Examples of Initial Investment Guidelines in a sentence
Notwithstanding the foregoing, if the REIT materially modifies its Initial Investment Guidelines without the consent of Manager, the Manager Exclusivity Rights provided herein shall remain in full force and effect.
For the avoidance of doubt, the REIT Exclusivity Rights shall be, with respect to opportunities that satisfy the REIT’s Initial Investment Guidelines, superior to any exclusivity rights or right of first refusal of Braemar Parties pursuant to the Braemar Exclusivity Agreement (the “ Braemar Exclusivity Rights ”).
With respect to opportunities that satisfy the Initial Investment Guidelines of any Future Client, the exclusivity rights or right of first refusal granted to Ashford Trust pursuant to the Ashford Trust Mutual Exclusivity Agreement (the “Ashford Trust Exclusivity Rights”) and the exclusivity rights or right of first refusal granted to Ashford Prime pursuant to the Ashford Prime Mutual Exclusivity Agreement (the “Ashford Prime Exclusivity Rights”) shall be superior to any Ashford Inc.
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For purposes hereof, a “material” modification of the Initial Investment Guidelines of a Future Client shall mean any modification of the Initial Investment Guidelines which cause the Future Client’s Investment Guidelines to be competitive with Ashford Trust’s Investment Guidelines or Ashford Prime’s Investment Guidelines without the express written consent of Ashford Trust or Ashford Prime, as applicable.
Exclusivity Rights shall not apply to any Excluded Remington Transactions or any investment in a Hotel Property that does not meet the Initial Investment Guidelines of a Future Client.
If any of the Remington Affiliates identifies an opportunity to develop and construct, acquire all or a portion of, or invest in, a Hotel Property that meets the Initial Investment Guidelines of any Future Client or the proposed initial investment guidelines of a new platform or entity to be created by, or spun-off from, Ashford Inc.
If the Braemar Parties materially modify the Braemar Initial Investment Guidelines without the written consent of Manager (on behalf of the Remington Parties), which consent may be withheld in their sole and absolute discretion, the Subordination agreed to by the REIT Parties shall terminate and be of no further force and effect.
In accordance with the foregoing, the REIT Parties desire to benefit from the project management and Project Related Services experience of Manager and have agreed to engage Manager in connection with certain investment opportunities (subject to an Independent Director Election); provided, Manager agrees to grant the REIT Parties a first right of refusal with respect to any Manager Transaction that Manager sources or identifies, meeting the Initial Investment Guidelines of the REIT Parties.
The REIT has undertaken to acquire, develop, invest in, or purchase Hotel Properties that meet the REIT’s Initial Investment Guidelines.