Hospitality Property definition
Examples of Hospitality Property in a sentence
Notwithstanding anything in this Agreement or any other Credit Document to the contrary, except in connection with the release of Liens on an Owned Hospitality Property contemplated by the provisions of Section 5.09, each payment of any Advance pursuant to this Section 2.07 or any other provision of this Agreement shall be made in a manner such that all Advances secured by a Lien on an Owned Hospitality Property shall be deemed the last Advances repaid.
With respect to the Owned Hospitality Properties set forth on Schedule 4.21, the Borrower, the Parent or its Subsidiaries, as applicable, has good and marketable fee simple title to such Owned Hospitality Property, free and clear of all Liens other than the Permitted Encumbrances.
None of the Permitted Encumbrances has a Material Adverse Change or otherwise materially interferes with the current or intended use or operation of any Owned Hospitality Property or materially impairs the value of any Owned Hospitality Property.
Borrower shall maintain or cause to be maintained insurance (a) for each Hospitality Property that is owned, leased or managed by Borrower or its Subsidiaries as required by the applicable Permitted Property Agreement, (b) for each Owned Hospitality Property as is required by the applicable Security Documents and (c) evidenced by and in accordance with the policies on Schedule 16 hereof.
Borrower shall immediately notify Agent of any fire or other casualty or any pending or threatened condemnation or eminent domain proceeding with respect to all or any portion of each of the Owned Hospitality Property.
With respect to an Unencumbered Borrowing Base Property or any other improved Real Estate, a reserve in the aggregate amount of (a) fifteen cents ($0.15) per annum multiplied by the average Net Rentable Area contained therein of each such property that is not a Hospitality Property PLUS (b) 3.5% of the gross revenues of each Hospitality Property (nothing in this definition shall imply that a Hospitality Property may be included as an Unencumbered Borrowing Base Property).
Borrower and the applicable Loan Parties shall not use or permit the use of all or any portion of any Hospitality Property owned, leased or managed by Borrower or its Subsidiaries for any illegal activity.
Neither the Borrower nor of any of its Subsidiaries owns any Owned Hospitality Property other than those listed in Schedule 2; provided that such Persons do own Ownership Interests in Unconsolidated Entities which own Owned Hospitality Property.
To the extent that the Borrower or any of its Subsidiaries is providing a mortgage in respect of any Owned Hospitality Property in accordance with the terms of this Agreement, the Agent shall have received certified copies of all Leases with respect to each of the Owned Hospitality Properties which shall be reasonably satisfactory to the Agent and all of the Co-Lenders.
The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, sell with recourse, or discount or otherwise sell for less than the book value thereof, any of its notes or accounts receivable except in connection with sale of an Owned Hospitality Property.