Management and Franchise Agreements. There occurs a monetary or material default under a management or franchise agreement with respect to an Unencumbered Borrowing Base Property (which material default shall include any default which would permit the manager or franchisor under any such management or franchise agreement to terminate such management or franchise agreement or would otherwise result in a material increase of the obligations of the Borrower or such Subsidiary of the Borrower that is a party to such management or franchise agreement) and such default is not remedied prior to the date which is the later of (i) the earlier of (A) if no other Default exists, sixty (60) days from the occurrence of the event or condition which caused, led to, or resulted in such default, or (B) the date that a Default (other than the subject Default relative to such management or franchise agreement) occurs and (ii) the last day of the cure period provided in such management or franchise agreement (as applicable).
Management and Franchise Agreements. Tenant shall not, without Landlord’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned with respect to Tenant’s Affiliated Persons), enter into, amend or modify the provisions of, or extend or renew (or allow to be entered into, amended, modified, extended or renewed) any Management Agreement or TA Franchise Agreement. Any agreements entered into pursuant to the provisions of this Section 5.4 shall be subordinate to this Agreement and shall provide, inter alia, that all amounts due from Tenant thereunder shall be subordinate to all amounts due from Tenant to Landlord (provided that, as long as no Event of Default has occurred and is continuing, Tenant may pay all amounts due from it thereunder) and for termination thereof, at Landlord’s option, upon the termination of this Agreement. Tenant shall not take any action, grant any consent or permit any action or consent under, any Management Agreement or TA Franchise Agreement which might have a material adverse effect on Landlord, without the prior written consent of Landlord. Tenant shall enforce, or cause to be enforced, all rights of the franchisor under the TA Franchise Agreements.
Management and Franchise Agreements. There are no existing management contracts or franchise agreements relating to the Property other than (i) the Management Agreement and (ii) the Existing Franchise Agreement. Seller has not received any written notice of any breach or default under the Franchise Agreement which has not been cured.
Management and Franchise Agreements. There are no existing management contracts or franchise (or other similar) agreements relating to the Property other than the Management Agreement and the License Agreement.
Management and Franchise Agreements. There occurs a monetary or material default under a management or franchise agreement with respect to an Unencumbered Borrowing Base Property (which material default shall include any default which would permit the manager or franchisor under any such management or franchise agreement to terminate such management or franchise agreement or would otherwise result in a material increase of the obligations of the Borrower or such Subsidiary of the Borrower that is a party to such management or franchise agreement) and such default is not remedied prior to the date which is the later of (i) the earlier of
Management and Franchise Agreements. The Company has made available to Parent, or otherwise identified, all material management, license and franchise agreements (or forms thereof) to which the Company or any of its Subsidiaries is a party (collectively, the "MATERIAL COMPANY AGREEMENTS") that contain material radius or non-competition restrictions which would prohibit Parent or its Subsidiaries (as determined immediately prior to the Effective Time) from the ownership, operation or management of any of their respective currently owned hotel properties or that require any consent or other action by any Person for, or will be subject to default, termination or cancellation because of, the transactions contemplated hereby, other than (x) those agreements the loss of the net income from which, individually or in the aggregate, would not have a Company Material Adverse Effect or (y) those agreements the Company has the right or the ability to terminate and the loss of net income from which, or any payment required to be made or otherwise payable in connection therewith, individually or in the aggregate, would not have a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received as of the date hereof a notice of default or termination under any Material Company Agreement, except where the existence of such notices, individually or in the aggregate, is not reasonably likely to have a Company Material Adverse Effect.
Management and Franchise Agreements. All management agreements (collectively, "MANAGEMENT AGREEMENTS") and all franchise agreements (collectively, "FRANCHISE AGREEMENTS"), relating to each Grantor's Property are described on SCHEDULE 3.19 attached hereto. All Management Agreements and the Franchise Agreements relating to the Properties identified as "Embassy Suites" hotels on EXHIBIT B attached hereto shall be terminated as of Final Closing and thereafter shall be void and of no further force and effect. The Franchise Agreements for the Properties identified as "Radisson" hotels on EXHIBIT B attached hereto will be assigned with the consent of Radisson Hotels International, Inc. to Optionee (or its designee) on or prior to Final Closing.
Management and Franchise Agreements. Except to the extent ------------------------------------ otherwise provided in Section 6.08, Sellers shall have terminated each of the Franchise Agreements and the Management Agreements.
Management and Franchise Agreements. There are no existing management contracts or franchise agreements relating to the Property other than the License Agreement, dated March 25, 1985, between Xxxxxxx Hospitality Group, Inc. and Perini/Friend Associates as assigned to Seller and Radisson Hotels, Inc. ("RADISSON"), together with all amendments thereto (THE "EXISTING LICENSE AGREEMENT"), to be terminated concurrently with the Closing, nor are there any outstanding or alleged claims, liabilities or amounts due under any such contracts or agreements.
Management and Franchise Agreements. (a) BMC and the applicable Sellers shall have entered into management agreements on substantially the same terms and conditions as BMC would have entered into on the date hereof, in its capacity as a hotel or motel manager, with a third party hotel or motel owner, containing a management fee of five percent (5%) of total hotel or motel revenues for such property and otherwise on arm's-length terms which are mutually acceptable to the parties hereto, in each case, in respect of the hotel properties under development by Sellers listed on Schedule 6.1.2(b).
