Default Under Management Agreement. Any breach or default shall occur in the material obligations of the Borrowers under the Management Agreement, and such breach or default either is of such a nature or continues for such a period of time beyond applicable notice and cure periods, if any, that Manager shall have the right to exercise material remedies as a consequence thereof; or
Default Under Management Agreement. Any event of default on the part of any Borrower shall occur and be continuing under any Management Agreement. If more than one of the foregoing paragraphs shall describe the same condition or event, then Lender shall have the right to select which paragraph or paragraphs shall apply. In any such case, Lender shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).
Default Under Management Agreement. The occurrence of a default by the Borrower, Operating Lessee or any Affiliate of either under the Management Agreement (including, without limitation, the failure to satisfy PIP obligations as and when required thereunder) that extends beyond any applicable cure period provided for therein; unless the Borrower, Operating Lessee or Affiliate are reasonably challenging the existence or cure of such default and the Manager under the Management Agreement has not sent a notice of termination of, or otherwise terminated, such Management Agreement; or
Default Under Management Agreement. The occurrence of an “event of default” by Operating Lessee under the Management Agreement which “event of default” extends beyond any applicable cure period provided for therein and which can reasonably be expected to have a Material Adverse Effect on the day-to-day operation of the Property.
Default Under Management Agreement. The occurrence of a material default under a Management Agreement by Borrower or Operating Lessee (including, without limitation, the failure to satisfy PIP obligations or Renovation obligations) that extends beyond any applicable cure period provided for therein.
Default Under Management Agreement. Any event of default on the part of Borrower shall occur and be continuing under the Management Agreement; or
Default Under Management Agreement. The occurrence of default or event of default under the Management Agreement or the exercise by Manager of any remedies thereunder; or
Default Under Management Agreement. The termination of the Management Agreement without Lender's prior written consent (except as expressly permitted by the terms of Section 7.2 herein) or the occurrence of a default and the expiration of any cure period applicable thereto under the Master Lease.
Default Under Management Agreement. The occurrence of a material default under the Management Agreement by Borrower or Operating Lessee (including, without limitation, the failure to satisfy PIP obligations or Renovation obligations, including, without limitation, those Renovation obligations relating to the 21st and 22nd floors of the CHI Property) that extends beyond any applicable cure period provided for therein.
Default Under Management Agreement. The occurrence of a material default under the Management Agreement, which remains uncured beyond any applicable grace or cure periods available thereunder, provided, however, that such default shall not constitute an Event of Default hereunder if (a)(i) during any period in which a Primary License must be maintained with respect to the Project, the Primary License is not in imminent danger of revocation, (ii) the safety of the residents is not in jeopardy or (iii) the default does not arise from fraudulent acts or the willful misconduct of the Property Manager; and (b)(i) within ten (10) days following the occurrence of such default (or, to the extent applicable, the last day of any applicable grace or cure period, to the extent such default is susceptible of cure), Borrower proposes a replacement manager to Administrative Agent and (ii) following approval by Administrative Agent of such replacement manager (or of another replacement manager proposed by Borrower), Borrower replaces the existing Property Manager with such replacement LOAN AGREEMENT – Page 77 manager in accordance with Section 8.3 hereof within 30 days or, if applicable law requires a longer period, within the minimum period required under applicable law.
