Examples of Approved Franchise Agreement in a sentence
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.
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.
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.
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.
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.
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.
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).
At all times cause each Collateral Asset to be licensed or franchised pursuant to, and operated in compliance with, an Approved Franchise Agreement.
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.
To Borrower’s knowledge, neither Borrower, nor to Borrower’s knowledge, any other party thereto, is in material default under any Approved Franchise Agreement.