Common use of Replacement of Manager Clause in Contracts

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person chosen by Borrower and approved by Lender upon the occurrence of any one or more of the following events: (i) at any time following the occurrence of an Event of Default and/or (ii) at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person chosen by Borrower and approved by Lender upon the occurrence of any one or more of the following events: (i) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period, (ii) if Manager shall become insolvent or a debtor in any Bankruptcy Action, or (iii) if at any time following the occurrence of an Event of Default and/or (ii) at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person chosen by Borrower and approved by Lender upon the occurrence of any one or more of the following events: (i) at any time following the occurrence of an Event of Default and/or (ii) at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconductDefault.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person which is not an Affiliate of, but is chosen by by, Borrower and approved by Lender upon the occurrence of any one or more of the following events: (ia) at any time following the occurrence of an Event of Default and/or (iib) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period or if at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person chosen by Borrower and approved by Lender Qualifying Manager upon the occurrence of any one or more of the following events: (ia) at any time following the occurrence of an Event of Default and/or (iib) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period or if at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower Borrowers to replace the Manager with a Person chosen by Borrower Borrowers and approved by Lender upon the occurrence of any one or more of the following events: (i) at any time following the occurrence and during the continuance of an a monetary Event of Default and/or Default, (ii) at if Manager shall be in default under any time that the Manager has engaged in (x) gross negligencematerial term of any Management Agreement beyond any applicable notice and cure period, (y) fraud or (ziii) willful misconductif Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding.

Replacement of Manager. Lender shall have the right right, in its sole discretion, to require Borrower to replace the Manager upon prior notice with a Person chosen by Borrower and reasonably approved by Lender upon the occurrence of any one or more of the following events: (i) at any time following the occurrence and continuance of an Event of Default and/or (ii) if Manager is in default of any material provision under the Management Agreement beyond any applicable notice and cure period or if at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person chosen by Borrower and approved by Lender Qualified Manager upon the occurrence of any one or more of the following events: (i) at any time following the occurrence of an Event of Default Default, and/or (ii) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period or if at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct. The Property shall at all times be managed by a Qualified Manager.

Replacement of Manager. Lender shall have the right right, in its sole discretion, to require Borrower to replace the Manager upon prior notice with a Person chosen by Borrower and reasonably approved by Lender upon the occurrence of any one or more of the following events: (i) at any time following the occurrence and continuance of an Event of Default and/or (ii) if Manager shall be in default of any material provision under the Management Agreement beyond any applicable notice and cure period or if at any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace the Manager with a Person which is not an Affiliate of, but is chosen by by, Borrower and approved by Lender upon the occurrence of any one or more of the following events: (ia) at any time following the occurrence and during the continuance of an Event of Default Default, (b) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period, and/or (iic) at if Manager, Guarantor or Key Principal shall become insolvent or a debtor in any time that the Manager has engaged in (x) gross negligence, (y) fraud or (z) willful misconductBankruptcy Action.