Financing of the Hotel Sample Clauses

Financing of the Hotel. Franchisee and each Interestholder in Franchisee may gxxxx x xxxx or other security interest in the Hotel or the revenues of the Hotel, or pledge Ownership Interests in Franchisee or a Control Affiliate as collateral for the financing of the Hotel. If any Person exercises its rights under such lien, security interest or pledge, Franchisor will have the rights under Section 19.1. Franchisee will not pledge this Agreement as collateral or grant a security interest in this Agreement, but Franchisor may provide a comfort letter to a lender in the form included in the then-current Disclosure Document and, if it does so, Franchisee will pay the then-current lender comfort letter processing fee.
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Financing of the Hotel. Franchisee will not, and will cause each Interestholder in Franchisee to not, incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or the revenues of the Hotel or pledge of Ownership Interests in Franchisee (whether such indebtedness is incurred (i) individually on behalf of the Hotel or (ii) on a pooled basis with other hotels or legal entities (a “Financed Pool”)) unless the following conditions are met at the time the indebtedness is incurred or replaced: (1) the indebtedness is with a Lender; (2) the terms of such indebtedness are consistent with prevailing commercial practices of Lenders at that time in the country in which the Hotel is located; and (3) there is no violation of Section 17.7 of this Agreement. Franchisee will give notice to Franchisor of the component hotels and legal entities in a Financed Pool before incurring such indebtedness.
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Financing of the Hotel. Owner shall not incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of the stock, partnership, membership or other ownership interests in Owner or Franchisee unless the following conditions are met: (1) the terms of such indebtedness are commercially reasonable, (2) commencing on the third anniversary of the Opening Date, the debt coverage ratio is equal to or greater than 1.3, and (3) the lender is not a Competitor or an affiliate of a Competitor. The debt coverage ratio shall be the ratio of (a) cash available for the payment of the annual debt service payments (interest and principal) based on the cash flow from the Hotel (after deduction for any management fee and reserve required under such management agreement or as a condition to such financing) for the twelve (12) months immediately preceding the written commitment for such indebtedness, to (b) the amount of such annual debt service payments.
Sample 1Sample 2Sample 3
Financing of the Hotel. Owner shall not incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of the stock, partnership, membership or other ownership interests in Owner or Franchisee (whether such indebtedness is incurred (i) individually on behalf of the Hotel or (ii) on a pooled basis with other hotels or legal entities (a “Financed Pool”)) unless the following conditions are met: (1) the terms of such indebtedness are commercially reasonable, (2) commencing on the third anniversary of the Opening Date, the debt coverage ratio is equal to or greater than 1.3, and (3) the lender is not a Competitor or an affiliate of a Competitor. The debt coverage ratio shall be the ratio of (a) cash available for the payment of the annual debt service payments (interest and principal) based on the cash flow from the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) (after deduction for any management fee and reserve required under such management agreement or as a condition to such financing) for the twelve (12) months immediately preceding the written commitment for such indebtedness, to (b) the amount of such annual debt service payments. Owner shall give written notice to Franchisor of the component hotels and legal entities in a Financed Pool prior to incurring such indebtedness.
Sample 1Sample 2Sample 3
Financing of the Hotel. Owner shall not incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of the stock, partnership, membership or other ownership interests in Owner or Franchisee (whether such indebtedness is incurred (i) individually on behalf of the Hotel or (ii) on a pooled basis with other hotels or legal entities (a “Financed Pool”)) unless the following conditions are met: (1) the terms of such indebtedness are commercially reasonable, (2) commencing on the third anniversary of the Opening Date, the debt coverage ratio is equal to or greater than 1.3, and (3) the lender is not a Competitor or an affiliate of a Competitor. The debt coverage ratio shall be the ratio of (a) cash available for the payment of the annual debt service payments (interest and principal) based on the cash flow from the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) (after deduction for any management fee and reserve required under such management agreement or as a condition to such financing) for the twelve (12) months immediately preceding the written commitment for such indebtedness, to (b) the amount of such annual debt service payments. The chief financial officer of Owner (or other officer performing the equivalent function) shall certify in writing to Franchisor that Owner has complied with the provisions of this Section 7 at the time that Owner shall incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of ownership interests in Owner. Owner shall give prompt written notice to Franchisor of the component hotels and legal entities in a Financed Pool prior to incurring such indebtedness.
