like a subordination and non-disturbance agreement or SNDA entered into with a valuable tenant. In practical effect and its role in the value of the hotel, however, the hotel three-party agreem
