Common use of Matters Concerning Manager Clause in Contracts

Matters Concerning Manager. If (a) an Event of Default occurs and is continuing, (b) Manager shall become bankrupt or insolvent or (c) a material default occurs under the Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a manager approved by Lender on terms and conditions satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (ai) an Event of Default occurs and is continuing, (b) the Manager shall become bankrupt or insolvent insolvent, or (cii) a material default by Manager of its material obligations occurs under the Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender and after Lender’s reasonable consultation with Borrower, terminate the Management Agreement and replace the Manager with a manager approved by Lender on terms and conditions satisfactory Qualified Manager pursuant to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market ratesa Replacement Management Agreement.

Matters Concerning Manager. If (ai) an Event of Default occurs and is continuing, (b) any Manager shall become bankrupt or insolvent or (cii) a material default occurs under the any Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate terminate, or cause IDOT Guarantor to terminate, the applicable Management Agreement and replace the applicable Manager with a manager approved by Lender on terms and conditions satisfactory to LenderQualified Manager under a Replacement Management Agreement, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) an Event of Default occurs and is continuing, (b) Manager shall become bankrupt or insolvent insolvent, or (cb) a material default by Manager occurs under the Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, cause Mortgage Borrower to cause Operating Lessee to terminate the Management Agreement and replace Manager with a manager approved by Lender on terms and conditions satisfactory Qualified Manager pursuant to Lendera Replacement Management Agreement, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) an Event of Default occurs and is continuing, (b) the Manager shall become bankrupt or insolvent or (cb) a material default occurs under the Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager approved by Lender on terms and conditions satisfactory Qualified Manager pursuant to Lendera Replacement Management Agreement, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) an Event of Default occurs and is continuing, (b) Manager shall become bankrupt or insolvent insolvent, or (cb) a material default by Manager occurs under the Management Agreement beyond any applicable grace and cure periods, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager approved by Lender on terms and conditions satisfactory Qualified Manager pursuant to Lendera Replacement Management Agreement, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates.