Approved Franchise Agreement definition

Approved Franchise Agreement means, with respect to each Mortgaged Property, the applicable hotel franchise agreement described in Schedule H, as that agreement may be modified or replaced in accordance herewith.
Sample 1Sample 2
Approved Franchise Agreement means that certain Franchise License Agreement, dated June 4, 2010, between Operating Lessee and the initial Approved Franchisor, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith with the consent of Lender, and any other franchise agreement that is approved by Lender and with respect to which the Rating Condition is satisfied, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith with the consent of Lender.
Sample 1
Approved Franchise Agreement means (a) any franchise or similar agreement entered into on or after the Closing Date with respect to any Asset either (A) substantially in the form customarily used by the applicable Approved Franchisor at such time, (B) substantially in the form agreed to between the Applicable Franchisor and any Subsidiary of one of the Guarantors on February 27, 2015, or (C) otherwise in form and substance reasonably acceptable to the Administrative Agent, in each case as the same may be amended, modified, supplemented and renewed from time to time in accordance with the provisions hereof; provided, however, that the Administrative Agent shall be deemed to have approved any franchise agreement that is in a form and on terms substantially similar to a franchise agreement previously approved by the Administrative Agent hereunder, and (b) with respect to which the Approved Franchisor thereunder shall have entered into a Franchisor Comfort Letter.
Sample 1

Examples of Approved Franchise Agreement in a sentence

  • If at the time of acquisition of a Hotel Property such Hotel Property is operated pursuant to a franchise or license agreement, then (i) such Hotel Property must be subject to an Approved Franchise Agreement with an Approved Franchisor, (ii) no material default by the franchisee under the Approved Franchise Agreement exists, and (iii) the Approved Franchise Agreement remains in full force and effect.

  • The Approved Participating Lessee for a Hotel Property subject to an Approved Franchise Agreement is the licensee under such Approved Franchise Agreement and no consent is necessary to such Person being the licensee under such Approved Franchise Agreement which has not already been obtained.

  • Schedule 4.21 sets forth, as of the date of this Agreement, (a) which franchise agreements the Borrower expects to terminate, (b) the expected date of such termination, (c) the expected fees, if any, which will be owed to the franchisor being terminated in connection with such termination and (d) the expected replacement Approved Franchisor and the material terms of the expected replacement Approved Franchise Agreement.

  • Neither the Borrower, the Parent nor any of their Subsidiaries is in default under or with respect to (i) any contract, agreement, lease or other instrument which could reasonably be expected to cause a Material Adverse Change or (ii) any Qualified Ground Lease, Approved Participating Lease, Approved Franchise Agreement or Approved Management Agreement.

  • The Borrower will not, nor will it permit any of its Subsidiaries (other than Permitted Other Subsidiaries) or any Approved Participating Lessee (other than as a lessee of a Permitted Non-Eligible Property) to enter into any termination, material modification or amendment of any Approved Franchise Agreement except in connection with the conversion of a Hotel Property from an Approved Franchise Agreement with one Approved Franchisor to an Approved Franchise Agreement with another Approved Franchisor.

  • For purposes of this Section 5.10, a "material default" shall mean a monetary default and any default, which if not cured, would be a default under any applicable Approved Franchise Agreement and Approved Management Agreement allowing the Person party to such agreement to terminate such agreement.

  • Subject to Section 5.01(r)(ii), cause an Approved Franchisor to cause the applicable Collateral Asset (other than the Georgia Tech Hotel) to be licensed or franchised pursuant to, and operated in compliance with, in all material respects, in accordance with (i) an Approved Franchise Agreement that is subject to a Franchise Comfort Letter and (ii) all applicable Legal Requirements.

  • As soon as available, (i) a copy of any Material Contract entered into with respect to any Collateral Asset after the Closing Date, and (ii) a copy of any quality assurance letter or other notice under an Approved Franchise Agreement that indicates that any Collateral Asset is in a “red zone 1” or “red zone 2” (or the equivalent thereof in each case).

  • In the event that an Approved Franchise Agreement expires or is terminated, the Borrowers shall promptly cause a replacement Approved Franchise Agreement to be entered into with an Approved Franchisor.

  • Except for any Approved Franchise Agreement, no franchise license agreements are in effect with respect to the Property.