Sample 1Sample 2Sample 3
Financing of the Hotel. Owner and each Interestholder in Owner may gxxxx x xxxx or other security interest in the Hotel or the revenues of the Hotel, or pledge Ownership Interests in Owner or a Control Affiliate as collateral for the financing of the Hotel. If any Person exercises its rights under such lien, security interest or pledge, Franchisor will have the rights under Section 8.1 of this Agreement and Section 19.1 of the Franchise Agreement. Owner will not pledge this Agreement as collateral or grant a security interest in this Agreement.
Sample 1Sample 2Sample 3
Financing of the Hotel. Owner will not, and will cause each Interestholder in Owner to not, incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of Ownership Interests in Owner (whether such indebtedness is incurred (i) individually on behalf of the Hotel or (ii) on a pooled basis with other hotels or legal entities (a “Financed Pool”)) unless the following conditions are met at the time the indebtedness is incurred or replaced: (1) the terms of such indebtedness are commercially 574369v2 – Charlotte/Matthews, NC Xxxxxxxxx Xxx & Xxxxxx 000000x0 (03/31/2010) 3/16/2011 reasonable; (2) the debt coverage ratio is equal to or greater than 1.3; and (3) the lender is not a Competitor or an Affiliate of a Competitor. The condition set forth in clause (2) of the immediately preceding sentence will not apply to indebtedness incurred prior to the third anniversary of the Opening Date to finance the construction of the Hotel (or the conversion of such construction financing to permanent financing, if such permanent financing is obtained at the same closing as the construction financing). The debt coverage ratio as of any calculation date is the ratio of: (a) cash available for the payment of debt service (interest and principal) for the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) from Gross Revenues (after deduction for any management fee or reserve required under the Franchise Agreement, any management agreement, or under the terms of any financing) of the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) for the twelve (12) months immediately preceding such calculation date, to (b) the greater of (x) the actual contractual amount of debt service payments required to be made during the twelve (12) month period after the calculation date for the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) or (y) the amount of debt service payments that would be required to be made during the twelve (12) month period after the calculation date for the Hotel (or hotels, including the Hotel, that are part of the Financed Pool) assuming the indebtedness bears interest at an interest rate of 7.5% and has a 20-year mortgage-style principal amortization. Owner will give notice to Franchisor of the component hotels and legal entities in a Financed Pool before incurring such indebtedness.
Sample 1
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Financing of the Hotel. Owner will not, and will cause each Interestholder in Owner to not, incur or replace any indebtedness that is secured by a lien on or mortgage of the Hotel or pledge of Ownership Interests in Owner (whether such indebtedness is incurred (i) individually on behalf of the Hotel or (ii) on a pooled basis with other hotels or legal entities (a “Financed Pool”)) unless the following conditions are met at the time the indebtedness is incurred or replaced: (1) the terms of such indebtedness are commercially reasonable; (2) the debt coverage ratio is equal to or greater than 1.3; and (3) the lender is not a Competitor or an Affiliate of a Competitor. The condition set forth in clause (2) of the immediately preceding sentence will not apply to indebtedness incurred prior to the third anniversary of the Opening Date to finance the construction of the Hotel (or the conversion of such construction financing to permanent financing, if such permanent financing is obtained at the same closing as the construction
Sample 1

Related to Financing of the Hotel

  • Management of the Trust The business and affairs of the Trust shall be managed by or under the direction of the Trustees, and they shall have all powers necessary or desirable to carry out that responsibility. The Trustees may execute all instruments and take all action they deem necessary or desirable to promote the interests of the Trust. Any determination made by the Trustees in good faith as to what is in the interests of the Trust shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

  • Additional Loan Documents Borrower shall have executed and delivered to Lender such other documents as shall have been requested by Lender to renew, and extend, the Loan Documents to secure payment of the Obligations of Borrower, all in form satisfactory to Lender and its counsel.

  • MODIFICATION OF CREDIT AGREEMENT The Credit Agreement is hereby amended as follows:

  • CONDITIONS OF INITIAL EXTENSION OF CREDIT The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction of all of the following conditions:

  • Conditions of Credit The obtaining or maintaining of credit hereunder shall be subject to the terms and conditions contained in this Article 8.

  • Amendment of Credit Agreement The Credit Agreement is hereby amended as follows:

  • Refinancing of Swingline Loans (i) The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline Lender shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount specified in such Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender.

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