Hospitality Provisions Sample Clauses

Hospitality Provisions. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property operated pursuant to a franchise or license agreement includes an executed comfort letter or similar agreement signed by the related Mortgagor and franchisor or licensor of such property that, subject to the applicable terms of such franchise or license agreement and comfort letter or similar agreement, is enforceable by the Trust against such franchisor or licensor either (A) directly or as an assignee of the originator, or (B) upon Mortgage Loan Seller’s or its designee’s providing notice of the transfer of the Mortgage Loan to the Trust in accordance with the terms of such executed comfort letter or similar agreement, which the Mortgage Loan Seller or its designee shall provide, or if neither (A) nor (B) is applicable, the Mortgage Loan Seller or its designee shall apply for, on the Trust’s behalf, a new comfort letter or similar agreement as of the Closing Date. The Mortgage or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office. For the avoidance of doubt, no representation is made as to the perfection of any security interest in revenues to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required to effect such perfection.
Hospitality Provisions. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property operated pursuant to a franchise agreement includes an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of such property enforceable by the Trust against such franchisor, either directly or as an assignee of the originator. The Mortgage or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office.
Hospitality Provisions. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property is operated pursuant to a franchise agreement. The Mortgage or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office. For the avoidance of doubt, no representation is made as to the perfection of any security interest in revenues to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required to effect such perfection.
Hospitality Provisions. Soho Beach House (Loan No. 2) The related borrower maintains an operating lease (the “Operating Lease”) structure with Soho House Beach House, LLC, a Delaware limited liability company (“Operating Tenant”) (which has a common parent with the related borrower). The term of the Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception Operating Lease commenced on March 15, 2014 and expires on September 30, 2024, subject to three five (5) year renewal options more particularly described therein. During the initial term of the Operating Lease, annual base rent is $6,791,909. Operating Tenant’s obligations under the Operating Lease are guaranteed by US AcquireCo, Inc. (the guarantor of the subject Mortgage Loan) and Soho House Group Limited. Pursuant to the Operating Lease, Operating Tenant operates and manages the property as a hotel and private members club under the name Soho Beach House and is the owner of all revenue generated from the operation of the related Mortgaged Property and certain personal property used in connection with operations, and is required to continuously operate the club under the name Soho Beach House or similar name in a substantially similar manner to other so-called “Soho Houses” and private clubs and hotels operated by Soho House Group Limited and its affiliates under the “Soho” brand. Pursuant to the Operating Lease and a subordination agreement, Operating Tenant has agreed to comply with the cash management system established in connection with the Mortgage Loan, including depositing all rents and other gross revenues from the operation of the related Mortgaged Property directly into a lockbox controlled by the mortgage lender. Operating Tenant has pledged all property owned by Operating Tenant, including rents and other gross revenues and personal property, to the related borrower, as landlord, as security for the obligation of Operating Tenant to the related borrower under the Operating Lease. As security for the subject Mortgage Loan, the related borrower has pledged to the mortgage lender all of its interests in the related Mortgaged Property, which includes all of the related borrower’s rights and interest under the Operating Tenant Security Agreement made by Operating Tenant in favor of the related borrower, pursuant to which as security for Operating Tenant’s obligations under the Operating Lease, Operating Tenant pledged to the related borrower, as landlord, all ...
Hospitality Provisions. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property operated pursuant to a franchise agreement includes an executed comfort letter or similar agreement 5a Review the appraisals to determine if any of the properties are specifically identified as hospitality properties. If so, review the Mortgage File to determine if there exists a franchise agreement and Appraisal; franchise agreement; Comfort letter or similar agreement signed by