Substitute Franchise Agreement definition

Substitute Franchise Agreement shall have the meaning set forth in Section 38(f) hereof.
Sample 1Sample 2Sample 3
Substitute Franchise Agreement means a replacement franchise agreement with a Replacement Franchisor at any time during the term of the Loan on terms and conditions as Beneficiary may reasonably require, including but not limited to Beneficiary’s receipt of (i) a reasonably acceptable "comfort letter" from such Replacement Franchisor (ii) evidence that the aggregate amount of fees payable to the Replacement Franchisor under the Substitute Franchise Agreement does not exceed the fees payable to the Franchisor under the existing Franchise Agreement; (iii) rating agency confirmation that the Substitute Franchise Agreement will not result in a downgrade, qualification or withdrawal of the then current ratings of the securities; (iv) evidence that the Substitute Franchise Agreement reflects an arms'-length transaction, (v) evidence that Grantor’s payment of any liquidated termination fee payable to Franchisor due to termination of the Franchise Agreement, (vi) Grantor escrows with Beneficiary any and all amounts required under any Property Improvement Plan required by Replacement Franchisor, if applicable, (vii) Lender shall have received and reviewed any applicable Property Improvement Plan at least thirty (30) days prior to the surrender, termination or cancellation of the Franchise Agreement, if applicable, and (viii) the Substitute Franchise Agreement shall have a term of not less than ten (10) years from the date of the substitution.
Sample 1

Related to Substitute Franchise Agreement

  • Existing Franchise Agreement means that certain franchise license agreement between the Seller and the Franchisor, granting to Seller a franchise to operate the Hotel under the Brand.

  • Franchise Agreement or “Agreement” shall mean this Agreement and any amendments or modifications hereto.

  • New Franchise Agreement means the franchise license agreement to be entered into between Buyer and the Franchisor, granting to Buyer a franchise to operate the Hotel under the Brand on and after the Closing Date.

  • Franchise Agreements means (a) the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto, and (b) any Franchise Agreement in respect of a Borrowing Base Asset entered into after the Closing Date in compliance with Section 5.01(r).

  • Franchise Area means the area within the jurisdictional boundaries of the City, including any areas annexed by the City during the term of this Franchise.

  • Enterprise Agreement means an agreement certified under the Workplace Relations Act 1996 (Cth) or approved under the Industrial Relations Act 1996 (NSW).

  • Management Agreement means the agreement of the Directors in the form attached hereto as Schedule C. The Management Agreement shall be deemed incorporated into, and a part of, this Agreement.

  • Property Management Agreement means that certain management agreement between the Company and the Property Manager with respect to the management of the Property.

  • O&M Agreement means the agreement(s), if any, between the Company and the O&M Contractor for the operation and maintenance of the Facility to be entered into between the Company and the O&M Contractor, as amended or superseded from time to time;

  • SCM Agreement means the Agreement on Subsidies and Countervailing Measures in Annex 1A to the WTO Agreement;

  • Hotel Management Agreement means any hotel management agreement relating to the management and operation of the Real Property together with all supplements, amendments and modifications thereto.

  • Franchisor means Marriott International, Inc.

  • Equipment Lease means a Contract for the lease of Equipment or for the purchase of Equipment under a conditional sales or title retention agreement.

  • Use Agreement means the use agreement by and between the Owner and HUD which commences on or before the Effective Date, runs with the land, binds all subsequent owners and creditors of the Exemption Area, and requires that the housing project on the Exemption Area continue to operate on terms at least as advantageous to existing and future tenants as the terms required by the original Section 202 loan agreement or any Section 8 rental assistance payments contract or any other rental housing assistance contract and all applicable federal regulations.

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Franchise insurance means an individual insurance policy provided through a

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Concession Agreement means the Concession Agreement referred to in Recital (A) above and annexed hereto as Annex-A, and shall include all of its Recitals and Schedules and any amendments made thereto in accordance with the provisions contained in this behalf therein;

  • Training Agreement means an agreement registered under the provisions of the Industrial and Commercial Training Act 1985.

  • MCIP Agreement means the Agreement for the Development of a Joint County Industrial and Business Park (2010 Park) dated as of December 1, 2010, as amended, between the County and Xxxxxxxx County, South Carolina, as the same may be further amended or supplemented from time to time, or such other agreement as the County may enter with respect to the Project to offer the benefits of the Special Source Revenue Credits to the Company hereunder.

  • Construction Service Agreement means either an Interconnection Construction Service Agreement or an Upgrade Construction Service Agreement.

  • JV Agreement each partnership or limited liability company agreement (or similar agreement) between a North American Group Member or one of its Subsidiaries and the relevant JV Partner as the same may be amended, restated, supplemented or otherwise modified from time to time, in accordance with the terms hereof.

  • Reseller Agreement means the separate agreement between Customer and Reseller regarding the Services. The Reseller Agreement is independent of and outside the scope of This Agreement.

  • Consortium Agreement means this consortium agreement as well as the pre-amble and all annexes hereto;

  • Vendor Agreement means a contractual agreement for ancillary services or commodities which are not material for the provision of services under the head contract.