Qualified Manager definition

Qualified Manager means in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Property, provided, that Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that management of the Property by such Person will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such Person is an Affiliate of Borrower, an Additional Insolvency Opinion.

Qualified Manager means (i) Existing Manager, (ii) any Person that is under common Control with Existing Manager or Sponsor and/or (iii) a reputable Person that has at least two (2) years’ experience in the management of at least two hundred and fifty (250) residential rental properties in each metropolitan statistical area in which the applicable Properties to be managed by such Person are located and is not the subject of a bankruptcy or similar proceeding; provided, that in the case of the foregoing clause (iii), Borrower shall have obtained a Rating Agency Confirmation in respect of the management of the Properties by such Person; and provided, further, that in the case of the foregoing clause (ii) and clause (iii), if such Person is an Affiliate of Borrower, Borrower shall have obtained an additional Insolvency Opinion if such an opinion is requested by Lender.

Qualified Manager. As defined in the Mortgage Loan Agreement.

Examples of Qualified Manager in a sentence

• Upon the occurrence of any event which would entitle Subordinate Lender to cause the termination of the Property Manager pursuant to the Subordinate Loan Documents, Subordinate Lender shall have the right to select, or cause the selection, of a replacement property manager (including any asset manager) or leasing agent for the Premises, which replacement manager, asset manager and/or leasing agent shall either (a) be subject to Senior Lender’s reasonable approval or (b) be a Qualified Manager.

• Notwithstanding the foregoing, however, provided no Event of Default is continuing, the approval of Lender and the Rating Agencies shall not be required with respect to the appointment of an Unaffiliated Qualified Manager.

• Xx Xxxxx, XX 00000 Attention: Xxxx Xxx, President and Qualified Manager Waiver.

• Tenant acknowledges and agrees that the engagement of a Qualified Manager shall not affect the obligations, covenants and agreements of Tenant hereunder or the rights, remedies and benefits of Landlord, and Tenant shall be responsible for any act, failure to act or omission by Qualified Manager relating to operation of the Private Facilities.

• The agreement between Tenant and such Qualified Manager shall provide that in the event of the Landlord’s reentry and repossession of the Private Facilities following an Event of Default, the agreement shall be terminable by Landlord on not more than 30 days’ written notice at no cost or other obligation on the part of Landlord.

More Definitions of Qualified Manager

Qualified Manager means (i) Manager, (ii) a Pre-Approved Manager or (iii) a reputable and experienced professional property management organization that is reasonably approved by Lender pursuant to Section 5.14 hereof, which may, at Lender’s option, be conditioned upon Lender’s receipt of a Rating Agency Confirmation, provided that with respect to any Affiliated Manager, Lender has received a New Non-Consolidation Opinion.

Qualified Manager means a person who:

Qualified Manager shall have the meaning set forth in the Assignment of Management Agreement.

Qualified Manager means Manager or a reputable and experienced professional management organization (a) which manages, together with its affiliates, at least five (5) first class office buildings totaling at least 2,500,000 square feet of gross leasable area, exclusive of the Property and (b) approved by Lender, which approval shall not have been unreasonably withheld and for which Lender shall have received (i) 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, and (ii) with respect to any Affiliated Manager, a revised substantive non-consolidation opinion if one was delivered in connection with the closing of the Loan.

Qualified Manager means either (a) Manager; or (b) in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Property, provided, that, if required by Lender, Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that management of the Property by such entity will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such entity is an Affiliate of Borrower, an Additional Insolvency Opinion.

Qualified Manager means a Person approved by Lender in writing (which approval may be conditioned upon Lender’s receipt of a Rating Agency Confirmation with respect to such Person).

Qualified Manager means a property manager of the Premises which (i) is a reputable management company having at least five (5) years’ experience in the management of multifamily properties with similar uses as the Premises and in the jurisdiction in which the Premises are located, (ii) has, 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, (iii) at the time of its engagement as property manager has units of the same property type as the Premises equal to the lesser of (A) 10,000 units and (B) five (5) times the number of units of the Premises and (iv) is not the subject of a bankruptcy or similar insolvency proceeding.