Examples of Approved Franchise Agreement in a sentence
The Borrower will not, nor will it permit any of its Subsidiaries (other than Permitted Other Subsidiaries) or any Approved Participating Lessee (other than as a lessee of a Permitted Non-Eligible Property) to enter into any termination, material modification or amendment of any Approved Franchise Agreement except in connection with the conversion of a Hotel Property from an Approved Franchise Agreement with one Approved Franchisor to an Approved Franchise Agreement with another Approved Franchisor.
Schedule 4.21 sets forth, as of the date of this Agreement, (a) which franchise agreements the Borrower expects to terminate, (b) the expected date of such termination, (c) the expected fees, if any, which will be owed to the franchisor being terminated in connection with such termination and (d) the expected replacement Approved Franchisor and the material terms of the expected replacement Approved Franchise Agreement.
For purposes of this Section 5.10, a "material default" shall mean a monetary default and any default, which if not cured, would be a default under any applicable Approved Franchise Agreement and Approved Management Agreement allowing the Person party to such agreement to terminate such agreement.
The Approved Participating Lessee for a Hotel Property subject to an Approved Franchise Agreement is the licensee under such Approved Franchise Agreement and no consent is necessary to such Person being the licensee under such Approved Franchise Agreement which has not already been obtained.
Neither the Borrower, the Parent nor any of their Subsidiaries is in default under or with respect to (i) any contract, agreement, lease or other instrument which could reasonably be expected to cause a Material Adverse Change or (ii) any Qualified Ground Lease, Approved Participating Lease, Approved Franchise Agreement or Approved Management Agreement.
If at the time of acquisition of a Hotel Property such Hotel Property is operated pursuant to a franchise or license agreement, then (i) such Hotel Property must be subject to an Approved Franchise Agreement with an Approved Franchisor, (ii) no material default by the franchisee under the Approved Franchise Agreement exists, and (iii) the Approved Franchise Agreement remains in full force and effect.
To Borrower’s knowledge, neither Borrower, nor to Borrower’s knowledge, any other party thereto, is in material default under any Approved Franchise Agreement.
Except for any Approved Franchise Agreement, no franchise license agreements are in effect with respect to the Property.
Applications for reverted funding will be completed online at www.fundingmt.org (Funding MT) as a separate funding opportunity and grant.
To Borrower’s knowledge, none of Property Owner, TRS Lessee, or to Borrower’s knowledge, any other party thereto, is in material default under any Approved Franchise Agreement.