Consent of Franchisor. As to each Hotel, Seller, with any reasonably necessary out-of-pocket expenses being shared equally between the parties, shall use commercially reasonable efforts to work with the Property Owners to make all necessary applications for, and diligently pursue, the consent of each Franchisor to the transactions contemplated by this Agreement (each, a “Franchisor Consent”). Purchaser shall provide Seller with all information and materials as may be required by each Franchisor. Seller shall keep Purchaser informed of the status of such applications, and shall promptly respond to Purchaser’s inquiries regarding the status of the same.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (American Realty Capital Hospitality Trust, Inc.), Purchase and Sale Agreement (American Realty Capital Hospitality Trust, Inc.)