Franchisee Undertakings Sample Clauses

Franchisee Undertakings. Notwithstanding anything set forth in any GAC Franchise Agreement, each Franchisee agrees that on the tenth day of each month following the Closing Date (each a “Payment Date”) until the sixtieth (60th) month following the Closing Date, each Franchisee shall pay to NexCen or its Affiliates, an increased royalty payment under each GAC Franchise Agreement (each, an “Increased Royalty Payment”). The Increased Royalty Payment shall be payable by each Franchisee on each Payment Date, by electronic funds transfer which will be drafted by NexCen along with the monthly royalty fee then due, and the amount due from each Franchisee on each Payment Date shall equal one-sixtieth (1/60) of such Franchisee’s Royalty Payment received by such Franchisee. Notwithstanding anything to the contrary set forth herein or in any GAC Franchise Agreement, if a Franchisee ceases to be a party to a GAC Franchise Agreement in effect as of the date hereof, such Franchisee shall immediately pay NexCen an amount equal to the difference between (x) such Franchisee’s Royalty Payment in respect to such GAC Franchise Agreement minus (y) any Increased Royalty Payments previously made by such Franchisee under this Section 6 in respect to such GAC Franchise Agreement.
Sample 1
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Related to Franchisee Undertakings

  • COMPLIANCE UNDERTAKINGS 6.1. The Fund undertakes to comply with Subchapter M and Section 817(h) of the Code, and all regulations issued thereunder.

  • Negative undertakings The Borrower will not:

  • Other Undertakings 1. The Recipient shall:

  • Further Undertakings The Executive hereby undertakes to the Company that he will not at any time:

  • Optionee Undertaking The Optionee agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Option Agreement.

  • Representations and Undertakings 2.1. The Trust represents to the Distributor that all registration statements filed by the Trust with the SEC under the 1933 Act, with respect to Shares have been prepared in conformity with the requirements of the 1933 Act and rules and regulations of the SEC thereunder.

  • Covenants and Undertakings The Grantor covenants and undertakes that:

  • INFORMATION UNDERTAKINGS The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • Existing Management and Franchise Agreements Seller has furnished to Buyer true and complete copies of the Existing Management Agreement and the Existing Franchise Agreement, which constitutes the entire agreement of the parties thereto with respect to the subject matter thereof and which have not been amended or supplemented in any respect. There are no other management agreements, franchise agreements, license agreements or similar agreements for the operation or management of the Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, except for the Existing Management Agreement and the Existing Franchise Agreement. The Improvements comply with, and the Hotel is being operated in accordance with, all requirements of such Existing Management Agreement and the Existing Franchise Agreement and all other requirements of the Existing Manager and the Franchisor, including all “brand standard” requirements of the Existing Manager and the Franchisor. The Existing Management Agreement and the Existing Franchise Agreement are in full force and effect, and shall remain in full force and effect until the termination of the Existing Management Agreement and the Existing Franchise Agreement at Closing, as provided in Article V hereof. No default has occurred and is continuing under the Existing Management Agreement or the Existing Franchise Agreement, and no circumstances exist which, with the giving of notice, the lapse of time or both, would constitute such a default.

  • MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT At or prior to the Closing, Seller shall terminate the Existing Management Agreement and the Existing Franchise Agreement, and Seller shall be solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date. As a condition to Closing, Buyer shall enter into the New Management Agreement and the New Franchise Agreement, effective as of the Closing Date, containing terms and conditions acceptable to Buyer (including, without limitation, such terms and conditions as may be required to accommodate Buyer’s and/or Buyer’s Affiliates’ REIT structure). Seller shall be responsible for paying all costs related to the termination of the Existing Management Agreement. Buyer shall be responsible for paying all reasonable and actual costs of the Franchisor related to the assignment or termination, as applicable, of the Existing Franchise Agreement. Seller shall use best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement, and Seller and Buyer shall diligently pursue obtaining the same. As a condition to Buyer’s and Seller’s obligation to close under this Contract, Buyer and Manager shall agree, on or before the expiration of the Review Period, on the form and substance of the New Management Agreement.

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