Effect of Management Agreement Sample Clauses

Effect of Management Agreement. If a termination of employment occurs upon or after the expiration of the Term of this Agreement, Executive shall not be entitled to receive any compensation or benefits under this Agreement, but may be entitled to compensation and benefits, if any, in accordance with the terms and conditions of the Management Agreement.
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Effect of Management Agreement. Notwithstanding any other provisions of this Agreement, if a termination occurs during the Transition Period (as defined in the Management Agreement), Executive shall not be entitled to receive any compensation or benefits under Section 9(a) above, but shall be entitled to compensation and benefits, if any, pursuant to the Management Agreement.
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Effect of Management Agreement. It is understood by Parent that the effect of actions taken or omitted by Parent in violation of the Management Agreement may not cause the conditions in Sections 6.1 or 6.2 to be unsatisfied.
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Effect of Management Agreement. Notwithstanding anything to the contrary in Section 2.11(b)(i) and Section 2.11(b)(ii) hereof, with respect to either Property, provided that the Management Agreement applicable to such Property (or a replacement management agreement with Hilton Management LLC or any Affiliate thereof) is then in full force and effect, the deposit by Manager of five percent (5%) of the “Gross Revenues” (as defined in the Management Agreements) to the “Capital Renewals Reserve” (as defined in the Management Agreements) in accordance with Section 4.02.5 of the applicable Management Agreement for the payment of additions to and substitutions, replacements and renewals of fixtures, furniture and equipment and capital expenditures 62383226 44 shall constitute compliance with Section 2.11(b)(i) hereof. Notwithstanding anything to the contrary in Section 2.11(b)(i) and Section 2.11(b)(ii) hereof and subject to the terms of the Manager SNDA, Manager shall have the right to make withdrawals from the “Capital Renewals Reserve” in accordance with the applicable Management Agreement whether or not an Event of Default shall be continuing. Notwithstanding Section 7.01 of the applicable Management Agreement, Borrower acknowledges and represents that the “Capital Renewals Reserve” for the Capital Property is held in Bank of America account number 12330-59099, Tax Id. No. 00-0000000 and the “Capital Renewals Reserve” for the Xxxxxx Xxxxx Property is held in Xxxxx Fargo Bank account number 4121557219, Tax Id. No. 00-0000000. The Account Agreements for the Capital Renewals Reserves are attached hereto as Exhibits B-1 and B-2, respectively.
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Effect of Management Agreement. Notwithstanding anything to the contrary in Section 2.11(d)(i) or Section 2.11(d)(ii), with respect to either Property, provided that the Management Agreement applicable to such Property (or a replacement management agreement with Hilton Management LLC or any Affiliate thereof) is then in full force and effect, the deposit by Manager of one-twelfth of an amount which would be sufficient to pay the Impositions and premiums for the Insurance Policies payable or estimated by Agent to be payable or accrued, during the ensuing twelve (12) months into a subaccount of the Operating Account or separate tax and insurance Hotel Account (as defined in the Management Agreement) shall constitute compliance with Section 2.11(d)(i). Notwithstanding anything to the contrary in Section 2.11(d)(i) or Section 2.11(d)(ii), subject to the terms of the Manager SNDA, Manager shall have the right to withdraw funds from such subaccount or separate “Hotel Account” to make payments for Impositions (as defined in the Management Agreement) and premiums for any insurance at the Hotels in accordance with the applicable Management Agreement whether or not an Event of Default shall be continuing. The “Tax and Insurance Hotel Account” for the Capital Property is held in Bank of America account number 12331-64019, Tax Id. No. 00-0000000 and the “Tax and Insurance Hotel Account” for the Xxxxxx Xxxxx Property is held in Xxxxx Fargo Bank account number 0000000000, Tax Id. No. 00-0000000. The Account Agreements for such subaccounts are attached hereto as Exhibits B-1 and B-2, respectively.
Sample 1
Effect of Management Agreement. Notwithstanding anything to the contrary in Section 2.11(e)(i) or Section 2.11(e)(ii), with respect to either Property, provided that the Management Agreement applicable to such Property (or a replacement management agreement with Hilton Management LLC or any Affiliate thereof) is then in full force and effect, the deposit by Manager of one-twelfth of an amount which would be sufficient to pay the Ground Rent payable or estimated by Agent to be payable or accrued, during the ensuing twelve (12) months into a subaccount of the Operating Account or a 00000000 47 separate Hotel Account (as defined in the Management Agreement) shall constitute compliance with Section 2.11(e)(i). Notwithstanding anything to the contrary in Section 2.11(e)(i) or Section 2.11(e)(ii), and subject to the terms of the Manager SNDA, Manager shall have the right to withdraw funds from such subaccount or separate “Hotel Account” to make payments for Ground Rent in accordance with the applicable Management Agreement whether or not an Event of Default shall be continuing. The “Ground Rent Hotel Account” for the Xxxxxx Xxxxx Property is held in Xxxxx Fargo Bank account number 4121756720, Tax Id. No. 00-0000000. The Account Agreements for the subaccounts are attached hereto as Exhibits B-1 and B-2, respectively.
Sample 1

Related to Effect of Management Agreement

  • Assignment of Management Agreement As additional collateral security for the Loan, Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.

  • Termination of Management Agreement Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager.

  • Effect of Supplemental Agreements Upon the execution of any supplemental agreement under this Article, this Agreement shall be modified in accordance therewith, and such supplemental agreement shall form a part of this Agreement for all purposes; and every Holder of Certificates theretofore or thereafter authenticated, executed on behalf of the Holders and delivered hereunder, shall be bound thereby.

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Effect of First Amendment The Agreement will remain in full force and effect except as specifically modified by this First Amendment. In the event of any conflict between the First Amendment and the Agreement, the terms of this First Amendment will govern.

  • Acquisition Agreements If the Equipment is subject to any Acquisition Agreement, Lessee, as part of this lease, transfers and assigns to Lessor all of its rights, but none of its obligations (except for Lessee's obligation to pay for the Equipment conditioned upon Lessee's acceptance in accordance with Paragraph 6), in and to the Acquisition Agreement, including but not limited to the right to take title to the Equipment. Lessee shall indemnify and hold Lessor harmless in accordance with Paragraph 19 from any liability resulting from any Acquisition Agreement as well as liabilities resulting from any Acquisition Agreement Lessor is required to enter into on behalf of Lessee or with Lessee for purposes of this lease.

  • Amendment of Agreement and Certificate of Limited Partnership For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof.

  • One Agreement This Agreement and any related security or other agreements required by this Agreement, collectively:

  • The Management Agreement Borrower shall use commercially reasonable efforts to cause Manager to manage the Property in accordance with the Management Agreement. Borrower shall (a) diligently perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (b) promptly notify Agent of any notice to Borrower or Manager of any default by Borrower in the performance or observance of any material terms, covenants or conditions of the Management Agreement on the part of Borrower to be performed and observed, and (c) promptly deliver to Agent a copy of all material notices received by it (including, without limitation, any notices relating to the Ground Lease, the Reciprocal Easement and any Joint Manager (as defined in the Reciprocal Easement Agreement) and, upon request by Agent, any other financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement (but excluding any immaterial general correspondence and internal discussion drafts of any such plans, reports or estimates); and (iv) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Manager under the Management Agreement. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Agent’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its obligations hereunder or under the Management Agreement, Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed.

  • Certain Operative Agreements Furnish to the Liquidity Provider with reasonable promptness, such Operative Agreements entered into after the date hereof as from time to time may be reasonably requested by the Liquidity Provider.

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