Portfolio Hotel definition
Portfolio Hotel means a Franchisor Lodging Facility (other than the Hotel) that is directly or indirectly franchised or owned by, or the franchise or license agreement of which is guaranteed by, a Guarantor or any of its direct or indirect subsidiaries; provided, however, that a hotel shall not cease to be a Portfolio Hotel if (i) it is Transferred in violation of the applicable franchise agreement for such hotel, or (ii) in the event that the applicable franchise agreement for such hotel is terminated, until Franchisor determines that the applicable outgoing franchisee has satisfied: (a) all known, monetary amounts due to Franchisor that accrued on or prior to the date of such termination; and (b) all post-termination obligations as they relate to effecting a smooth transition of such hotel between owners and/or franchisees.