New Franchise Agreement. Such documents and instruments that are required to be executed and delivered by Owner JV under the New Franchise Agreement (if applicable) including, without limitation, any guarantees, and evidence of the payment of any all fees associate with the New Franchise Agreement and Franchise Approval;
New Franchise Agreement. Within three (3) business days after the Effective Date, CWI shall submit a franchise application to Franchisor, together with all required related documents and submittals. From and after the Effective Date, CWI shall work in good faith using commercially reasonable efforts to cause Franchisor to commit in writing, in form and substance reasonable acceptable to the parties, to at Closing: (i) terminate the Franchise Agreement, with no cost, expense or liability to Xxxxx or any of their affiliates and to release each of them from any and all obligation therewith (pursuant to a release in form and substance delivered by Franchisor in the ordinary course of business under substantially similar circumstances); and (ii) allow CWI to receive a license to operate the Hotel as a Courtyard by Marriott hotel after the Closing pursuant to a new franchise agreement in the form and substance acceptable to CWI (in CWI’s reasonable discretion) (collectively, the “Franchisor Approval”). If Franchisor has not granted Franchisor Approval by the expiration of the Due Diligence Period, CWI shall have an additional fifteen (15) day period (the “Franchisor Approval Period”) solely to allow CWI to obtain the Franchisor Approval; provided CWI shall be obligated to (a) deposit the Second Deposit in accordance with Section 2.3.3, and (b) notify Xxxxx in writing, prior to the expiration of the Due Diligence Period, of its intent to utilize the Franchisor Approval Period. Upon receipt of the Franchisor Approval during the Franchisor Approval Period, (i) the Franchisor Approval Period shall automatically expire, and (ii) CWI shall have no further right to terminate this Agreement pursuant to Section 2.6.3. If CWI has not obtained the Franchisor Approval by the last day of the Franchisor Approval Period, (1) this Agreement shall automatically terminate, (2) the Escrow Agent shall immediately release and return the Xxxxxxx Money to CWI, (3) CWI shall pay all of the expenses of escrow and (4) neither Party shall have any further obligation to the other Party hereunder, except for the Surviving Obligations. For avoidance of doubt, the Franchisor Approval Period shall in no way act as an extension of the Closing Date.
New Franchise Agreement. The parties acknowledge that Purchaser is attempting to obtain from Hilton Worldwide, Inc. (the “Franchisor”) either a new Franchise Agreement or an assignment or extension of Purchaser’s Franchise Agreement as of the Closing Date (the “New Franchise Agreement”). Seller has obtained from Franchisor a property improvement plan dated September 25, 2018 (the “PIP”), a copy of which will be provided to Purchaser as part of the Submission Matters. Purchaser covenants and agrees to submit a complete franchise application for the Hotel including all required deposits on or before fifteen (15) days following the Effective Date, and to provide Seller evidence of submission by twenty (20) days following the Effective Date, in the form of a written receipt from Franchisor of the franchise deposit and a complete application. In the event Purchaser fails to comply with the foregoing, Seller may, after Purchaser fails to cure such non-compliance within five (5) business days following written notice from the Seller, terminate this Agreement and retain the Xxxxxxx Money as liquidated damages.
New Franchise Agreement. The New Franchise Agreement, a correct and complete copy of which has been delivered to Lender, under which Operating Lessee has the right to operate the hotel located on the Property (“Hotel”) as a Home2 Suites by Hilton, is in full force and effect and there is no default, breach, or violation existing thereunder by any party thereto and there is no default, breach or violation existing thereunder by any party thereto and no event has occurred that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation by any party thereunder. All fees payable under the New Franchise Agreement have been paid through the Effective Date and payment of fees due thereunder is subordinate to the lien created by the Security Instrument. Operating Lessee shall not terminate, modify, renew or extend the New Franchise Agreement, or enter into any agreement relating to the right to operate the Hotel under a name other than "Home2 Suites by Hilton Lubbock", without the prior express written consent of Lender. Operating Lessee shall comply with all terms of the New Franchise Agreement and shall operate the Hotel in compliance with its terms, including, but not limited to, the maintenance and operation of the facilities required to serve alcoholic beverages. New Borrower shall comply with all terms of the Loan Documents regarding the operation of the Property as a hotel. Operating Lessee shall, and shall cause Franchisor to, execute and deliver to Lender a new comfort letter in favor of Lender in form and substance satisfactory to Lender (the "New Comfort Letter"). Following the Effective Date, the term "Franchise Agreement" in the Security Instrument shall refer to the New Franchise Agreement.
