Management Condition definition

Management Condition shall have the meaning set forth in Section 2.5(b).

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Management Condition means, with respect to any of the Hotel Unit, Residential Unit, the Retail Unit or the Parking Unit, (i) that the applicable Unit is then managed by the applicable Manager pursuant to the applicable Management Agreement which has been approved by Administrative Agent in accordance with this Agreement or for which Administrative Agent’s approval is not required in accordance with the Loan Documents, and (ii) the applicable Management Agreement remains in full force and effect.

Management Condition means, with respect to voting matters under Section 2.6, Section 3.8 and Section 4.5 of this Agreement, that for a period of twenty-one (21) months from the date of this Agreement, all shares of Common Stock held by Management Securityholders shall be voted in the same proportion as the shares of Common Stock voted by Bank Stockholders and Oaktree.

Examples of Management Condition in a sentence

The Agent shall have the right at any time following the occurrence of a Cash Management Condition (and an Event of Default has occurred) to notify any of the Borrowers' Account Debtors to make payment directly to the Agent and to collect all amounts due on account of the Collateral.
Established by the Borrowers with Chase Manhattan Bank, from which only disbursements may be made and into which only advances under the Revolving Credit and (prior to the occurrence of a Cash Management Condition) proceeds from the Blocked Account, may be deposited .
In the event the Management Condition is not satisfied at any time during the second year following the Initial Date, two-thirds of that percentage amount of Class A Membership Units and Class B Membership Units owned by the Management Company equal to that percentage of shares of common stock of the Management Company owned by the Management Principals shall be repurchased.
In the event the Management Condition is not satisfied at any time during the period commencing on July 30, 2010 and ending on the first anniversary of the Initial Date, a percentage amount of Class A Membership Units and Class B Membership Units owned by the Management Company equal to that percentage of shares of common stock of the Management Company owned by the Management Principals shall be repurchased.
Notwithstanding anything to the contrary in this Section 6.28 or elsewhere in this Agreement, the failure of the Property to achieve the ratio set forth in this Section 6.28 for two consecutive months shall not be deemed a Default hereunder, but shall instead be deemed a “Cash Management Condition” under the Cash Management Agreement; provided however, such Cash Management Condition may be cured by the achievement of the required ratio for two consecutive months.
In the event the Management Condition is not satisfied at any time during the second year following the Initial MB Capital Contribution Date, two-thirds of that percentage amount of Class A Membership Units and Class B Membership Units owned by the Management Company equal to that percentage of shares of common stock of the Management Company owned by the Management Principals shall be repurchased.
Following the occurrence of a Cash Management Condition, all Receipts shall be deposited or transferred only to the Concentration Account.
Notwithstanding the foregoing, during such period as the Management Condition is satisfied with respect to the Hotel Unit and Hotel Manager is collecting reserves for the payment of Approved FF&E Expenditures pursuant to the Hotel Management Agreement, the requirement for Borrower, Hotel Lessee or Mortgage Borrower to make deposits to the FF&E Reserve Account shall be waived.
In the event the Management Condition is not satisfied at any time during the first year following the Initial MB Capital Contribution Date, a percentage amount of Class A Membership Units and Class B Membership Units owned by the Management Company equal to that percentage of shares of common stock of the Management Company owned by the Management Principals shall be repurchased.
Within fifteen (15) days of satisfaction of the Management Condition Precedent, Customer shall cause the Guarantor to execute and deliver to SABINE the Guarantee in the form attached to the TUA.

More Definitions of Management Condition

Management Condition is the continued full-time employment of at least two of the Management Principals by the Company, any of the Company’s wholly-owned subsidiaries, or BOM Capital, LLC, except where a Management Principal is terminated by the Company, any of the Company’s wholly-owned subsidiaries, or BOM Capital, LLC without Cause or resigns for Good Reason (as defined in such Management Principal’s employment agreement with the Company, any of the Company’s wholly-owned subsidiaries, or BOM Capital, LLC).

Management Condition means, with respect to voting matters under Section 12, Section 14 and Section 16 of this Agreement, that for a period of twenty-one (21) months from the date of this Agreement, all shares of Registrable Common Stock held by Management Holders shall be voted in the same proportion as the shares of Registrable Common Stock voted by all Original Holders (excluding Jerry W. Levin and Non-Management Holders).

Management Condition is the continued full-time employment of at least two of the Management Principals by the Company, except where a Management Principal is terminated by the Company without Cause or resigns for Good Reason (as defined in such Management Principal’s employment agreement with the Company).