Definition of Pre-Approved Manager Conditions


Pre-Approved Manager Conditions means that (i) the Manager is Current Manager or a Pre-Approved Manager, (ii) the Management Agreement contains the cash management provisions of Section 4.02 and Article 8 of the Management Agreement (as modified as among Manager, Lender and Borrower by the Manager Consent), or, in Lender's reasonable discretion, provisions substantially similar thereto, (iii) in the case of any replacement Manager, such entity is a Pre-Approved Manager and shall have executed and delivered to Lender a new Assignment of Management Agreement and Deposit Account Control Agreement, as well as satisfied the other conditions to the replacement of Manager set forth in Section 4.34 hereof.
Sample 1

Examples of Pre-Approved Manager Conditions in a sentence

For each Fiscal Year during such time as the Pre-Approved Manager Conditions are satisfied, Borrower shall submit to Lender (for informational purposes only for so long as no Trigger Period exists) (a) by December 31st of each year a preliminary Annual Budget for the succeeding Fiscal Year and (b) promptly upon such Annual Budget being mutually agreed to by Borrower and Manager, the final Annual Budget for such Fiscal Year.
Final Annual Budgets (and updates thereof) delivered to Lender (other than during the continuance of a Trigger Period or such time as the Pre-Approved Manager Conditions are not satisfied) or approved by Lender during the continuance of a Trigger Period or at such time as the Pre-Approved Manager Conditions are not satisfied.