Qualified Property Manager definition

Qualified Property Manager means either (A) a financially sound, professional property management company, experienced in managing properties similar in type and quality to the Real Property, and which is one of the top three institutional property management companies in the real estate market where the Real Property is located, based on the number of units under its management or (B) another property management company approved in writing by the Lender.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Qualified Property Manager means ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ or such other nationally recognized property management firm as the First Lien Lenders, the Supporting Second Lien Lenders and the Debtor shall agree to in writing.

Qualified Property Manager as defined in the Consent Agreement. “Park” as defined in the Preamble hereof.

Examples of Qualified Property Manager in a sentence

The Real Property shall be managed at all times by Borrower, by Indemnitor or by a Qualified Property Manager.
Each Property Manager is a Qualified Property Manager or Local Property Manager, as applicable (including on any date that any such Property Manager begins managing Properties in a new market), and, as of the Closing Date, each Property Manager has complied in all material respects with the applicable Existing Management Agreement.
The Real Property shall be managed at all times by Borrower, by Indemnitors or by a Qualified Property Manager.
The Debtor shall continue to employ a Qualified Property Manager, as the property manager of the Properties until the Transaction has been consummated and the New Secured Loan has been extended to the New Borrower.
If the Ashford Representatives do not submit to the PRISA III Representatives within such five (5) day period the list of four Qualified Property Managers, then the PRISA III Representatives promptly shall pick a replacement property manager that is a Qualified Property Manager.

More Definitions of Qualified Property Manager

Qualified Property Manager means either (A) a property management company approved in writing by the Lender, or (B) AmREIT Realty Investment Corporation.

Qualified Property Manager. As defined in Section 11.05.

Qualified Property Manager means a nationally recognized hotel property manager (i) with at least 8,000 rooms under management in hotels comparable to the Investments, (ii) that is not an Affiliate of Ashford or Remington, and (iii) which qualifies as an “eligible independent contractor” for purposes of Code Section 856(d)(9) with respect to PRISA III REIT and Ashford REIT.

Qualified Property Manager means Manager or a reputable and experienced professional management organization either (a) (i) having at least five (5) years' experience in the management of commercial properties with similar uses as the Premises and in the jurisdiction in which the Premises are located, (ii) having, for at least five (5) years prior to its engagement as property manager, managed at least (5) properties of the same property type as the Premises and (iii) which manages, together with its affiliates, at least five (5) first class office buildings totaling at least 2,000,000 square feet of gross leasable area, exclusive of the Property or (b) is approved by Lender, which approval shall not have been unreasonably withheld and for which Lender shall have received written confirmation from the Rating Agencies that the employment of such manager will not result in a downgrade, withdrawal or qualification of the initial, or if higher, then current ratings issued in connection with a Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization.

Qualified Property Manager means, collectively, (a) the Manager, (b) any Affiliate of Hilton operating a Qualified Flag and (c) any other Person who manages at least 5,000 keys (inclusive of the Property) with respect to full service, four (4) and five (5) star hotels.

Qualified Property Manager is added to Section 3 of the Deed of Trust as follows: