Lender Foreclosure. The rights and restrictions contained in this Agreement shall not lapse if the Project is acquired through foreclosure or deed in lieu of foreclosure or similar action, and the provisions hereof shall continue to run with and bind the Project.
Lender Foreclosure. 25. The rights and restrictions contained in this Agreement shall not lapse if the Development is acquired through foreclosure or deed in lieu of foreclosure or similar action, and the provisions hereof shall continue to run with and bind the Development.
Lender Foreclosure. Upon in the event that the lenders identified in the Credit Facilities exercise their right to foreclose on securities pledged pursuant to Section 7.3 of this Agreement, to the extent such securities constitute Class B Units or Class B1 Units, such Class B Units or Class B1 Units (together with a corresponding number of shares of Class B Common Stock or Class B1 Common Stock) shall be automatically converted into shares of Class A Common Stock (subject to equitable adjustments for stock splits, stock dividends and reclassifications in accordance with the terms of the Class B or B1 Exchange Agreement, as applicable) without any action on the part of SunEdison, its Controlled Affiliates, the lenders, the Company, the Managing Member or any other Member, immediately upon the foreclosure.
Lender Foreclosure. If the Lender (or its Affiliate, provided such Affiliate’s, creditworthiness is reasonably satisfactory to Licensor, the Lender guarantees the Affiliate’s obligations under the License Agreement (subject to this Section 1), or another Affiliate of the Lender having creditworthiness reasonably satisfactory to Licensor guarantees such Affiliate’s obligations) acquires Licensee’s right, title and interest in and to the License Agreement through foreclosure or other exercise of the Lender’s rights under its Pledge, the Lender agrees to (i) assume and recognize in writing Licensee’s obligations under the License Agreement and cause Licensee to reaffirm the obligations of Licensee under the License Agreement, (ii) to cure (or cause Licensee to cure) any then existing material defaults under the License Agreement by Licensee within the times reasonably specified by Licensor, and (iii) pay Licensor all accrued but unpaid fees and royalties for the six (6) month period prior to the foreclosure or other exercise of the Lender’s rights under its Pledge; provided that, notwithstanding the foregoing, the Lender shall have the same rights as the Licensee under the License Agreement.
Lender Foreclosure. A. If Lender acquires a Hotel through foreclosure, a transfer of deed in lieu of foreclosure, or through any other exercise of its rights as a secured lender, and Lender desires the Hotel to continue to be operated as a Fairfield Inn hotel, Lender may, by notice to Franchisor within ten (10) days of Lender's acquisition, request Franchisor to approve substitute qualified management for the Hotel pursuant to Paragraph 4. If Franchisor approves substitute management, Lender and Franchisor will execute a new Fairfield Inn franchise agreement ("New Franchise Agreement") within thirty (30) days of Lender's acquisition of the Hotel. The New Franchise Agreement shall be dated as of the date that Lender acquired the Hotel from Franchisee, shall be for a term equal to Franchisee's then remaining term and shall be identical to the Franchise Agreement for such Hotel (as such agreement may have been modified, amended, or supplemented), except that (a) Lender will be the franchisee thereunder and the identity of the management company may change to reflect the approved substitute management, (b) Lender shall not be charged any initial fee, (c) Lender will be required to cure any quality or service deficiencies and shall be subject to any renovation or upgrading requirements that are required under the Franchise Agreement, including commencing the work set forth in the Property Improvement Addendum attached thereto by no later than October 1, 2004 and completing such work no later than April 1, 2005, and (d) Lender shall be given the unconditional right, exercisable upon not less than thirty (30) days' written notice, as its sole remedy to terminate the New Franchise Agreement for any reason for a period ending November 30, 2004. If such termination occurs prior to September 1, 2004, Lender shall have no obligation to pay Franchisor liquidated damages or any other termination fee as a consequence of such termination. If such termination occurs between September 1, 2004 and November 30, 2004, Lender shall be obligated to pay Franchisor liquidated damages in the amount of $25,000 for each New Franchise Agreement that is terminated pursuant to this Paragraph 2.A.(ii).(c). In no event shall Lender be responsible for payment of any amounts owed to Franchisor by Franchisee under the Franchise Agreement.
