Common use of Management Advisor Clause in Contracts

Management Advisor. (a) The Borrower shall not and shall not permit any Subsidiary Guarantor to enter into any Management Agreement with a third party manager after the date hereof for any Pool Property without the prior written consent of the Agent (which shall not be unreasonably withheld), and after such approval, no such Management Agreement shall be modified in any material respect or terminated without Agent’s prior written approval, such approval not to be unreasonably withheld. Prior to the Release of Security Date, Agent may condition any approval of a new manager engaged by Borrower or a Subsidiary with respect to a Pool Property upon the execution and delivery to Agent of a Subordination of Management Agreement. Borrower shall not and shall not permit any Guarantor or other Subsidiary to increase any management fee payable under a Management Agreement after the date the applicable Real Estate becomes a Pool Property without the prior written consent of the Agent. Notwithstanding anything herein to the contrary, beginning on the Release of Security Date and continuing at all times thereafter, the Borrower will no longer be required to comply with the terms and conditions of this §7.12(a).

Management Advisor. (a) The Borrower shall not and shall not permit any Subsidiary Guarantor to enter into any Management Agreement with a third party manager after the date hereof for any Pool Property without the prior written consent of the Agent (which shall not be unreasonably withheld), and after such approval, no such Management Agreement shall be modified in any material respect or terminated without Agent’s prior written approval, such approval not to be unreasonably withheld. Prior to the Release of Security Date, Agent may condition any approval of a new manager engaged by Borrower BorrowerREIT or a Subsidiary with respect to a Pool Property upon the execution and delivery to Agent of a Subordination of Management Agreement. Borrower shall not and shall not permit any Guarantor or other Subsidiary to increase any management fee payable under a Management Agreement after the date the applicable Real Estate becomes a Pool Property without the prior written consent of the Agent. Notwithstanding anything herein to the contrary, beginning on the Release of Security Date and continuing at all times thereafter, the Borrower will no longer be required to comply with the terms and conditions of this §7.12(a).