Common use of Self-Management Clause in Contracts

Self-Management. Notwithstanding the terms of Section 4.14.1 above, provided (i) no Event of Default has occurred and is continuing, (ii) the entire Property is demised pursuant to the PUREgraphite Lease or a replacement Lease entered into in accordance with terms hereof which is in full force and effect, (iii) the applicable Lease is a “triple net” lease and the Borrower does not have any ongoing management or operations obligations with respect to the applicable Lease or the Property, (iv) the Tenant pursuant to said Lease is not in material default thereunder (beyond any applicable notice and cure period), and (v) Borrower has not engaged any manager nor entered into any management agreement with respect to the Property, Borrower shall not be required to enter into a Management Agreement or engage a Manager to manage the Property, and the terms hereof regarding management of the Property shall be deemed satisfied (the foregoing, collectively, the “Management Waiver Conditions”). At any time that the Management Waiver Conditions are no longer satisfied, Lender shall have the right to require Borrower to (1) engage (x) an Unaffiliated Qualified Manager selected by Borrower or (y) another property manager chosen by Borrower and approved by Lender (provided, that such approval may be conditioned upon Borrower delivering a Rating Agency Confirmation from each applicable Rating Agency as to such new property manager and management agreement) to manage the Property in accordance with the terms hereof and (2) satisfy the New Manager Conditions in connection therewith.