Common use of Replacement of Manager Clause in Contracts

Replacement of Manager. Lender shall have the right to require Borrower to replace any Manager with a Person which is not an Affiliate of, but is chosen by, Borrower and approved by Lender (which approval, in the case of a replacement due to the circumstances described in subsections (ii) and/or (iii) of this Section 7.3, shall not be unreasonably withheld, conditioned or delayed) upon the occurrence of any one or more of the following events: (i) at any time following the acceleration of the Loan by Lender, (ii) if Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period and/or (iii) if at any time the Manager has engaged in gross negligence, fraud or willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace any Manager with a Person which is not an Affiliate of, but is chosen by, by Borrower and approved by Lender (which approval, in the case of a replacement due to the circumstances described in subsections (ii) and/or (iii) of this Section 7.3, shall not be unreasonably withheld, conditioned or delayed) upon the occurrence of any one or more of the following events: (i) at any time following the acceleration of the Loan by Lender, (ii) if Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period and/or (iii) if at any time the Manager has engaged in gross negligence, fraud or willful misconduct.

Replacement of Manager. Lender shall have the right to require Borrower to replace any the Manager with a Person which is not an Affiliate of, but is chosen by, Borrower and approved by Lender (which approval, in the case of a replacement due to the circumstances described in subsections (ii) and/or (iii) of this Section 7.3, approval shall not be unreasonably withheld, conditioned withheld or delayed) upon the occurrence of any one or more of the following events: (i) at any time following the acceleration occurrence and during the continuance of the Loan by Lenderan Event of Default, (ii) the Maturity Date occurs and the Loan has not been paid and satisfied in full, and/or (iii) if Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period and/or (iii) or if at any time the Manager has engaged in gross negligence, fraud or willful misconduct.