Qualified Properties Clause Samples

Qualified Properties. Borrower shall at all times maintain at least twenty (20) Qualified Properties of which at least fifteen (15) shall not be subject to Ground Leases.

Qualified Properties. In order for a Hotel to be eligible for inclusion in the Borrowing Base (an "QUALIFIED PROPERTY"), such Hotel shall have the following characteristics: (i) a Borrower or a ninety-nine percent (99%)-owned Consolidated Affiliate of the Partnership that has executed the Subsidiary Guaranty (a "SUBSIDIARY GUARANTOR") shall have good and indefeasible title to such Hotel, free and clear of all Liens (except for Permitted Liens); (ii) such Hotel is an existing and operating extended stay, full service, or limited service Hotel located in the United States; (iii) all Operating Leases shall be substantially in the form previously approved by Administrative Agent or otherwise acceptable to Administrative Agent; (iv) all Lessees shall be either (A) an IHI Lessee, a Summerfield Lessee, or an Affiliate thereof, (B) a wholly-owned Consolidated Affiliate of the Trust that is a Subsidiary Guarantor, or (C) another Person acceptable to Required Lenders; and (v) all ground leases, if any, with respect to such Hotel shall be acceptable to Administrative Agent.

Qualified Properties. 85 Section 7. BORROWER'S NEGATIVE COVENANTS....................................................... 85 7.1 Indebtedness; Contingent Obligations................................................ 85

Qualified Properties. (a) Borrower shall own at least nine (9) Qualified Properties at all times that in the aggregate have at least 4,000 rooms. In the event that the Borrower shall own less than nine (9) Qualified Properties, in accordance with Section 2.2.2(b), the Facility will (i) permanently reduce to $75 million if the Borrower owns no more than eight (8) Qualified Properties, (ii) permanently reduce to $50 million if the Borrower owns no more than seven (7) Qualified Properties, (iii) permanently reduce to $25 million if the Borrower owns no more than six (6) Qualified Properties, and (iv) permanently reduce to zero if Borrower owns less than six (6)

Qualified Properties. In order for a Hotel to be eligible for inclusion in the Borrowing Base (a “Qualified Property”), such Hotel shall have the following characteristics: (i) a Borrower or a ninety-nine percent (99%)-owned Consolidated Affiliate of the Partnership that is a Subsidiary Guarantor shall have good and indefeasible title to such Hotel, free and clear of all Liens (except for Permitted Liens); (ii) such Hotel is an existing and operating extended stay, full service, or limited service Hotel located in the United States; (iii) all Operating Leases shall be substantially in the form previously approved by Administrative Agent or otherwise acceptable to Administrative Agent; (iv) all Lessees shall be either (A) an IHI Lessee, a Summerfield Lessee, or an Affiliate thereof. (B) a wholly-owned Consolidated Affiliate of the Trust that is a Subsidiary Guarantor, or (C) another Person acceptable to Required Lenders; and (v) all ground leases, if any, with respect to such Hotel shall be acceptable to Administrative Agent.

Qualified Properties. The sale, lease (except as permitted under this Agreement), exchange, conveyance, transfer, mortgage, assignment, pledge or encumbrance, either voluntarily or involuntarily, of any right, title or interest in and to any of the Qualified Properties or any portion thereof;

Qualified Properties. A Property may cease to qualify as a Qualified Property, but may subsequently regain its status as a Qualified Property, provided, however, if the Facility has been permanently reduced in accordance with Section 2.2.2(b), the Facility shall not be increased as a result of such re-qualification.

Qualified Properties. SECTION 8.01. Qualified Term Notes108109 SECTION 9.01. Authorization and Action113114 SECTION 9.02. Administrative Agent’s Reliance, Etc.114 SECTION 9.03. Citibank and Affiliates114115 SECTION 9.04. Lender Party Credit Decision114115 SECTION 9.05. Indemnification by Lender Parties115 SECTION 9.06. Successor Administrative Agent116 SECTION 9.07. Relationship of Administrative Agent and Lenders116117 SECTION 10.01. Amendments, Etc117 SECTION 10.02. Notices, Etc118 SECTION 10.03. No Waiver; Remedies120 3

Qualified Properties. In order for a Hotel to be eligible for inclusion in the Borrowing Base (a “Qualified Property”), such Hotel shall have the following characteristics: (i) such Hotel is one hundred percent (100%) owned by a Borrower and/or a Wholly-Owned Subsidiary of a Borrower having good and indefeasible title to such Hotel, free and clear of all Liens (except for Permitted Liens); (ii) such Hotel is an existing and operating extended stay, full service, or limited service Hotel located in the United States; (iii) all Operating Leases shall be substantially in the form previously approved by Administrative Agent or otherwise acceptable to Administrative Agent; (iv) all Lessees shall be a Wholly-Owned Subsidiary of the Trust; and Credit Agreement 42 (v) all ground leases, if any, with respect to such Hotel shall be acceptable to Administrative Agent; provided that such ground-leased properties may not comprise more than fifteen percent (15%) of the aggregate Implied Value of all Borrowing Base Properties.