Examples of Sale Termination Fee in a sentence
If Manager terminates this Agreement pursuant to this Section 9.05 (in addition to payment of all other fees and reimbursable sums due to Manager to the date of termination), Manager shall have the right to receive the Sale Termination Fee calculated in the manner set forth on Exhibit "B".
Upon such termination, unless specifically provided otherwise herein, Manager shall be entitled to receive the Sale Termination Fee calculated in the manner set forth on Exhibit "B".
Notwithstanding anything contained herein, Manager shall not be entitled to receive the Sale Termination Fee if the License Agreement is terminated because of Manager's failure to perform its obligations hereunder and Manager's failure was not caused by the failure of Owner to perform its obligations hereunder.
If Lessee offers to Manager the opportunity to manage a Substitute Hotel and Manager is not subject to a contractual restriction that precludes Manager from managing the proposed Substitute Hotel and Manager rejects or fails to accept Lessee’s offer to manage the proposed Substitute Hotel, no Sale Termination Fee shall be payable by Lessee.
If Owner enters into an agreement for the Sale of the Hotel to a purchaser or tenant that violates the provisions of this Section 20.01 A and Management Company has notified Owner of such non-compliance, Owner shall be deemed to be in Default hereunder unless the Sale Termination Fee is paid to Management Company as described in Section 20.01D.
If Manager is precluded from managing the Substitute Hotel by the franchisor or management agreement applicable to such hotel and Lessee fails to offer Manager an alternative Substitute Hotel that is not subject to such a restriction, a Sale Termination Fee will be payable per Section 2.3(a).
No Sale Termination Fee will be payable to Manager if an Event of Default by Manager has occurred and remains uncured beyond any applicable cure period as of the date of Termination.
If Lessee waives the restriction, Manager and Lessee shall enter into a new management agreement reflecting such waiver and no Sale Termination Fee shall be payable by Lessee and if such a fee has previously been paid by Lessee, Manager shall be required to reimburse Lessee.
No Sale Termination Fee will be payable to Manager if an Event of Default by Manager has occurred and remain uncured beyond any applicable cure period as of the date of Termination.
Notwithstanding any provision in this Agreement to the contrary (including, without limitation, Sections 20.01 A and B above), Owner shall have the right to terminate this Agreement upon any Sale of the Hotel provided that Owner: (i) provides at least sixty (60) days’ prior notice to Management Company, and (ii) remits to Management Company payment of the applicable Sale Termination Fee in accordance with Section 20.01 E.