Leased Hotel definition
Examples of Leased Hotel in a sentence
A state or condition of the Hotel such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the Hotel cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Leased Hotel.
In the event that any such Owned or Leased Hotels are managed at the time of the Destination Club Business Acquisition by a third party under a contract that MVWC does not have the right to terminate without penalty, then at such time during the term as such third party manager ceases to manage any such Owned or Leased Hotel, MVWC and MII shall use commercially reasonable efforts to negotiate an agreement under which MII or its Affiliates shall manage such Owner or Leased Hotel.
A wholly owned subsidiary of IHC owns all of the outstanding equity interests of the sole general partner of the Partnership and at the Closing, the Partnership and the sole general partner will be qualified to do business and will be in good standing as a foreign limited partnership or foreign limited liability company, respectively, in each state in which a Leased Hotel is located.
In the event that any such Owned or Leased Hotels are managed at the time of the Destination Club Business Acquisition by a third party under a contract that MVWC does not have the right to terminate without penalty, then at such time during the Term as such third party manager ceases to manage any such Owned or Leased Hotel, MVWC and MII shall use commercially reasonable efforts to negotiate an agreement under which MII or its Affiliates shall manage such Owner or Leased Hotel.
The Aggregate Lease Termination Payment shall be allocated to the Lease Agreements for the applicable Leased Hotels as described in Exhibit 1(a) hereto (as so allocated to ------------ a Leased Hotel, an "Individual Lease Termination Payment").