Eligible Hotel definition
Examples of Eligible Hotel in a sentence
The failure of the Administrative Agent to advise the Borrower of non-acceptance of a Hotel as an Eligible Hotel shall not preclude a subsequent determination or notice that such Hotel, or that such Hotel, collectively with all other Eligible Hotels, does not satisfy the requirements for Eligible Hotels set forth herein.
Protective Advances in excess of said sum during any calendar year for any Eligible Hotel shall require the consent of the Requisite Lenders.
If the Borrower or any Borrower Subsidiary owns a leasehold estate in an Eligible Hotel, (A) a certified copy of the Qualified Ground Lease for such Eligible Hotel, together with all amendments and modifications thereto and a recorded memorandum thereof, which Ground Lease shall be satisfactory in all respects to the Lenders, and (B) a ground lessor estoppel executed by the ground lessor and fee owner, which estoppel shall be satisfactory in all respects to the Lenders.
A Borrowing Base Certificate, executed by a Responsible Officer of the Borrower, satisfactory to the Administrative Agent, together with copies of the Eligible Hotel Documents in respect of each of the Eligible Hotels shown listed thereon (except as otherwise provided in Section 7.23(a)).
Certified copies of all Operating Leases and Licenses with respect to each Eligible Hotel which shall be reasonably satisfactory to the Lenders.
Subject to and in accordance with the terms and provisions of this Agreement, the Partnership may, in its sole discretion, provide Development Advances and Property Guaranties to Franchisees of an Eligible Hotel Property from time to time, either as an inducement for the sale of a Franchise or for other reasons deemed appropriate by the General Partner.
Eligible Hotel Chocolat Shareholders will be able to elect for the Partial Share Alternative in relation to some or all of their holdings of Hotel Chocolat Shares, subject to any such Hotel Chocolat Shareholder electing for the Partial Share Alternative in respect of at least 30 per cent.
Eligible Hotel Chocolat Shareholders will be able to elect for the Partial Share Alternative in relation to some or all of their holdings of Hotel Chocolat Shares, subject to any such election being in respect of at least the Minimum Rollover Threshold (as defined in paragraph 2 of this announcement).
In addition, the General Partner shall be entitled to payment of an annual fee (each a "Corporate Services Fee") of $100,000 plus $2,000 per Eligible Hotel Property (pro-rated in the year each such Eligible Hotel Property opens).
The Borrower shall cause at least 50% of the Hotels to be maintained and operated under a License with a nationally recognized franchise affiliation reasonably acceptable to the Administrative Agent, provided that if a License is in default beyond the expiration of any applicable notice or grace period, such Eligible Hotel shall be deemed not to have a License.