Hotel Properties. The Borrower owns no Hotel Properties ---------------- directly and (i) on the Restatement Effective Date, each Hotel Property is owned by a Wholly-Owned Subsidiary of the Borrower and (ii) after the Restatement Effective Date, each Hotel Property is owned by a Wholly-Owned Subsidiary of the Borrower which is a Foreign Subsidiary or a Subsidiary of the Borrower which is a Subsidiary Guarantor. Each Hotel Property which is located in the United States is owned by a Subsidiary Guarantor which is organized under the laws of a state in the United States.
Hotel Properties. CrossHost has good, clear and marketable title to the Hotel Properties. Except as otherwise disclosed in writing to BAC, including without limitation, with regard to the Destin Property, the Hotel Properties are free from any material defect. Each of the Hotel Properties is zoned, and all governmental approvals have been obtained, for the current use of each of the Hotel Properties as hotels.
Hotel Properties. Notwithstanding anything to the contrary contained herein, except for the Liquor Premises Leases, in no event may Borrower enter into a Lease of all or any portion of the Hotel Properties without the prior written consent of Administrative Agent. Borrower shall not amend or terminate any of the Liquor Premises Leases without Administrative Agent’s prior written consent.