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 “Event of Default” (as defined in the Management Agreement) by Borrower or Operating Lessee under the Management Agreement that extends beyond any applicable cure period provided for therein and Manager does not waive said default prior to the expiration of such cure period; or
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 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 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 an Event of Default under the Golf Course Management Agreement.
Default Under Management Agreement. The termination or expiration of any Management Agreement or Operating Lease or the occurrence of a default and the expiration of any cure period applicable thereto
(i) all debt service payments and all other amounts due under the Loan Documents are paid current at all times during the Replacement Period (regardless of whether or not there is available revenue from the Projects to make such payments), (ii) Borrowers remove and dispossess the Operator with respect to the Project (the "MANAGEMENT TERMINATION PROJECT") subject to a defaulted or terminated Management Agreement and/or Operating Lease and install a new operator (the "REPLACEMENT OPERATOR") to operate the Management Termination Project within ninety (90) days (the "REPLACEMENT PERIOD") of any such Management Agreement or Operating Lease termination or default (which Replacement Operator shall be acceptable to Agent in its reasonable discretion), (iii) not later than the end of the Replacement Period, Borrowers cause such Replacement Operator to execute a management agreement or lease (such management agreement or lease is referred to herein as the "REPLACEMENT OPERATING AGREEMENT") in a form substantially similar to the applicable Management Agreement and/or Operating Lease and otherwise acceptable to Agent in its reasonable discretion, (iv) concurrently with the execution of the Replacement Operating Agreement, Borrowers cause Replacement Operator to execute and deliver to Agent a subordination agreement substantially similar to the Management Subordination Agreements or Lease Subordination Agreements, as applicable and otherwise acceptable to Agent in its sole discretion, (v) not later than the end of the Replacement Period, the licenses required to operate the Management Termination Project as a retirement community including skilled, assisted and independent living units, as applicable, have been unconditionally transferred from the applicable Operator to Replacement Operator in accordance with applicable Laws (or Replacement Operator otherwise possesses such licenses), (vi) Borrowers pay all of Agent's and Lender's reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees) in connection with the matters set forth in this Section 9.9, (vii) on a bi-weekly basis during the pendency of the Replacement Period, Borrowers furnish Agent with a detailed written statement summarizing the then current status of Borrowers' attempt to remove and dispossess Op...
