Common use of Matters Concerning Manager Clause in Contracts

Matters Concerning Manager. If (a) the Debt has been accelerated pursuant to Section 8.1(b) hereof, (b) Manager shall become bankrupt or insolvent or (c) a default occurs under the Management Agreement which is not cured within any applicable notice or grace period, Borrower shall, at the request of Lender, remove the Property from the application of the Management Agreement if permitted to do so by the terms of the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If an Event of Default has occurred and remains uncured and either (a) the Debt has been accelerated pursuant a Manager becomes subject to Section 8.1(b) hereof, a Bankruptcy Action or (b) a Manager shall become bankrupt or insolvent or (c) a is in default occurs under the Management Agreement to which it is not cured within a party beyond any applicable notice grace or grace cure period, the Individual Borrower or Individual Operating Lessee that is party to such Management Agreement shall, in each case, at the request of Lender, remove the Property from the application of the exercise its contractual rights under such Management Agreement if permitted to do so by the terms of the terminate such Management Agreement and the Consent Regarding Management Agreement, and replace the such Manager of the Property with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) the Debt an Event of Default has been accelerated pursuant to Section 8.1(b) hereofoccurred, (b) Manager shall become bankrupt or insolvent insolvent, (c) a change in Control of 50% or more of the ownership of Manager (notice of which change of Control Borrower agrees to give to Lender promptly upon receipt of knowledge thereof) or (cd) a default occurs under the Property Management Agreement which is not cured within any and continues beyond all applicable notice or grace periodand cure periods, Borrower shall, at the request of Lender, remove terminate the Property from the application of the Management Agreement if permitted to do so by the terms of the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Qualifying Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Qualifying Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) the Debt has been accelerated pursuant to Section 8.1(b) hereofan Event of Default occurs and is continuing, (b) Manager shall become bankrupt or insolvent subject to a Bankruptcy Action, or (c) a default occurs under the Management Agreement which is not cured within Agreement, then, in the case of any applicable notice or grace periodof the foregoing, Borrower shall, at the request of Lender, remove the Property from the application of the Management Agreement if permitted cause Mortgage Borrower to do so by the terms of terminate the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Manager (other than Existing Manager or any Person that is under common Control with Existing Manager or Guarantor) pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then then-prevailing market rates.

Matters Concerning Manager. If Without limiting the generality of the terms set forth in Section 7.3 above, if (a) the Debt has been accelerated pursuant to Section 8.1(b10.1(b) hereof, (b) Manager shall become bankrupt insolvent or insolvent a debtor in any Bankruptcy Action or (c) a an event of default occurs under the Management Agreement which is not cured within beyond any applicable notice or grace and cure period, Borrower or Operating Lessee shall, at the request of Lender’s request, remove the Property from the application of the Management Agreement if permitted to do so by the terms of terminate the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If (a) the Debt has been accelerated pursuant to Section 8.1(b) hereof, (b) Manager shall become bankrupt or insolvent insolvent, or (c) a default occurs under the Management Agreement which is not cured within any applicable notice or grace period, or (d) the Debt Service Coverage Ratio falls below 1.25 to 1.0 Borrower shall, at the request of Lender, remove the Property from the application of the Management Agreement if permitted to do so by the terms of the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.

Matters Concerning Manager. If Without limiting the generality of the terms set forth in Section 7.3 above, if (a) the Debt has been accelerated pursuant to Section 8.1(b10.1(b) hereof, (b) Manager shall become bankrupt insolvent or insolvent a debtor in any Bankruptcy Action or (c) a material default occurs under the Management Agreement which is not cured within beyond any applicable notice or grace and cure period, Borrower shall, at the request of Lender’s request, remove the Property from the application of the Management Agreement if permitted to do so by the terms of terminate the Management Agreement and the Consent Regarding Management Agreement, and replace the Manager of the Property with a Qualified Manager Manager, which is not an Affiliate of Borrower, pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates.