Qualified Franchise Agreement means, collectively, (a) a franchise, trademark and license agreement with a Qualified Franchisor, which franchise, trademark and license agreement (including any PIP in connection therewith) shall be reasonably acceptable to Lender and Mezzanine Lender in form and substance; provided, that, Lender, at its option, may require that Borrower shall have obtained a Rating Agency Confirmation with respect to such franchise, trademark and license agreement, and (b) a “comfort letter” from such Qualified Franchisor in form and substance reasonably satisfactory to Lender.
Qualified Franchise Agreement means a franchise, trademark and license agreement with respect to the Property with a Qualified Franchisor containing all applicable Hotel Operating Agreements which is approved by Lender in writing (which such approval may be conditioned upon Lender’s receipt of a Rating Agency Confirmation with respect to such agreement).
Qualified Franchise Agreement means a franchise, trademark and license agreement with respect to the Property approved by Lender in writing (which such approval shall not be unreasonably withheld, conditioned or delayed) with a Qualified Franchisor (whether contained in a stand-alone franchise agreement or subsumed within a management or other agreement) containing substantially the same scope of Hotel Brand Agreements that appear in the Franchise Agreement being replaced (or such portion thereof as may be reasonably acceptable to Lender (which approval may be conditioned upon Xxxxxx’s receipt of a Rating Agency Certificate with respect to such agreement)). “Qualified Franchisor” shall mean (i) Hilton, Hyatt, Marriott and/or InterContinental Hotels or (ii) a reputable and experienced franchisor possessing experience in flagging hotel properties similar in size, scope, use and value as the Property and approved by Agent in writing (which such approval may be granted or withheld in Lender’s reasonable discretion and may be conditioned upon Xxxxxx’s receipt of a Rating Agency Confirmation, to the extent that any Securities are then outstanding, with respect to such Person). “Qualified Insurer” shall have the meaning set forth in Section 9.1 hereof. “Qualified Manager” shall mean (i) Manager, (ii) a Brand Manager for a brand comparable or better than the brand being terminated or (iii) a reputable and experienced professional management organization approved by Agent (which such approval may, at Xxxxxx’s option, and to the extent that any Securities are then outstanding, be conditioned upon Agent’s receipt of a Rating Agency Confirmation with regard to both the identity of the proposed manager and the replacement management agreement pursuant to which such manager will be employed). “Rating Agencies” shall mean each of S&P, Moody’s, Fitch, DBRS, Kroll and Morningstar, or any successor thereto, or any other nationally-recognized statistical rating agency which has been approved by Agent, but only to the extent that such Rating Agency has been designated by Agent, or is anticipated to be designated by Agent, in connection with any Secondary Market Transaction. “Rating Agency Confirmation” shall mean a written affirmation from each of the Rating Agencies (obtained at Borrower’s sole cost and expense) that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualifi...
Examples of Qualified Franchise Agreement in a sentence
In the event that Mortgagor or Operating Tenant shall elect to enter into a franchise agreement in the future, Mortgagor agrees that it shall be a Qualified Franchise Agreement.
More Definitions of Qualified Franchise Agreement
Qualified Franchise Agreement means, collectively, a franchise, trademark and license agreement with a Qualified Franchisor, which franchise, trademark and license agreement shall be in customary form and substance and satisfy the Prudent Lender Standard; provided, Lender, at its option, may require that Mortgagor shall have obtained a Rating Agency Confirmation with respect to the same; and (b) a franchisor comfort letter substantially in the form then used by Lender (or of such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Mortgagor and such Qualified Franchisor, at Mortgagor’s expense.