New Franchise Agreement. The new license, if granted, shall be granted under the then current form of franchise agreement being offered by SNELXXXX xx new franchisees and no processing fee or initial franchise fee shall be payable for this transaction. If, however, SNELXXXX xxxermines, in its sole discretion, that training is required, SNELXXXX xxxerves the right to require the new FRANCHISEE to pay to SNELXXXX xxx current training fee. The terms of the new franchise agreement may differ from the terms of this AGREEMENT, including, a higher percentage OVERRIDE, PROMOTION FUND contribution, SERVICE FEE or other expenditure requirement.
New Franchise Agreement. The Franchise Agreements of even date herewith (collectively, the "NEW FRANCHISE AGREEMENT"), between New Borrower and Franchisor, true and correct copies of which have been delivered to Lender, pursuant to which New Borrower has the right to operate the hotels under name(s) and/or hotel system(s) controlled by such Franchisor, are in full force and effect and there is no default, breach, or violation existing thereunder by any party thereto and no event has occurred that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation by any party thereunder. All fees due to Franchisor under the Franchise Agreement, and the terms and provisions of the Franchise Agreement, are subordinate to the Security Instrument. New Borrower shall not terminate, cancel, modify, renew or extend the New Franchise Agreement, or enter into any agreement relating to the right to operate the hotel located on the Project under a name other than "SPRINGHILL SUITES BY MARRIOTT" for the portion of the Project located at 17020 N. Scottsdale Road, Scottsdale, Arizona, Phoenix, Arizona or "COURTYARD BY MARRIOTT" for the portion of the Project located at 17010 N. Scottsdale Road, Scottsdale, Arizona, Phoenix, Arizona, without the prior express written consent of Lender. New Borrower shall comply with all terms and conditions of the New Franchise Agreement, including but not limited to the maintenance and operation of the facilities required to serve alcoholic beverages. New Borrower shall comply with all terms and conditions of the Security Instrument regarding the operation of the Project as a hotel, including but not limited to Sections 11 (jj) and 64 of the Security Instrument. The term "Franchise Agreement" in the Security Instrument shall hereinafter refer to the New Franchise Agreement.
New Franchise Agreement. The City Council adopted, at a duly convened ----------------------- meeting on April 3, 2000, an ordinance granting a franchise to EPE, which franchise is attached hereto as Exhibit C. On or before the Closing Date, EPE agrees to execute the Franchise Ordinance attached hereto as Exhibit C.
New Franchise Agreement. Such documents and instruments that are required to be executed and delivered by Purchaser under the New Franchise Agreement (if applicable) including, without limitation, any guarantees;
New Franchise Agreement. (a) It is the parties’ intention that Buyer will continue to operate the Hotel under the same brand as the Hotel is currently operated as of the Effective Date, and this Agreement has been negotiated and entered into based upon that expectation. Buyer shall within five (5) Business Days after the Due Diligence Deadline make application to Franchisor for Franchisor’s approval of the re-issuance of the Franchise Agreement to Buyer (such reissued Franchise Agreement, the “New Franchise Agreement”); provided, however, Seller acknowledges that Buyer may be required to submit additional documentation and/or satisfy additional requirements as requested by the Franchisor in connection with such application. Buyer will use its commercial reasonable efforts to obtain the New Franchise Agreement by Closing, and, upon request at any time, will keep Seller reasonably apprised of its efforts to obtain the New Franchise Agreement and respond promptly to all reasonable inquiries of Seller in this regard, supplying such information as Seller may reasonably request. Seller, at Buyer’s expense, agrees to reasonably cooperate (but without cost or expense to Seller) with Buyer in connection with Buyer’s obtaining the New Franchise Agreement. [NTD:
New Franchise Agreement. Within five (5) business days after the Effective Date, Buyer shall file with Franchisor its application for the issuance the New Franchise Agreement. Franchisor’s final approval of the New Franchise Agreement or a written commitment from Franchisor approving Buyer as a franchisee and committing to enter into a New Franchise Agreement at or upon the Closing is referred to herein as the “Franchisor Approval.” Buyer shall pay all its fees and costs related to the issuance of the New Franchise Agreement (including, without limitation, (i) any costs charged to Seller to effectuate the termination of Seller’s Existing Franchise Agreement or (ii) any costs or expenses in the event of Franchisor denying Buyer’s request for the issuance of the New Franchise Agreement, (those fees that are to be the sole responsibility of Buyer exclude any fees associated with the Seller’s Change of Ownership PIP report from the Franchisor, but specifically include the cost of any PIP work referenced therein).
