Common use of Duration of Management Term Clause in Contracts

Duration of Management Term. The term of Manager’s duties hereunder (the “Management Term”) shall commence as of the Effective Date and, subject to the provisions of Sections 3.3 and 13, shall continue until terminated by Owner as provided herein. Except as set forth in Section 13, the rights and obligations of ARI as the Manager hereunder may not be terminated by, or on behalf of, Owner for any reason prior to payment of all outstanding secured indebtedness of the Owner. After payment of all secured indebtedness of the Owner, the Owner may terminate this Agreement upon sixty (60) days’ prior written notice to the Manager and the Manager may terminate this Agreement upon one-hundred and eighty (180) days’ prior written notice to the Owner.

Duration of Management Term. The term of Manager’s duties hereunder (the “Management Term”) shall commence as of the Effective Closing Date and, subject to the provisions of Sections 3.3 and 13, shall continue until terminated by Owner as provided herein. Except as set forth in Section 13, the rights and obligations of ARI ARL as the initial Manager hereunder may not be terminated by, or on behalf of, Owner for any reason prior to payment of all outstanding secured indebtedness of the Owner. After payment of all secured indebtedness of the Owner, the Owner may terminate this Agreement upon sixty (60) days’ prior written notice to the Manager and the Manager may terminate this Agreement upon one-hundred and eighty (180) days’ prior written notice to the Owner.