Approved Franchisor definition

Approved Franchisor means, with respect to any Borrowing Base Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that as of the Closing Date the existing franchisors of the Borrowing Base Assets shown on Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent.

Approved Franchisor means the Franchisors listed on Exhibit F attached hereto and made a part hereof and any flag operated thereby.

Approved Franchisor means those certain brands listed on Schedule 1.01(c) attached hereto for those certain franchisors listed as "Approved Franchisors" on Schedule 1.01(c) attached hereto, or any other reputable, nationally known, third party franchisor or licensor of a Hotel Property approved by the Administrative Agent in writing which approval shall not be unreasonably withheld or delayed.

Examples of Approved Franchisor in a sentence

• At all times cause each Borrowing Base Asset that is subject to a franchise agreement or similar arrangement to be operated by an Approved Franchisor who has entered into a franchise agreement or similar agreement with respect to such Asset in form and substance satisfactory to the Administrative Agent.

• At all times cause each Hotel Asset to be subject to a franchise agreement or similar arrangement with an Approved Franchisor.

• At all times cause each Hotel Asset to be subject to a franchise agreement or similar arrangement with an Approved Franchisor who has (i) entered into a franchise agreement or similar agreement with respect to such Asset in form and substance reasonably satisfactory to the Administrative Agent, and (ii) executed and delivered a franchisor comfort letter in form and substance reasonably satisfactory to the Administrative Agent.

• 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.

• Such Borrower shall deliver to the Administrative Agent as soon as practicable following the completion of the applicable PIP Work evidence reasonably satisfactory to the Administrative Agent that the applicable Approved Franchisor has accepted the applicable PIP Work as complete.

More Definitions of Approved Franchisor

Approved Franchisor means, with respect to any Hotel Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement (i) substantially in the form customarily used by such franchisor at such time or (ii) in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that as of the Closing Date each of the existing franchisors of the Hotel Assets shown on Schedule Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered an Approved Franchisor with respect to the applicable Hotel Assets listed in such Schedule.

Approved Franchisor means the licensor or franchisor of (a) any of the following hotel brands (including any applicable sub-brands) and each of its successors: Hilton, Marriott, Starwood, Accor, Omni, Two Roads, Radisson, Loews, IHG, Wyndham and Hyatt and (b) any other hotel brands (including any applicable sub-brands) approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

Approved Franchisor means a nationally recognized hotel franchisor with a net worth and financial rating equal to or greater than the net worth and financial rating of the hotel franchisor with respect to the applicable Property as of the Closing Date. Examples of hotel franchisors that would qualify on the date hereof (but provided that such franchisors are subject to review by Lender at the time of any proposed replacement) are listed on Schedule 8.

Approved Franchisor means any franchisor approved by all of the Banks from time to time. The following franchisors have been preapproved by the Banks as "Pre-Approved Franchisors": Hampton Inn; Hampton Inn & Suites; Embassy Suites; Homewood Suites; Staybridge Suites; Holiday Inn; Holiday Inn Select; Holiday Inn Express; Marriott Courtyard; Residence Inn; Fairfield Inn; Hilton Garden Inn; Comfort Inn; Comfort Suites; and Quality Suites.

Approved Franchisor means, with respect to any Specified Debt Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement in form and substance reasonably satisfactory to the Controlling Party. The Controlling Party confirms that as of the Closing Date the existing franchisors of the Specified Debt Assets shown on Part IV of Schedule 4.15 of the Note Purchase Agreement are satisfactory to the Controlling Party.

Approved Franchisor means a national or international hotel franchisor, for a specific hotel product, approved by the City; provided, however, that the City shall not unreasonably withhold its consent to a franchisor which is one of the five (5) largest national or ten (10) largest international hotel chains as of such date. The City has approved Holiday Inn as the initial Approved Franchisor.

Approved Franchisor means each franchisor engaged by one or more TRS Lessee as a franchisor in respect of one or more Properties as of the Closing Date; it being agreed and understood that any such franchisor shall be deemed an “Approved Franchisor” with respect to all of the Mortgaged Properties if and only if such franchisor, when it replaces an existing Approved Franchisor at one or more of the Mortgaged Properties, is within the same or higher chain scale (as defined by Xxxxx Travel Research) as the franchisor it will succeed, in each case unless and until Lender requests the termination of such franchise agreement pursuant to Section 5.10(e).