Subordination of Management Agreement. An agreement pursuant to which a manager of a Borrowing Base Asset subordinates its rights under a Management Agreement to the Loan Documents, such agreement to be in the form and substance satisfactory to Agent.
Subordination of Management Agreement. The Agent shall have received an executed counterpart of a Subordination of Management Agreement with respect to each Management Agreement.
Subordination of Management Agreement. Excluding Management Company's right to receive payment of the Base Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) which now or hereafter encumber the Hotel. This subordination provision shall be self-operative and no other or further instrument of subordination shall be required. Management Company agrees, however, upon request of any Qualified Lender, duly to execute and deliver any subordination agreement requested by such Qualified Lender to evidence and confirm the subordination effected under this Section 3.02.
Subordination of Management Agreement. (Mezzanine B) by Mezzanine B Borrower to Mezzanine B Lender, and consented to by Manager and Operating Lessee.
Subordination of Management Agreement. An agreement pursuant to which a manager of a Pool Property subordinates its rights under a Management Agreement to the Loan Documents, such agreement to be in the form of as the initial Subordination of Management Agreement delivered by the Borrower or a Subsidiary Guarantor on the Closing Date, with such changes thereto as Agent may reasonably require as a result of state law or practice or type of asset.
Subordination of Management Agreement. A copy of the Management Agreement (certified by the Borrower to be true, complete and accurate), together with a subordination of the Management Agreement whereby the Management Agreement is subordinated to the Mortgage and Lender is given the right to terminate the Management Agreement or any replacement thereof upon the occurrence of an Event of Default, without payment of any termination or other fee or other liability on the part of Lender.
Subordination of Management Agreement. The Management Agreement and any and all liens, rights and interests (whether choate or inchoate and including, without limitation, all mechanic'x xxx materialmen's liens under applicable law) owed, claimed or held, by Manager in and to the Properties, are and shall be in all respects subordinate and inferior to the liens and security interests created or to be created for the benefit of Lender, and securing the repayment of the Note and the obligations under the Loan Agreement including, without limitation, those created under the Mortgage covering, among other things, the Properties, and filed or to be filed of record in the public records maintained for the recording of mortgages in the jurisdiction where the Properties are located, and all renewals, extensions, increases, supplements, amendments, modifications or replacements thereof.
Subordination of Management Agreement. Borrower shall have furnished Lender with the executed Subordination of Management Agreement.
Subordination of Management Agreement. A. This Agreement, and Management Company's right to continue to manage and operate the Hotel pursuant to this Agreement, are and shall be subject and subordinate to the lien of any Qualified Loan (i.e., upon a Foreclosure of any such Qualified Loan, such Qualified Lender, at its option, unless it has otherwise agreed to the contrary in a Non-Disturbance Agreement, shall have the right to terminate this Agreement). Notwithstanding the foregoing, during the Term of this Agreement, all debt service (including increased or accelerated payments after a default) payable with respect to any Qualified Loan shall be paid exclusively from Owner's Distribution.
Subordination of Management Agreement. Each agreement pursuant to which a Property Manager subordinates its rights under a Management Agreement to the Loan Documents, as the same may be modified, amended, supplemented, restated or ratified from time to time, each such Agreement to be substantially in the form of Exhibit N hereto, with such changes thereto as the Agent may approve, which approval shall not be unreasonably withheld, conditioned or delayed.
