Rating of the Notes. Sunburst shall use all commercially ------------------- reasonable best efforts to cause the Notes to be rated by Standard & Poor's and ▇▇▇▇▇'▇ (or, if one of such rating agencies shall not rate the Notes, by Fitch as an alternate rating agency) prior to the Closing Date, if Notes are issued pursuant to Section 2.1. Notwithstanding the foregoing, if the Notes shall not have been rated by such two rating agencies on or prior to the Closing Date, Sunburst shall pay to Choice, as liquidated damages, the sum of nine hundred thousand dollars ($900,000) promptly.
Appears in 3 contracts
Sources: Heads of Agreement, Heads of Agreement (Sunburst Hospitality Corp), Heads of Agreement (Sunburst Hospitality Corp)