Common use of Performance Termination Notice Clause in Contracts

Performance Termination Notice. In order to exercise its termination right pursuant to this Section 2.3, Owner must send written notice to Hyatt (a “Termination Notice”) within 45 days following receipt of the Annual Financial Statement for the 2nd Fiscal Year in the applicable Performance Test Period in which the Hotel did not meet the requirements for passage of the Performance Test. Any Termination Notice shall (i) specify the effective termination date, which shall be no earlier than 90 days and no later than 6 months following Hyatt’s receipt of the Termination Notice, (ii) and (ii) be subject to Hyatt’s option to tender an Adjustment Payment (defined below). If Owner fails to deliver a Termination Notice to Hyatt within such 45 day period, Owner shall have waived its right to terminate this Agreement with respect to the preceding Performance Test Period, and both Fiscal Years comprising any such Performance Test Period shall be deemed to be Fiscal Years in which the Hotel passed the RevPAR Test and the GOP Test.

Performance Termination Notice. In order to exercise its termination right pursuant to this Section 2.3, Owner must send written notice to Hyatt (a “Termination Notice”) within 45 days following receipt of the Annual Financial Statement for the 2nd Fiscal Year in the applicable Performance Test Period in which the Hotel did not meet the requirements for passage of the Performance Test. Any Termination Notice shall (i) specify the effective termination date, which shall be no earlier than 90 days and no later than 6 months following Hyatt’s H▇▇▇▇’▇ receipt of the Termination Notice, (ii) and (ii) be subject to Hyatt’s option to tender an Adjustment Payment (defined below). If Owner fails to deliver a Termination Notice to Hyatt within such 45 day period, Owner shall have waived its right to terminate this Agreement with respect to the preceding Performance Test Period, and both Fiscal Years comprising any such Performance Test Period shall be deemed to be Fiscal Years in which the Hotel passed the RevPAR Test and the GOP Test.