Approved Franchisor means, with respect to any Borrowing Base Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that as of the Closing Date the existing franchisors of the Borrowing Base Assets shown on Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent.
Approved Franchisor means, with respect to any Hotel Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement (i) substantially in the form customarily used by such franchisor at such time or (ii) in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that each of the existing franchisors of the Hotel Assets shown on Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered an Approved Franchisor.
Approved Franchisor means the Franchisors listed on Exhibit F attached hereto and made a part hereof and any flag operated thereby.
Examples of Approved Franchisor in a sentence
The design plans and specifications for the Hotel shall have been prepared or caused to have been prepared by Partners, and shall have been submitted to Hilton Garden Inn Hotels or other Approved Franchisor for approval.
Monthly management fees shall be paid from the Hotel Tax from the adjacent Hilton Garden Inn or other Approved Franchisor.
The City Parties acknowledge that neither Approved Franchisor nor its Affiliates: (a) will own the Hotel; (b) are a party to this Agreement; or (c) have provided or reviewed or are responsible for, any disclosures or other information set forth in this Agreement.
More Definitions of Approved Franchisor
Approved Franchisor means those certain brands listed on Schedule 1.01(c) attached hereto for those certain franchisors listed as "Approved Franchisors" on Schedule 1.01(c) attached hereto, or any other reputable, nationally known, third party franchisor or licensor of a Hotel Property approved by the Administrative Agent in writing which approval shall not be unreasonably withheld or delayed.
Approved Franchisor means the licensor or franchisor of (a) any of the following hotel brands (including any applicable sub-brands) and each of its successors: Hilton, Marriott, Starwood, Accor, Omni, Two Roads, Radisson, Loews, IHG, Wyndham and Hyatt and (b) any other hotel brands (including any applicable sub-brands) approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).
Approved Franchisor means, with respect to any Specified Debt Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement in form and substance reasonably satisfactory to the Controlling Party. The Controlling Party confirms that as of the Closing Date the existing franchisors of the Specified Debt Assets shown on Part IV of Schedule 4.15 of the Note Purchase Agreement are satisfactory to the Controlling Party.
Approved Franchisor means a nationally recognized hotel franchisor with a net worth and financial rating equal to or greater than the net worth and financial rating of the hotel franchisor with respect to the applicable Property as of the Closing Date. Examples of hotel franchisors that would qualify on the date hereof (but provided that such franchisors are subject to review by Lender at the time of any proposed replacement) are listed on Schedule 8.
Approved Franchisor means any franchisor approved by all of the Banks from time to time. The following franchisors have been preapproved by the Banks as "Pre-Approved Franchisors": Hampton Inn; Hampton Inn & Suites; Embassy Suites; Homewood Suites; Staybridge Suites; Holiday Inn; Holiday Inn Select; Holiday Inn Express; Marriott Courtyard; Residence Inn; Fairfield Inn; Hilton Garden Inn; Comfort Inn; Comfort Suites; and Quality Suites.
Approved Franchisor means each franchisor engaged by one or more TRS Lessees as a franchisor in respect of one or more Properties as of the Closing Date; it being agreed and understood that any such franchisor shall be deemed an “Approved Franchisor” with respect to all of the Mortgaged Properties if and only if such franchisor, when it replaces an existing Approved Franchisor at one or more of the Mortgaged Properties, is within the same or higher chain scale (as defined by Xxxxx Travel Research) as the franchisor it will succeed, in each case unless and until Lender requests the termination of such franchise agreement pursuant to Section 5.10(e).
Approved Franchisor means, with respect to any Hotel Asset, a nationally recognized hotel brand franchisor that has entered into a written franchise agreement (i) substantially in the form customarily used by such franchisor at such time or (ii) in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent confirms that each of the existing franchisors of the Hotel Assets shown on Part IV of Schedule 4.01(p) hereto are satisfactory to the Administrative Agent and shall be considered an Approved Franchisor. “Approved Manager” means a nationally recognized hotel manager (a) with (or controlled by a Person or Persons with) at least ten years of experience in the management of limited service, select service and full service hotels that have been rated “upscale” “upper midscale” or “midscale” or better by Xxxxx Travel Research and (b) that is engaged pursuant to a written management agreement (i) in form and substance reasonably satisfactory to the Administrative Agent or (ii) substantially similar, in form and substance, to the management agreements entered into by the Loan Parties in effect as of the Closing Date. The Administrative Agent confirms that as of the Closing Date the existing managers of the Hotel Assets shown on Schedule III hereto are satisfactory to the Administrative Agent and are deemed Approved Managers. For purposes of this definition, the term “control” (including the term “controlled by”) of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. “Arrangers” has the meaning specified in the first paragraph of this Agreement. “Assets” means Hotel Assets, Development Assets and Joint Venture Assets. “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender Party and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.07), and accepted by the Administrative Agent, in accordance with Section 9.07 and in substantially the form of Exhibit E hereto. “Assumed Unsecured Interest Expense” means the greater of (a) the actual Interest Expense on Unsecured Indebtedness of the Parent Guarantor and its Consolidated Subsidiaries, or (b) the outstanding principal balance of all Unsecured Indebtedness of the Parent Guarantor and its Consolidated Subsidiaries, multiplied by the greater of (i) the sum of the o...