Franchise Provisions Sample Clauses

Franchise Provisions. (a) Each Borrower and IDOT Guarantor, as applicable, shall obtain the approval of Lender, which approval shall not be unreasonably withheld or delayed by Lender, before entering into any franchise agreement (the “Franchise Agreement”) unless such Franchise Agreement is with any Qualified Franchisor that provides for, or permits, the operation of any Individual Property under such Franchisor’s brand or “flag”. Any Franchise Agreement must include, among other things, rights in the Franchisor’s reservation system and a term which expires no earlier than the Maturity Date. Borrower or IDOT Guarantor, as applicable, shall deliver to Lender any such Franchise Agreement including the then prevailing form of a Qualified Franchisor. Lender expressly acknowledges and agrees that: (a) with respect to the Portsmouth Property that certain Relicensing Franchise Agreement dated as of December 19, 2003 between Marriott International, Inc. and HHC TRS Portsmouth LLC, a Delaware limited liability company, and (b) with respect to the Baltimore Property that certain Hilton Garden Inn License Agreement dated as of December 12, 2000 between Hilton Inns, Inc. and HHC TRS OP LLC, a Delaware limited liability company are acceptable Franchise Agreements.
Sample 1
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Franchise Provisions. (a) Borrower shall obtain the approval of Lender, which approval shall not be unreasonably withheld or delayed by Lender, before entering into any franchise agreement (the “Franchise Agreement”) with any Franchisor that provides for, or permits, the operation of the Property under such Franchisor’s brand or “flag.” Any Franchise Agreement must include, among other things, rights in the Franchisor’s reservation system and a term of not less than the remaining Term. Borrower shall deliver to Lender any such Franchise Agreement for Lender’s review and approval. Lender expressly acknowledges and agrees that Hilton Inns, Inc. is an acceptable Franchisor and that certain Franchise License Agreement, dated as of June 23, 2005 as amended between Hilton Inns, Inc. and Operating Tenant relating to the Property is an acceptable Franchise Agreement.
Sample 1
Franchise Provisions. (a) Borrower shall obtain the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed by Lender, before causing or permitting Mortgage Borrower to enter into any franchise agreement (a “Franchise Agreement”) with any Qualified Franchisor, providing for the operation of the Property. Any Franchise Agreement must include, among other things, rights in the Franchisor’s reservation system and a term of not less than the remaining term of the Loan. Borrower shall deliver or cause to be delivered to Lender any such Franchise Agreement and the related Comfort Letter (as defined herein) for Lender’s review and approval, which approval shall not be unreasonably withheld or delayed.
Sample 1
Franchise Provisions. 45 4.27 Interest Rate Cap Agreement.....................................45 4.27.1 Purchase and Maintenance of Interest Rate Cap...................45 4.27.2 Transfer or Release of Interest Rate Cap Agreement Upon Permitted Assumption of Loan..............................46
Sample 1
Franchise Provisions. Borrower shall obtain the approval of Lender, which approval shall not be unreasonably withheld or delayed by Lender, before entering into any license agreement (the "License Agreement") with any Licensor (hereafter defined), providing for the operation of the Premises. Borrower shall deliver to Lender any such License Agreement for Lender's review and approval, which approval shall not be unreasonably withheld, conditioned or delayed.
Sample 1
Franchise Provisions. (a) Lender acknowledges and agrees that, as of the Closing Date, (i) Borrower is indirectly owned in whole by Wyndham; (ii) the Property is operated as a “Wyndham” or “Summerfield Suites” hotel and is not subject to a franchise agreement or other agreement in connection with such operation other than the Management Agreement. Borrower shall obtain the approval of Lender, which approval shall not be unreasonably withheld or delayed by Lender, before entering into any franchise agreement (the “Franchise Agreement”) with any franchisor (the “Franchisor”) that provides for, or permits, the operation of the Property under such Franchisor’s brand or “flag”. Any Franchise Agreement must include, among other things, rights in the Franchisor’s reservation system and a term of not less than the remaining term of the Loan. Borrower shall deliver to Lender any such Franchise Agreement for Lender’s review and approval.
Sample 1

Related to Franchise Provisions

  • Governing Provisions This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are also provisions of this Agreement. If there is a difference or conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan will govern. By signing this Agreement, the Grantee confirms that he or she has received a copy of the Plan.

  • Leave Provisions Clause No. Title

  • Overriding Provisions (a) Any Transfer in violation of this Article X shall be null and void ab initio, and the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation of this Article X shall not become a Member, shall not be entitled to vote on any matters coming before the Members and shall not have any other rights in or with respect to any rights of a Member of the Company. The approval of any Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant to this Article X.

  • Mortgage Provisions The Mortgage Loan documents for each Mortgage Loan, together with applicable state law, contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.

  • EXPENSE PROVISION Until this agreement shall be amended or terminated pursuant to Section 2 or Section 5 hereof, the Manager agrees, with respect to Class Z6, to pay or provide for the payment of any fee or expense allocated at the class level and attributable to Class Z6 and waive a portion of the management fee payable by such class, such that the ordinary operating expenses incurred by Class Z6 in any fiscal year (excluding (i) taxes; (ii) the fees and expenses of all Trustees of the Trust who are not “interested persons” of the Trust or of the Adviser; (iii) interest expenses with respect to borrowings by the Fund; (iv) Rule 12b-1 fees, if any; (v) expenses of printing and mailing proxy materials to shareholders of the Fund; (vi) all other expenses incidental to holding meetings of the Fund’s shareholders, including proxy solicitations therefor; and (vii) such non-recurring and/or extraordinary expenses as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Trust’s Trustees and officers with respect thereto) as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable, will not exceed the annual rate set forth in Schedule A of the average daily net assets of the class (computed in the manner set forth in the Trust’s Trust Instrument) throughout the month. For avoidance of doubt, it is understood that this agreement shall not apply to any other class other than Class Z6 of the Fund.

  • Conditions Term of Agreement 53 3.1 Conditions Precedent to the Initial Extension of Credit.........53 3.2 Conditions Subsequent to the Initial Extension of Credit........56

  • OPERATIVE PROVISIONS 1. In this Agreement words and expressions which are defined in the General Conditions of Contract shall have the same meanings as are respectively assigned to them in the General Conditions of Contract.

  • General Leave Provisions 21.1.1 Except where explicitly noted in Article 00 Xxxxx Xxxxx, the Employer may implement, modify, or eliminate the leaves of absence as outlined in this Article and consistent with all state and federal leave requirements. The Employer reserves the right to modify its Leave of Absence policies. The Employer will inform the Union of any material and substantial changes in its Leave of Absence policies prior to implementation.

  • Remaining Provisions Except as expressly modified by this Amendment, the Employment Agreement shall remain in full force and effect. This Amendment embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, oral or written, relative thereto.

  • Vesting Provisions The Options shall become exercisable in five equal installments on each of the first five anniversaries of the Grant Date, subject to the Employee’s continuous employment with Holding or any Subsidiary from the Grant Date to such anniversary.

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