Matters Concerning Franchisor. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, Lender shall have the right to cause Borrower to cause Mortgage Borrower or Baltimore Owner to terminate any Franchise Agreement upon the occurrence of any one or more of the following: (a) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable Franchise Agreement to be terminated is then between Borrower and a Qualified Franchisor not an Affiliate of Mortgage Borrower, Borrower or Baltimore Owner), (b) Franchisor shall become bankrupt or insolvent, (c) Franchisor defaults under any Franchise Agreement beyond all applicable notice and cure periods or (d) Mortgage Lender (or its designee) takes title to the related Individual Property. Lender acknowledges that a franchisor unaffiliated with Borrower, Mortgage Borrower or Baltimore Owner may terminate any applicable franchise agreement if it is not being paid the franchise fees due under such franchise agreement.
Matters Concerning Franchisor. If (a) the Debt has been accelerated pursuant to Section 8.1(b) hereof, (b) any Franchisor shall become bankrupt or insolvent, or (c) a default by the related Franchisor occurs under any Franchise Agreement which Franchise Agreement provides for the termination of Franchisor thereunder upon such default without the payment of any termination fee, Borrower shall, at the request of Lender, terminate such Franchise Agreement and replace the related Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement.
Matters Concerning Franchisor. If (a) Franchisor shall become bankrupt or insolvent, or (b) a material default occurs under the Franchise Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (i) Franchisor shall become bankrupt or insolvent or (ii) a default on the part of Franchisor occurs under the Franchise Agreement beyond all applicable notice and cure period which would give Borrower the right to terminate the Franchise pursuant to the teinis thereof, Borrower shall, at the request of Lender, shall use diligent good faith efforts to terminate the Franchise Agreement, and upon the effectiveness of any such termination replace the Franchisor with a franchisor selected by Borrower and approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (a) the Debt has been accelerated pursuant to Article 10 hereof, (b) Franchisor shall become insolvent or a debtor in any Bankruptcy Action or (c) an event of default occurs under the Franchise Agreement, Borrower shall, to the extent permitted under the Franchise Agreement, at Lender’s request, terminate (or cause Master Lessee to terminate) the Franchise Agreement and replace Franchisor with a franchisor approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If a material default occurs under the Franchise Agreement which is not cured or waived within the applicable cure period provided thereunder, Borrower shall, at the request of Lender, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement within thirty (30) Business Days of such request.
Matters Concerning Franchisor. If (a) the Debt has been accelerated pursuant to Section 10.1(b) hereof, (b) Franchisor shall become insolvent or a debtor in any Bankruptcy Action or (c) an event of default occurs under the Franchise Agreement beyond any applicable notice and cure period, Borrower or Op Co Pledgor shall cause Mortgage Borrower or Operating Lessee to, at Lender’s request, terminate the Franchise Agreement (to the extent such party has the ability to terminate the Franchise Agreement pursuant to its terms) and replace Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such Qualified Franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If a Franchisor is in default under the terms of its Franchise Agreement beyond any applicable grace or cure period, then Borrower shall, at the request of Lender, terminate such Franchise Agreement pursuant to its terms and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such Qualified Franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (i) Franchisor shall become bankrupt or insolvent or (b) a material default on the part of Franchisor occurs under the Franchise Agreement giving Mortgage Borrower or Operating Company, as applicable, the right to terminate the Franchise Agreement, Borrower shall cause Mortgage Borrower or Operating Company, as applicable, to, at the request of Lender, subject to the rights of Mortgage Lender under Section 9.6 of the Mortgage Loan Agreement and Senior Mezzanine Lender under Section 9.6 of the Senior Mezzanine Loan Agreement, terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
Matters Concerning Franchisor. If (a) Franchisor shall become bankrupt or insolvent or (b) a default occurs under the Franchise Agreement, Borrower shall, at the request of Lender, cause Operating Lessee to terminate the Franchise Agreement and replace the Franchisor with a Qualified Franchisor approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the franchise fee for such replacement franchisor shall not exceed then prevailing market rates.
