Sub-Manager Clause Samples
The Sub-Manager clause defines the conditions under which a manager may appoint another party, known as a sub-manager, to perform some or all of their management duties under the agreement. Typically, this clause outlines the requirements for such an appointment, such as obtaining prior written consent from the other contracting party or ensuring the sub-manager meets certain qualifications. Its core practical function is to provide flexibility for the manager to delegate responsibilities while maintaining oversight and protecting the interests of the other party by setting clear standards and approval processes for any sub-management arrangement.
Sub-Manager. The Manager is hereby authorized to enter into a sub-management agreement (the “Sub-Management Agreement”) with L▇▇▇▇▇ L▇▇▇▇▇▇▇▇ Capital Partners, Inc. or one of its affiliates with expertise in the types of assets the Company intends to acquire (the “Sub-Manager”) pursuant to which the Manager may delegate and obtain the services of the Sub-Manager to assist the Manager in fulfilling its responsibilities hereunder. Specifically, the Manager may retain the Sub-Manager to recommend specific assets based upon the Company’s business objectives, policies and restrictions, and work, along with the Manager, in sourcing, structuring, negotiating, arranging or effecting the acquisition and disposition of such assets and monitoring assets on behalf of the Company, subject to the oversight of the Manager and the Company.
(i) The Manager shall monitor the Sub-Manager to ensure that material information discussed by management of any such Sub-Manager is communicated to the Board, as appropriate.
(ii) The Company shall be responsible for any compensation payable and reimbursement of Reimbursable Expenses (as defined in the Sub-Management Agreement) to the Sub-Manager under the Sub-Management Agreement.
(iii) The Sub-Manager shall be subject to the same fiduciary duties imposed on the Manager pursuant to this Agreement.
Sub-Manager. CBRE or any successor, assignee or replacement sub-manager appointed by Mortgage Borrower in accordance with Section 5.12.
Sub-Manager. Permit any proceeds of Advances, or any other Collateral, to be used to pay any fees (including, without limitation, any management fees and incentive fees), expenses or any other amounts to the Sub-Manager (as defined in the Management Agreement).
Sub-Manager. ▇▇▇▇▇▇▇ ▇▇▇▇ or any successor, assignee or replacement sub-manager appointed by Borrower in accordance with Section 5.12.