Operation of the Properties. (a) Borrowers shall cause Mortgage Borrowers to operate the Properties, in all material respects, in accordance with the applicable Management Agreement. In the event that any Management Agreement expires or is terminated (without limiting any obligation of Borrowers to obtain Lender’s consent to any termination or modification of any Management Agreement, if applicable, in accordance with the terms and provisions of this Agreement), Borrowers shall cause Mortgage Borrowers to promptly enter into a Replacement Management Agreement with the applicable Manager or another Qualified Manager, as applicable.
Operation of the Properties. 8.1. Leases and Property Contracts . During the period of time from the Effective Date to the Closing Date, in the ordinary course of business each Seller may, with respect to its Property, enter into new Property Contracts, new Leases, renew existing Leases or modify, terminate or accept the surrender or forfeiture of any of the Leases, modify any Property Contracts, or institute and prosecute any available remedies for default under any Lease or Property Contract without first obtaining the written consent of Purchaser; provided, however, each Seller agrees that any such new or renewed Leases shall not have a term in excess of one (1) year without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, and that any such new Property Contract shall be able to be terminated on the Closing Date without the payment of any penalty or premium. Each Seller shall endeavor, but shall not be required, to provide to Purchaser weekly Rent Rolls and a weekly summary of all leasing activity until the Closing Date.
Operation of the Properties. Notwithstanding the foregoing provisions of Section 6.02, (a) in the event of an emergency, Target or Nominee, as applicable, may take such action as reasonably necessary and Seller Representative shall notify Buyer of such action promptly thereafter, and (b) Buyer acknowledges and agrees that (i) Target and Nominee own undivided interests in certain of the Properties, (ii) acts or omissions of Third Party Working Interests owners in the Properties shall not of themselves constitute a breach of the provisions of Section 6.02, (iii) no action required by a vote of Third Party Working Interest owners shall constitute a breach so long as Target or Nominee, as applicable, has voted its interest in a manner that is consistent with the provisions of Section 6.02, and (iv) all Properties are operated by Third Parties and that the obligations of Sellers in Section 6.02 with respect to the Properties shall be construed to require that Sellers use their reasonable commercial efforts (without being obligated to incur any expense or institute any cause of action) to cause the applicable Third Party operator of the Properties to take such actions or render such performance but only to the extent Sellers (by and through Target or Nominee) possess the legal or contractual right to do so and, in such event, only within the constraints of the applicable operating agreement and other applicable Basic Documents and applicable Laws.
Operation of the Properties. (a) Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, the Properties (together with any other properties unitized with any of the Properties) have, since the acquisition of the Properties, been maintained, operated and developed (i) in conformity with all Laws, (ii) in conformity with the terms and conditions of all Basic Documents, and (iii) in a manner consistent with the conduct of a Prudent Operator, but with respect to any Properties for which Borrower is not the Operator, then the foregoing representation shall be based upon Borrower’s knowledge;
Operation of the Properties. Since September 30, 2000 --------------------------- through the date hereof, North Central:
Operation of the Properties. Between the Effective Date and the Closing Date:
Operation of the Properties. 4.1 SALICO may, but shall not be obligated to, treat, mill, heap xxxxx, sort, concentrate, refine, smelt, or otherwise process, beneficiate or upgrade the ores, concentrates, and other Mineral Products at sites located on or off the Properties, prior to sale, transfer, or conveyance to a purchaser, user, or consumer. SALICO shall have complete discretion concerning the nature, timing and extent of all exploration, development, mining and other operations conducted on or for the benefit of the Properties and may suspend operations and production on the Properties at any time it considers prudent or appropriate to do so. SALICO shall owe Gareste no duty to explore, develop or mine the Properties, or to do so at any rate or in any manner other than that which SALICO may determine in its sole and unfettered discretion.
Operation of the Properties. Borrower shall (a) cause each of the JF Properties to be leased to the JF Lessee pursuant to the JF Operating Leases and (b) cause the Summerfield Properties to be leased to Summerfield Lessee pursuant to the Summerfield Operating Leases and managed by Summerfield Lessee or by Manager pursuant to the Management Agreements (or such other third-party managers approved by Lender pursuant to management agreements approved as to form and substance by and in all respects acceptable to Lender). Notwithstanding the foregoing, in the event that (A) there shall have occurred and be continuing an Event of Default or (B) on the last day of any calendar quarter, the Debt Service Coverage Ratio (using Actual Net Operating Income) is less than 1.40 to 1.00, then, except as hereinafter provided, Lender may instruct Borrower to (i) terminate the JF Operating Leases with respect to any or all of the JF Properties and/or (ii) except as otherwise provided in the Summerfield Subordinations, terminate the Summerfield Operating Leases and/or cause Summerfield Lessee to terminate the Management Agreements with respect to any or all of the Summerfield Properties, and/or (iii) may designate either a replacement lessee or a hotel manager, as the case may be, acceptable to Lender and willing to operate the applicable Properties pursuant to terms and conditions and pursuant to operating leases or management agreements approved by Lender, and, except as hereinafter otherwise provided, Borrower shall so terminate the applicable Operating Leases and/or cause Summerfield Lessee to terminate the Management Agreements and appoint or cause the appointment of such replacement lessee or manager. No Individual Borrower shall (and no Individual Borrower shall permit Lessee to) enter into any operating lease or property management agreement in respect of any Property without Lender's prior written consent and unless any such agreement contains a provision permitting such agreement to be terminated as contemplated above and unless such replacement operator or manager executes an agreement substantially similar (and otherwise in form and substance satisfactory to Lender) to the Lessee Subordination. Lender shall not have the right to require the termination of any Operating Lease or any Management Agreement under the circumstances described in the foregoing clause (B) if (x) no Event of Default shall have occurred or be continuing and (y) within ten Business Days after the end of the calendar quart...
Operation of the Properties. To continue to operate the Properties in a good and businesslike fashion consistent with past practices and to maintain the Properties in good working order and condition in a manner consistent with past practice. 9.6.
Operation of the Properties. (a) Borrowers shall cause the Properties to be operated, in all material respects, in accordance with the Resort Management Agreement. In the event that the Resort Management Agreement expires or is terminated (without limiting any obligation of Borrowers to obtain Lender’s consent to any termination or modification of the Resort Management Agreement, if applicable, in accordance with the terms and provisions of this Agreement), Borrowers shall promptly enter into a Replacement Resort Management Agreement with the applicable Resort Manager or another Qualified Resort Manager, as applicable.
