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This excerpt taken from the WYN 10-K filed Feb 27, 2009. Franchise
Agreements
Our standard franchise agreement grants a franchisee the right
to non-exclusive use of the applicable franchise system in the
operation of a single hotel at a specified location, typically
for a period of 15 to 20 years, and gives the franchisor
and franchisee certain rights to terminate the franchise
agreement before the conclusion of the term of the agreement
under certain circumstances, such as upon designated
anniversaries of the franchised hotel’s opening or the date
of the agreement. Early termination options in franchise
agreements give us flexibility to eliminate or re-brand
franchised hotels if such properties become weak performers,
even if there is no contractual failure by the franchisee. We
also have the right to terminate a franchise agreement for
failure by a franchisee to (i) bring its properties into
compliance with contractual or quality standards within
specified periods of time, (ii) pay required franchise fees
or (iii) comply with other requirements of its franchise
agreement.
Master franchise agreements, which are individually negotiated
and vary among our different brands, typically contain
provisions that permit us to terminate the agreement if the
other party to the agreement fails to meet specified development
schedules. The terms of our master franchise agreements
generally are competitive with industry averages within industry
segments.
This excerpt taken from the WYN 10-K filed Feb 29, 2008. Franchise
Agreements
Our standard franchise agreement grants a franchisee the right
to non-exclusive use of the applicable franchise system in the
operation of a single hotel at a specified location, typically
for a period of 15 to 20 years, and gives the franchisor
and franchisee certain rights to terminate the franchise
agreement before the conclusion of the term of the agreement
under certain circumstances, such as upon designated
anniversaries of the franchised hotel’s opening or the date
of the agreement. Early termination options in franchise
agreements give us flexibility to eliminate or re-brand
franchised hotels if such properties become weak performers,
even if there is no contractual failure by the franchisees. We
also have the right to terminate a franchise agreement for
failure by a franchisee to (i) bring its properties into
compliance with contractual or quality standards within
specified periods of time, (ii) pay required franchise fees
or (iii) comply with other requirements of its franchise
agreement.
Master franchise agreements, which are individually negotiated
and vary among our different brands, typically contain
provisions that permit us to terminate the agreement if the
other party to the agreement fails to meet specified development
schedules. Our master franchise agreements generally are
competitive with industry averages within industry segments.
This excerpt taken from the WYN 10-K filed Mar 7, 2007. Franchise
Agreements
Our standard franchise agreement grants a franchisee the right
to non-exclusive use of the applicable franchise system in the
operation of a single hotel at a specified location, typically
for a period of 15 to 20 years, and gives the franchisor
and franchisee certain rights to terminate the franchise
agreement before the conclusion of the term of the agreement
under certain circumstances, such as upon designated
anniversaries of the franchised hotel’s opening or the date
of the agreement. Early termination options in franchise
agreements give us flexibility to eliminate or re-brand
franchised hotels if such properties become weak performers,
even if there is no contractual failure by the franchisees. We
also have the right to terminate a franchise agreement for
failure by a franchisee to (i) bring its properties into
compliance with contractual or quality standards within
specified periods of time, (ii) pay required franchise fees
or (iii) comply with other requirements of its franchise
agreement.
Master franchise agreements, which are individually negotiated
and vary among our different brands, typically contain
provisions that permit us to terminate the agreement if the
other party to the agreement fails to meet specified development
schedules. Our master franchise agreements generally are
competitive with the industry averages within industry segments.
This excerpt taken from the WYN 8-K filed Jul 19, 2006. Franchise Agreements Our standard franchise agreement grants a franchisee the right to non-exclusive use of the applicable franchise system in the operation of a single hotel at a specified location, typically for a period of 15 to 20 years, and gives the franchisor and franchisee certain rights to terminate the franchise agreement before the conclusion of the term of the agreement under certain circumstances, such as upon designated anniversaries of the franchised hotel’s opening or the date of the agreement. Early termination options in franchise agreements give us flexibility to eliminate or re-brand franchised hotels if such properties become weak performers, even if there is no contractual failure by the franchisees. We also have the right to terminate a franchise agreement for failure by a franchisee to (i) bring its properties into compliance with contractual or quality standards within specified periods of time, (ii) pay required franchise fees or (iii) comply with other requirements of its franchise agreement.
128
Table of ContentsMaster franchise agreements, which are individually negotiated and vary among our different brands, typically contain provisions that permit us to terminate the agreement if the other party to the agreement fails to meet specified development schedules. Our master franchise agreements generally are competitive with the industry averages within industry segments. | EXCERPTS ON THIS PAGE:
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