Qualified Franchisor means either (i) Franchisor, (ii) if a Franchisor is not then in place, brand owned by a Qualified Brand, or if a Franchisor is then in place, brand comparable or better than the brand being terminated and owned by a Qualified Brand or (iii) a reputable and experienced franchisor possessing experience in flagging hotel properties similar in size, scope, use and value as the Properties and which is approved by Lender pursuant to Section 5.25 hereof and which may, at Lender’s option, be conditioned upon Lender’s receipt of a Rating Agency Confirmation, provided that, with respect to any Person that is an Affiliate of Borrower, Lender has received a New Non-Consolidation Opinion.
Qualified Franchisor means either (a) Franchisor or (b) in the judgment of Lender, a reputable and experienced franchisor possessing experience in flagging hotel properties similar in size, scope, use and value as the Property; provided that (1) prior to a Secondary Market Transaction, Borrower shall have obtained the prior written consent of Lender for such Person and (2) after a Secondary Market Transaction, in addition to Lender’s consent, Borrower shall have obtained a Rating Agency Confirmation with respect to such franchisor.
Qualified Franchisor means (a) any nationally recognized franchisor under whose flag there are at least fifty (50) full-service hotels, exclusive of the Properties, and (b) prior to whose employment as franchisor of the Property (i) prior to the occurrence of a Securitization, such employment shall have been approved by Lender, in its reasonable discretion, and (ii) after the occurrence of a Securitization, Lender shall have received a Rating Confirmation.
Examples of Qualified Franchisor in a sentence
Notwithstanding the foregoing, Borrower or Operating Tenant may terminate a Franchise Agreement provided that Borrower simultaneously enters into a Replacement Franchise Agreement with a Qualified Franchisor.
In the event that the Franchise Agreement expires or is surrendered, terminated or canceled (without limiting any obligation of Borrower to obtain Lender’s consent to any surrender, termination, cancellation, modification, renewal or extension of the Franchise Agreement in accordance with the terms and provisions of this Agreement), Borrower shall enter into a Replacement Franchise Agreement with a Qualified Franchisor contemporaneously with such expiration, surrender, termination or cancellation.
In the event that any Franchise Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of any Franchise Agreement in accordance with the terms and provisions of this Agreement), Borrower shall cause Mortgage Borrower and Baltimore Owner to promptly enter into a Replacement Franchise Agreement with Franchisor or Qualified Franchisor, as applicable.
In the event that any Franchise Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of each Franchise Agreement in accordance with the terms and provisions of this Agreement), Borrower shall cause Mortgage Borrower to promptly enter into a Replacement Franchise Agreement with Franchisor or another Qualified Franchisor, as applicable.
Upon execution of any Replacement Franchise Agreement, Borrower shall also deliver to Lender a comfort letter from the applicable Qualified Franchisor in form and substance satisfactory to Lender.
More Definitions of Qualified Franchisor
Qualified Franchisor means (a) as to each Individual Property, the Franchisor that is the franchisor or licensor under the Franchise Agreement for such Individual Property as of the date hereof, (b) Marriott, Hilton, Starwood, Hyatt, or Intercontinental Hotel Group (including any Affiliate thereof that is at least fifty-one percent (51%) owned and Controlled by the Person which Controls each such entity), as approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, or (c) a reputable and experienced franchisor (which may be an Affiliate of Borrower) possessing experience in flagging hotel properties similar in size, scope, use and value as the applicable Individual Property, as approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed; provided, that, such Person must not have been party to any Bankruptcy Proceeding, within seven (7) years prior to the licensing or franchising of an Individual Property by such Person and in the case of clause (c) above, Borrower shall have obtained a No Downgrade Confirmation with respect to the licensing of the applicable Individual Property by such Person.
Qualified Franchisor means (i) Franchisor or (ii) a reputable and experienced franchisor (which may be an Affiliate of Borrower) which, in the reasonable judgment of Lender, possesses experience in flagging hotel properties similar in location, size, class, use, operation and value as the Property; provided, that Lender, at its option, may require that Borrower shall have obtained (a) a Rating Agency Confirmation and (b) if such Person is an Affiliate of Borrower and an Insolvency Opinion has previously been delivered in connection with the Loan, a new Insolvency Opinion.
Qualified Franchisor means either (i) Franchisor, (ii) a franchisor of a brand comparable or better than the brand being terminated and owned by a Qualified Brand or (iii) a reputable and experienced franchisor possessing experience in flagging hotel properties similar in size, scope, use and value as the Properties and which is approved by Lender and which may, at Lender’s option, be conditioned upon Lender’s receipt of a Rating Agency Confirmation, provided that, with respect to any Person that is an Affiliate of Borrower or Mortgage Borrower, Lender has received a New Non-Consolidation Opinion.
Qualified Franchisor means (a) solely with respect to the Permitted Re-Flag Properties: (i) Marriott International, Inc. and its subsidiaries, (ii) Hilton Worldwide, Inc. and its subsidiaries and (iii) any other franchisor which franchises, trademarks or licenses Properties pursuant to the hotel brands set forth on Exhibit E hereto or (b) a reputable and experienced franchisor reasonably approved by Lender, possessing experience in flagging hotel properties similar in size, scope, use and value as the Individual Properties, provided, that (1) with respect to clause (b), Borrower shall have obtained, to the extent required by Lender, a Rating Agency Confirmation and (2) with respect to clauses (a) and (b), if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion.
Qualified Franchisor means an entity (a) appearing on Schedule 1.2 attached hereto or (b) an entity that has a national reservation system or global distribution system and which, together with any Affiliates of such entity, franchises at least twenty-five (25) full service upscale and upper upscale urban and resort hotel properties in the United States, provided, that, if such Person is an Affiliate of Borrower or Mortgage Borrower, Borrower shall have obtained an Additional Insolvency Opinion. For purposes of clause (b) of this definition, the term “Affiliate” shall mean, with respect to any Person, any other Person that (i) Controls and (ii) owns, directly or indirectly, not less than fifty-one percent (51%) of the legal and beneficial ownership interests in such Person.
Qualified Franchisor means either (a) Franchisor; or (b) in the reasonable judgment of Lender, a reputable and experienced franchisor (which may be an Affiliate of Borrower) possessing experience in flagging hotel properties similar in size, scope, use and value as the Property, provided, that Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that licensing of the Property by such Person will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such Person is an Affiliate of Borrower, an Additional Insolvency Opinion.
Qualified Franchisor means either (a) Franchisor; or (b) either (i) a nationally recognized franchisor (which may be an Affiliate of Borrower) in operation for not less than fifteen (15) years and licensing at least thirty-five (35) full-service hotels with a minimum of ten thousand (10,000) rooms, or (ii) a reputable and experienced franchisor (which may be an Affiliate of Borrower) possessing experience in flagging hotel properties similar in size, scope, use and value as the Properties, as approved by Lender, which approval shall not be unreasonably withheld if the principals controlling such franchisor have experience levels substantially similar to or greater than the experience levels as of the Closing Date of the principals controlling the Franchisor being replaced, provided, that, in the case of either (i) or (ii), Borrower shall have obtained (A) prior written confirmation from the applicable Rating Agencies that licensing of the Properties by such Person will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (B) if such Person is an Affiliate of Borrower, an Additional Insolvency Opinion.