Approved Hotel Management Agreement definition

Approved Hotel Management Agreement means a Hotel Management Agreement that may be entered into by and between Borrower and any Qualified Hotel Manager or Qualified F&B Manager, as applicable, that provides hotel management, food and beverage management and other services with respect to the Hotel for management and incentive fees not to exceed the Maximum Management Fee, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. “Architectural Services Agreement” shall have the meaning given in the Disbursement Agreement. “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.02), and accepted by the Administrative Agent, substantially in the form of Exhibit C. “Assignment and Subordination” shall mean each assignment and subordination agreement with respect to, inter alia, management of the Property, food and beverage management, development, architects, engineers, significant construction contracts and Key Construction and Design Contracts, and including any third-party consents required in respect thereof, in a form reasonably acceptable to the Administrative Agent. “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. “Bail-In Legislation” shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). “Bankruptcy Code” shall mean The Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.
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Examples of Approved Hotel Management Agreement in a sentence

  • The Administrative Agent shall have the right, after reasonable notice to Borrower and in accordance with the Assignment and Subordination of such Approved Hotel Management Agreement, to cure defaults of Borrower under the Approved Hotel Management Agreement.

  • Pursuant to an Assignment and Subordination with respect to each Approved Hotel Management Agreement, Qualified Hotel Manager or Qualified F&B Manager, as applicable, shall agree that the Approved Hotel Management Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness of the Loan and the Lien of the Mortgage.

  • Any franchisor or franchise agreement for any Property that is not a component of an Approved Hotel Management Agreement shall be subject to the consent of Administrative Agent, not be unreasonably withheld, conditioned or delayed (except that Administrative Agent may require a reserve in the amount of any required work under a property improvement plan or the equivalent), and the delivery to the Administrative Agent of a franchisor comfort letter reasonably satisfactory to Agent.

  • Borrower shall promptly notify the Administrative Agent in writing of any monetary or material non-monetary default of Borrower or any Qualified Hotel Manager or Qualified F&B Manager under any Approved Hotel Management Agreement, after the expiration of any applicable cure periods, of which Borrower has actual knowledge.