Examples of Approved Franchise Agreements in a sentence
The only hotel franchise agreements burdening the Initial Properties (excluding the Permitted Non-Eligible Properties) are the Approved Franchise Agreements.
The Approved Franchise Agreements are in full force and effect and to the knowledge of the Borrower no material defaults by an Approved Participating Lessee exist thereunder.
Lender may require Borrower to provide Lender on a quarterly basis with updated property inspections and other information generated by Borrower (on a property-by-property basis), and in such detail as Lender may reasonably request) to assure Lender that all FF&E work and Capital Expenditure work has been completed in the manner represented by Borrower and in accordance with the requirements of the Loan Documents, any applicable Approved Franchise Agreements or other applicable Legal Requirements.
Except to the extent set forth in certain quality assurance letters delivered in connection with the Approved Franchise Agreements and provided to the Administrative Agent prior to the Closing Date, no event of default by any Borrower, any TRS Lessee or any Subsidiary of any of the foregoing exists under any Material Contract to which any Borrower, any TRS Lessee or any such Subsidiary is a party.
Any Loan Document shall fail to be in full force and effect or to convey the material Liens, rights, powers and privileges purported to be created thereby; or a default by Borrower or TRS Lessee shall occur under any of the other Loan Documents or any of the Approved Franchise Agreements, Approved Management Agreements, TRS Leases or REAs, in each case, beyond the expiration of any applicable cure period.
Any Loan Document shall fail to be in full force and effect or to convey the material Liens, rights, powers and privileges purported to be created thereby; or a default by Borrower shall occur under any of the other Loan Documents; or a default by Property Owner or TRS Lessee shall occur under any of the Approved Franchise Agreements, Approved Management Agreements, TRS Leases or REAs, in each case, beyond the expiration of any applicable cure period.
Borrower shall timely perform all FF&E work and Capital Expenditure work required under Approved Franchise Agreements (including, without limitation, work required pursuant to any Property Improvement Plans) existing from time to time with respect to the Mortgaged Properties and Encumbered Properties.
Lender also rescinds its notice of default set forth in Lender’s letter to Borrower dated as of April 22, 2010, with respect to Borrower’s failure to provide documentary evidence of completion of Required Reserve Expenditures under Approved Franchise Agreements, and waives any Default or Event of Default arising from Borrower’s failure to provide such documentary evidence (although Lender does not waive Borrower’s obligation to comply with all requirements under Approved Franchise Agreements).