Common use of Substitute Manager Clause in Contracts

Substitute Manager. Notwithstanding the foregoing SECTION 5.3.1, Borrower may replace the Manager and designate and retain a substitute manager for all (but not less than all) of the Mortgaged Properties on the following terms and conditions: (i) no Default or Event of Default shall have occurred and be continuing; (ii) the substitute manager shall either be (x) a manager that is an Affiliate of Arde▇ ▇▇▇▇ ▇▇▇ in which Arde▇ ▇▇▇▇ ▇▇▇s directly or indirectly at least a seventy-five percent (75%) economic or beneficial interest or (y) a third party manager of recognized standing and experience in the management of office and industrial properties comparable to the Mortgaged Properties that is acceptable to Lender; (iii) Lender shall have approved the management agreement to be entered into between Borrower and the substitute manager; (iv) the fee payable to the substitute manager shall not exceed the five percent (5%) of the Gross Income from Operations from the Mortgaged Properties; and (v) if the Securitization has occurred, each of the Rating Agencies delivers to Lender a Rating Comfort Letter with respect thereto.

Substitute Manager. 48- 56 Notwithstanding the foregoing SECTION 5.3.1, Borrower may replace the Manager and designate and retain a substitute manager for all (but not less than all) of the Mortgaged Properties on the following terms and conditions: (i) no Default or Event of Default shall have occurred and be continuing; (ii) the substitute manager shall either be (x) a manager that is an Affiliate of Arde▇ ▇▇▇▇ ▇▇▇ in which Arde▇ ▇▇▇▇ ▇▇▇s directly or indirectly at least a seventy-five percent (75%) economic or beneficial interest or (y) a third party manager of recognized standing and experience in the management of office and industrial properties comparable to the Mortgaged Properties that is acceptable to Lender; (iii) Lender shall have approved the management agreement to be entered into between Borrower and the substitute manager; (iv) the fee payable to the substitute manager shall not exceed the five percent (5%) of the Gross Income from Operations from the Mortgaged Properties; and (v) if the Securitization has occurred, each of the Rating Agencies delivers to Lender a Rating Comfort Letter with respect thereto.