Manager Unsuitability Clause Samples
Manager Unsuitability. Notwithstanding anything to the contrary contained herein, in the event that any Owner is notified by any regulatory agency that its continued association with Manager is likely to jeopardize the obtaining of or retention of any license, permit or approvals pursued or held by Owner or any of its Affiliates in any jurisdiction, then Owner will notify Manager in writing, and Manager will have thirty (30) days from the date of such notification to cure or otherwise address the suitability issue to Owner’s reasonable satisfaction. If Manager fails to cure or otherwise address the suitability issue to Owner’s reasonable satisfaction, then Owner may terminate this Agreement immediately upon written notice to Manager.
Manager Unsuitability. Notwithstanding anything to the contrary contained herein, in the event that Resort Owner or Holdings is notified by any regulatory agency that its continued association with Manager is likely to jeopardize the obtaining of or retention of any license, permit or approvals pursued or held by Resort Owner, Holdings or any of their respective Affiliates in any jurisdiction, then Resort Owner will notify Manager in writing, and Manager will have ten (10) days from the date of such notification to cure or otherwise address the suitability issue to Resort Owner’s reasonable satisfaction. If Manager fails to cure or otherwise address the suitability issue to Resort Owner’s satisfaction within such period, then Resort Owner may terminate this Agreement immediately upon written notice to Manager.