Common use of Property Management Agreements Regarding Unencumbered Pool Properties Clause in Contracts

Property Management Agreements Regarding Unencumbered Pool Properties. (a) No Unencumbered Property Owner shall, following the date on which any Real Estate Asset is first included as an Unencumbered Pool Property, enter into any property management agreement, or agree to pay any Person any fees or compensation in connection with the management of all or any portion of such Unencumbered Pool Property, except with an Approved Manager pursuant to a management agreement substantially in the form approved by the Administrative Agent prior to the Effective Date or other form reasonably acceptable to the Administrative Agent. With respect to each Unencumbered Pool Property subject to a property management agreement, the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) shall (i) promptly perform and observe in a commercially reasonable manner all of the covenants required to be performed and observed by it under such property management agreement and do all things necessary (to the extent commercially reasonable) to preserve and to keep unimpaired its material rights thereunder; (ii) promptly deliver to the Administrative Agent a copy of any notice of default or other material notice under such property management agreement received by the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) from the Approved Manager party thereto (including any notice that the Approved Manager intends to terminate such property management agreement or that the Approved Manager otherwise intends to discontinue its management of such Unencumbered Pool Property); and (iii) promptly enforce in a commercially reasonable manner the performance and observance of all of the covenants required to be performed and observed by such Approved Manager under such property management agreement. (b) No Unencumbered Property Owner shall, without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld): (i) surrender, terminate or cancel any property management agreement or otherwise replace any Approved Manager or enter into any other management agreement with respect to any Unencumbered Pool Property, except in accordance with clause (a) of this Section 8.18; (ii) reduce or consent to the reduction of the term of any such property management agreement; (iii) increase or consent to the increase of the amount of any charges or management fees under any such property management agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any property management agreement in any material respect. Section 9

Property Management Agreements Regarding Unencumbered Pool Properties. (a) No Unencumbered Property Owner Credit Party shall, following the date on which any Real Estate Asset is first included as an Unencumbered Pool Property, enter into any property management agreement, or agree to pay any Person any fees or compensation in connection with the management of all or any portion of such Unencumbered Pool Property, except with an Approved Manager pursuant to a management agreement substantially in the form approved by the Administrative Agent prior to the Effective Closing Date or other form reasonably acceptable to the Administrative Agent. With respect to each Unencumbered Pool Property subject to a property management agreement, the Borrower (or the applicable Unencumbered Property Owner Credit Party with respect to such Unencumbered Pool Property) shall (i) promptly perform and observe in a commercially reasonable manner all of the covenants required to be performed and observed by it under such property management agreement and do all things necessary (to the extent commercially reasonable) to preserve and to keep unimpaired its material rights thereunder; (ii) promptly deliver to the Administrative Agent a copy of any notice of default or other material notice under such property management agreement received by the Borrower (or the applicable Unencumbered Property Owner Credit Party with respect to such Unencumbered Pool Property) from the Approved Manager party thereto (including any notice that the Approved Manager intends to terminate such property management agreement or that the Approved Manager otherwise intends to discontinue its management of such Unencumbered Pool Property); and (iii) promptly enforce in a commercially reasonable manner the performance and observance of all of the covenants required to be performed and observed by such Approved Manager under such property management agreement. (b) No Unencumbered Property Owner Credit Party shall, without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld): (i) surrender, terminate or cancel any property management agreement or otherwise replace any Approved Manager or enter into any other management agreement with respect to any Unencumbered Pool Property, except in accordance with clause (a) of this Section 8.18; (ii) reduce or consent to the reduction of the term of any such property management agreement; (iii) increase or consent to the increase of the amount of any charges or management fees under any such property management agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any property management agreement in any material respect. Section 9.

Property Management Agreements Regarding Unencumbered Pool Properties. (a) No Unencumbered Property Owner shall, following the date on which any Real Estate Asset is first included as an Unencumbered Pool Property, enter into any property management agreement, or agree to pay any Person any fees or compensation in connection with the management of all or any portion of such Unencumbered Pool Property, except with an Approved Manager pursuant to a management agreement substantially in the form approved by the Administrative Agent prior to the Effective Closing Date or other form reasonably acceptable to the Administrative Agent. With respect to each Unencumbered Pool Property subject to a property management agreement, the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) shall (i) promptly perform and observe in a commercially reasonable manner all of the covenants required to be performed and observed by it under such property management agreement and do all things necessary (to the extent commercially reasonable) to preserve and to keep unimpaired its material rights thereunder; (ii) promptly deliver to the Administrative Agent a copy of any notice of default or other material notice under such property management agreement received by the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) from the Approved Manager party thereto (including any notice that the Approved Manager intends to terminate such property management agreement or that the Approved Manager otherwise intends to discontinue its management of such Unencumbered Pool Property); and (iii) promptly enforce in a commercially reasonable manner the performance and observance of all of the covenants required to be performed and observed by such Approved Manager under such property management agreement. (b) No Unencumbered Property Owner shall, without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld): (i) surrender, terminate or cancel any property management agreement or otherwise replace any Approved Manager or enter into any other management agreement with respect to any Unencumbered Pool Property, except in accordance with clause (a) of this Section 8.18; (ii) reduce or consent to the reduction of the term of any such property management agreement; (iii) increase or consent to the increase of the amount of any charges or management fees under any such property management agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any property management agreement in any material respect. Section 9.

Property Management Agreements Regarding Unencumbered Pool Properties. (a) No Unencumbered Property Owner shall, following the date on which any Real Estate Asset is first included as an Unencumbered Pool Property, enter into any property management agreement, or agree to pay any Person any fees or compensation in connection with the management of all or any portion of such Unencumbered Pool Property, except with an Approved Manager pursuant to a management agreement substantially in the form approved by the Administrative Agent prior to the Effective Date or other form reasonably acceptable to the Administrative Agent. With respect to each Unencumbered Pool Property subject to a property management agreement, the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) shall (i) promptly perform and observe in a commercially reasonable manner all of the covenants required to be performed and observed by it under such property management agreement and do all things necessary (to the extent commercially reasonable) to preserve and to keep unimpaired its material rights thereunder; (ii) promptly deliver to the Administrative Agent a copy of any notice of default or other material notice under such property management agreement received by the Borrower (or the applicable Unencumbered Property Owner with respect to such Unencumbered Pool Property) from the Approved Manager party thereto (including any notice that the Approved Manager intends to terminate such property management agreement or that the Approved Manager otherwise intends to discontinue its management of such Unencumbered Pool Property); and (iii) promptly enforce in a commercially reasonable manner the performance and observance of all of the covenants required to be performed and observed by such Approved Manager under such property management agreement. (b) No Unencumbered Property Owner shall, without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld): (i) surrender, terminate or cancel any property management agreement or otherwise replace any Approved Manager or enter into any other management agreement with respect to any Unencumbered Pool Property, except in accordance with clause (a) of this Section 8.18; (ii) reduce or consent to the reduction of the term of any such property management agreement; (iii) increase or consent to the increase of the amount of any charges or management fees under any such property management agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any property management agreement in any material respect. Section 9.