Hotel Asset definition
Hotel Asset means Real Property (other than any Joint Venture Asset) that operates or is intended to be operated as a hotel, resort or other lodging for transient use of rooms or is a structure from which a hotel, resort or other lodging for transient use of rooms is operated or intended to be operated.
Hotel Asset means, an Eligible Asset with respect to which the Mortgaged Property consists of one or more hotel properties.
Hotel Asset means Real Property and related personal property (other than any Joint Venture Asset) that operates or is intended to be operated as a hotel, resort or other lodging for transient use of rooms or is a structure from which a hotel, resort or other lodging for transient use of rooms is operated or intended to be operated. For the avoidance of doubt, (a) Development Assets and Recently Developed Assets shall not be classified as Hotel Assets hereunder until the date indicated in the last sentence of the definition of Development Asset herein, and (b) Redevelopment Assets and Recently Redeveloped Assets shall not be classified as Hotel Assets hereunder until the date indicated in the last sentence of the definition of Redevelopment Asset herein.
Examples of Hotel Asset in a sentence
Nothing herein shall obligate any Seller to cause any Hotel Asset to be Restored.
At all times cause each Hotel Asset to be subject to a franchise agreement or similar arrangement with an Approved Franchisor.
Promptly following delivery by any property manager to any Seller(s) of financial and/or other reports relating to any Hotel Asset, including without limitation, monthly financial reports, Seller(s) shall deliver or make available to Purchaser true, complete and correct copies of the same.
At Purchaser’s request, Sellers shall cooperate with Purchaser to enter into new property management contracts with the property managers for each Hotel Asset, including after Sellers send a termination notice with respect to such Management Agreement pursuant to the previous sentence.
Notwithstanding anything to the contrary contained herein, if any Seller willfully breaches this Agreement and sells its applicable Hotel Asset to someone other than Purchaser while this Agreement is in effect, then Purchaser shall be entitled to bring an action against Sellers to recover all of its damages and costs relating to such breach, including, but not limited to, actual, compensatory, consequential, special and punitive damages.
More Definitions of Hotel Asset
Hotel Asset. Any Purchased Asset that is secured by (or with respect to any Senior Interest, the related Whole Loan is secured by) one or more Mortgaged Properties that are hotel properties.
Hotel Asset. An Asset, the underlying Mortgaged Property for which is primarily for use as a hotel (as determined by Buyer in its discretion in the case of mixed used property).
Hotel Asset means a particular Hotel, together with all portions of the Property exclusively related or incidental thereto or exclusively used in or held for use in the operation thereof.
Hotel Asset. A Purchased Asset that is directly or indirectly secured by one or more hotel properties.
Hotel Asset means a hotel Project (including associated parking lots and structures).
Hotel Asset means a particular Hotel, together with all portions of the Property exclusively related or incidental thereto or exclusively used in or held for use in the operation thereof. For the avoidance of doubt the Property shall not include, and Sellers shall not convey to Purchaser, any real property, improvements, leases, personal property, intangible property, inventory or other assets or property of any kind comprising of or related to the hotels listed on Schedule 8 hereto (each, an “Excluded Hotel Asset”), unless and until an applicable Excluded Hotel Asset is substituted for a Hotel Asset in accordance with the express terms of Section 2.6 hereof.
Hotel Asset. An Asset for which the related Mortgaged Property’s primary use is as a hotel. If a Mortgaged Property is a mixed use property, then Buyer shall determine in its discretion if such Mortgaged Property’s primary use is as a hotel. “Income”: With respect to any Purchased Asset, all of the following (in each case with respect to the entire par amount of the Asset represented by such Purchased Asset and not just with respect to the portion of the par amount represented by the Purchase Price advanced against such Asset) without duplication: (a) all Principal Payments, (b) all Interest Payments, and (c) all other income, distributions, receipts, payments, collections, prepayments, recoveries, proceeds (including insurance and condemnation proceeds) and other payments or amounts of any kind paid, received, collected, recovered or distributed on, in connection with or in respect of such Purchased Asset, including Principal Payments, Interest Payments, prepayment fees, extension fees, exit fees, defeasance fees, transfer fees, make whole fees, late charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance charges, penalties, default interest, dividends, gains, receipts, allocations, rents, interests, profits, payments in kind, returns or repayment of contributions, net sale, foreclosure, liquidation, securitization or other disposition proceeds, insurance payments, settlements and proceeds; provided, that any amounts that under the applicable Purchased Asset Documents are required to be deposited into and held in escrow or reserve to be used for a specific purpose, such as taxes and insurance, shall not be included in the term “Income” unless and until (i) an event of default exists under such Purchased Asset Documents, (ii) the holder of the related Purchased Asset has exercised or is entitled to exercise rights and remedies with respect to such amounts, (iii) such amounts are no longer required to be held for such purpose under such Purchased Asset Documents, or (iv) such amounts may be applied to all or a portion of the outstanding indebtedness under such Purchased Asset Documents, and provided, further, that “Income” from Senior Interests shall include, without limitation, Seller’s share of all amounts payable in respect of each such Senior Interest and the underlying Whole Loan pursuant to the Senior Interest Documents (but shall not include any amounts related to the Whole Loan (aside from the Senior Interest) to which...