Common use of Subordination of Management Agreement Clause in Contracts

Subordination of Management Agreement. Excluding Management Company's right to receive payment of the Base Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) which now or hereafter encumber the Hotel. This subordination provision shall be self-operative and no other or further instrument of subordination shall be required. Management Company agrees, however, upon request of any Qualified Lender, duly to execute and deliver any subordination agreement requested by such Qualified Lender to evidence and confirm the subordination effected under this Section 3.02.

Subordination of Management Agreement. Excluding Management Company's ’s right to receive payment of the Base Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) which now or hereafter encumber the Hotel. This subordination provision shall be self-operative and no other or further instrument of subordination shall be required. Management Company agrees, however, upon request of any Qualified Lender, duly to execute and deliver any subordination agreement requested by such Qualified Lender to evidence and confirm the subordination effected under this Section 3.02.

Subordination of Management Agreement. Excluding Management Company's ’s right to receive payment of the Base Management Fee and the Incentive Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) Mortgage which now or hereafter encumber the Hotel. This subordination provision shall be self-operative and no other or further instrument of subordination shall be required. Management Company agrees, however, upon request of any Qualified Lenderlender, duly to execute and deliver any subordination agreement requested by such Qualified Lender lender to evidence and confirm the subordination effected under this Section 3.02.

Subordination of Management Agreement. Excluding Management Company's right to receive payment of the Base Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) which now or hereafter encumber the Hotel. This subordination provision shall be self-self- operative and no other or further instrument of subordination shall be required. ; Management Company agrees, however, upon request of any Qualified Lender, duly to execute and deliver any subordination agreement requested by such Qualified Lender to evidence and confirm the subordination effected under this Section 3.02, provided that such agreement also reaffirms the Qualified Lender's obligations to Management Company under this Agreement.

Subordination of Management Agreement. Excluding Management Company's right to receive payment of the Base Management Fee, this This Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Secured Loan(s) which now or hereafter encumber the Hotel. This subordination provision shall be self-operative and no other or further instrument of subordination shall be required. Management Company agrees, however, upon request of any Qualified Lender, duly to execute and deliver any subordination agreement requested by such Qualified Lender to evidence and confirm the subordination effected under this Section 3.023.01.