Management and Franchise Agreements. There occurs a monetary or material default under a management or franchise agreement with respect to an Unencumbered Borrowing Base Property (which material default shall include any default which would permit the manager or franchisor under any such management or franchise agreement to terminate such management or franchise agreement or would otherwise result in a material increase of the obligations of the Borrower or such Subsidiary of the Borrower that is a party to such management or franchise agreement) and such default is not remedied prior to the date which is the later of (i) the earlier of (A) if no other Default exists, sixty (60) days from the occurrence of the event or condition which caused, led to, or resulted in such default, or (B) the date that a Default (other than the subject Default relative to such management or franchise agreement) occurs and (ii) the last day of the cure period provided in such management or franchise agreement (as applicable).
Management and Franchise Agreements. Tenant shall not, without Landlord’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned with respect to Tenant’s Affiliated Persons), enter into, amend or modify the provisions of, or extend or renew (or allow to be entered into, amended, modified, extended or renewed) any Management Agreement or TA Franchise Agreement. Any agreements entered into pursuant to the provisions of this Section 5.4 shall be subordinate to this Agreement and shall provide, inter alia, that all amounts due from Tenant thereunder shall be subordinate to all amounts due from Tenant to Landlord (provided that, as long as no Event of Default has occurred and is continuing, Tenant may pay all amounts due from it thereunder) and for termination thereof, at Landlord’s option, upon the termination of this Agreement. Tenant shall not take any action, grant any consent or permit any action or consent under, any Management Agreement or TA Franchise Agreement which might have a material adverse effect on Landlord, without the prior written consent of Landlord. Tenant shall enforce, or cause to be enforced, all rights of the franchisor under the TA Franchise Agreements.
Management and Franchise Agreements. There are no existing management contracts or franchise agreements relating to the Property other than (i) the Management Agreement and (ii) the Existing Franchise Agreement. Seller has not received any written notice of any breach or default under the Franchise Agreement which has not been cured.
Management and Franchise Agreements. There are no existing management contracts or franchise (or other similar) agreements relating to the Property other than the Management Agreement and the License Agreement.
Management and Franchise Agreements. There occurs a monetary or material default under a management or franchise agreement with respect to an Unencumbered Borrowing Base Property (which material default shall include any default which would permit the manager or franchisor under any such management or franchise agreement to terminate such management or franchise agreement or would otherwise result in a material increase of the obligations of the Borrower or such Subsidiary of the Borrower that is a party to such management or franchise agreement) and such default is not remedied prior to the date which is the later of (i) the earlier of
Management and Franchise Agreements. The Company has made available to Parent, or otherwise identified, all material management, license and franchise agreements (or forms thereof) to which the Company or any of its Subsidiaries is a party (collectively, the "Material Company Agreements") that contain material radius or non-competition restrictions which would prohibit Parent or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Material Adverse Effect or (y) those agreements the Company has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Material Adverse Effect.
Management and Franchise Agreements. 6.21 Borrower shall not terminate, modify, amend or enter into any management agreement or any franchise agreement, without the prior written approval of Lender.
Management and Franchise Agreements. There are no existing management contracts or franchise agreements relating to the Property other than (a) the Management Agreement, dated as of August 12, 2005, by and between Seller’s Operating Tenant and Manager (together with all amendments thereto, the “Existing Management Agreement”), which is intended to be terminated and replaced by a management agreement between Tar Heel Lessee LLC, a Delaware limited liability company (“Purchaser’s Operating Tenant”) and Manager, concurrently with the Closing (the “Replacement Management Agreement”) and (b) the Franchise License Agreement, effective as of August 25, 2005, by and between Seller’s Operating Tenant and Doubletree Hotel Systems, Inc. (the “Franchisor”), which is intended to be terminated and replaced by a franchise license agreement between Purchaser’s Operating Tenant and Franchisor concurrently with the Closing (the “Franchise Agreement”).
Management and Franchise Agreements. There are no management agreements, franchise agreements, license agreements or similar agreements for the operation or management of the Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, other than the Franchise Agreement.
Management and Franchise Agreements. 9.9.1 Prior to the expiration of the Due Diligence Period, but in no event later than the Closing Date, Summit and Investor shall use commercially reasonable efforts to negotiate new Management Agreements for the Projects with Project Manager on the terms agreed-to between the Parties on or about the Effective Date. Prior to the Closing, Investor shall execute and deliver, and shall use commercially reasonable efforts to cause Project Manager to execute and deliver (or acknowledge, as applicable) (i) the Management Agreements, and (ii) an Assignment of Management Agreement for each Project, in the form agreed to by Summit and Project Manager prior to the expiration of the Due Diligence Period. Notwithstanding the foregoing, the Projects shall be delivered at the Closing free and clear of the Existing Management Agreements. Investor will (and shall use commercially reasonable efforts to cause Existing Manager to) reasonably cooperate with Summit and Project Manager in the transition of the management of the Projects.
