Common use of Matters Concerning Manager Clause in Contracts

Matters Concerning Manager. If (a) an Event of Default hereunder has occurred and remains uncured, (b) the Manager shall become insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law or (c) a default occurs under the Management Agreement, the Borrower shall, at the request of the Administrative Agent, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (ai) an Event of Default hereunder has occurred occurs and remains uncuredis continuing, (bii) at the Maturity Date, the Debt is not repaid in full, (iii) the Manager shall become bankrupt or insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law or (civ) a material default occurs under the Management AgreementAgreement beyond any applicable grace and cure periods, the Borrower shall, at the request of the Administrative AgentLender, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant manager approved by Lender on terms and conditions satisfactory to a Replacement Management AgreementLender, it being understood and agreed that the management fee for such Qualified Manager replacement manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) an Event of Default hereunder relating to the Individual Property to which a Management Agreement relates has occurred and remains uncured, or (b) the Manager shall become insolvent or is the subject of any petitionto a Bankruptcy Action, case, proceeding or other action pursuant to any Debtor Relief Law or (c) a default occurs under the Management Agreement, the Borrower shall, at the written request of the Administrative AgentXxxxxx, cause Senior Borrower to terminate the Management Agreement and and, at Senior Borrower’s election, either self-manage or replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed 106 that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (ai) an Event of Default hereunder has occurred occurs and remains uncuredis continuing, (bii) at the Maturity Date, the Debt is not repaid in full, (iii) the Manager shall become insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law a Material Proceeding or (civ) a material default occurs under the Management AgreementAgreement beyond any applicable grace and cure periods, the Borrower shall, at the request of the Administrative AgentLender, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) an Event of Default hereunder relating to the Individual Property to which a Management Agreement relates has occurred and remains uncured, or (b) the Manager shall become insolvent or is the subject of any petitionto a Bankruptcy Action, case, proceeding or other action pursuant to any Debtor Relief Law or (c) a default occurs under the Management Agreement, the Borrower shall, at the written request of the Administrative AgentLender, cause Senior Borrower to terminate the Management Agreement and and, at Senior Borrower’s election, either self-manage or replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.