More Definitions of Approved Franchise Agreement

Approved Franchise Agreement means with respect to any Collateral Asset (a) any franchise or similar agreement with an Approved Franchisor that is in effect as of the Closing Date (as the same may be amended, modified, supplemented and renewed from time to time in accordance with the provisions hereof), or (b) a replacement franchise or similar agreement with an Approved Franchisor (as the same may be amended, modified, supplemented and renewed from time to time in accordance with the provisions hereof), provided that (i) such agreement is (A) substantially in the same form and substance as one of the franchise or similar agreements described in clause (a) or previously approved by the Administrative Agent hereunder or (B) on an arms’-length basis and otherwise on commercially reasonable terms, with economic terms and franchise fees comparable to the then existing local market rates and otherwise reasonably acceptable to the Administrative Agent, and (ii) the applicable Borrower has delivered to the Administrative Agent a Franchise Comfort Letter duly executed by the Applicable Franchisor.
Sample 1

Related to Approved Franchise Agreement

  • New Franchise Agreement means the franchise license agreement to be entered into between Buyer and the Franchisor, granting to Buyer a franchise to operate the Hotel under the Brand on and after the Closing Date.

  • Existing Franchise Agreement means that certain franchise license agreement between the Seller and the Franchisor, granting to Seller a franchise to operate the Hotel under the Brand.

  • Franchise Agreement or “Agreement” shall mean this Agreement and any amendments or modifications hereto.

  • Franchise Agreements means (a) the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto, and (b) any Franchise Agreement in respect of a Borrowing Base Asset entered into after the Closing Date in compliance with Section 5.01(r).

  • Franchise Area means the area within the jurisdictional boundaries of the City, including any areas annexed by the City during the term of this Franchise.

  • approved facility means any private practice, hospital, clinic or other health facility in Namibia defined in section 1 of the Hospitals and Health Facilities Act, 1994 (Act No. 36 of 1994), approved by the Council for the purpose of the training of hearing aid acoustics interns, and “facility” has a corresponding meaning;

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Franchisor means Marriott International, Inc.

  • Management Agreement means the agreement to be entered into between the Borrower and the Manager providing for the ship management and crewing services of the Vessel, such agreement to be in the form and on the terms and conditions required by the Agent;

  • Hotel Management Agreement means any management agreements between a Hotel Management Company and Lessee and/or Landlord, as applicable, as such management agreements are amended from time to time for the Hotel.

  • Franchise Fee means a direct or indirect payment to purchase or operate a franchise. Franchise fee does not include any of the following:

  • Approved Lease means (a) each existing Lease as of the Closing Date as set forth in the Leasing Affidavit and (b) each Lease entered into after the Closing Date in accordance with the terms and conditions contained in Section 9.09 as such leases and related documents shall be Modified as permitted pursuant to the terms of this Agreement.

  • Replacement Agreement means an agreement entered into as a replacement for any Relevant Agreement;

  • Enterprise Agreement means an agreement certified under the Workplace Relations Act 1996 (Cth) or approved under the Industrial Relations Act 1996 (NSW).

  • Equipment Lease means a Contract for the lease of Equipment or for the purchase of Equipment under a conditional sales or title retention agreement.

  • Approved Location means (a) a storage terminal or facility located in the United States or Canada owned by the Borrower or a Subsidiary; or (b) other storage location located in the United States or Canada identified by the Borrower by notice to the Administrative Agent for which, if requested by the Administrative Agent, the Borrower has used commercially reasonable efforts to cause the owner, operator or landlord thereof to execute and deliver, a waiver of lien, subordination agreement or similar agreement in form and substance reasonably acceptable to the Administrative Agent with respect to any inventories of Petroleum Products stored at such terminal or facility.

  • Concession Agreement means this Agreement, its Recitals, the Schedules hereto and any amendments thereto made in accordance with the provisions contained in this Agreement;

  • Vendor Agreement means a contractual agreement for ancillary services or commodities which are not material for the provision of services under the head contract.

  • Franchisee means a person to whom a franchise is granted.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Redevelopment Contract means this redevelopment contract between the Authority and Redeveloper with respect to the Project.

  • Approved Use means the use of the Project for the operation of a Healthcare Facility as a ___ ____ [insert type of facility] with __ __ [beds/units] [of which not less than __ ___ [beds/units] are [to be] in use] and such other uses as may be approved in writing from time to time by HUD based upon a request made by the Borrower, Operator, or Master Tenant, but excluding any uses that are discontinued with the written approval of HUD. Master Tenant shall ensure that use of the Healthcare Facility is in accordance with the Approved Use.

  • Project Contract means a Project Contract as such term is defined in the RfP; “Proposal” means a Proposal as such term is defined in the RfP;

  • Property management system means the Contractor’s system or systems for managing and controlling Government property.

  • O&M Agreement means the agreement(s), if any, between the Company and the O&M Contractor for the operation and maintenance of the Facility to be entered into between the Company and the O&M Contractor, as amended or superseded from time to time;