Substitute Manager. Upon acceptance by the Members of an assignment by the Manager, any assignee of such Manager's interest in compliance with this Section 10 shall be substituted as the Manager.
Substitute Manager. The District’s Child Nutrition Director, in consultation with an elementary site’s Cafeteria Manager, may recommend a substitute manager for that site that will be designated as Food Service Assistant/Substitute Elementary Manager.
Substitute Manager. Lenders’ right to propose a substitute manager for the MVW Xxxx-Xxxxxxx Business under this comfort letter shall be on the terms and conditions of this Paragraph 5. Lender may propose a substitute manager for consideration by Licensor and shall provide such information related to such proposed substitute manager as Licensor may reasonably request. Licensor will approve any management company to operate the MVW Xxxx-Xxxxxxx Business that, in Licensor’s reasonable commercial judgment, is experienced and qualified in operating a Destination Club Business and Whole Ownership Residential Business at a level consistent with the brand image and quality level and is otherwise able to adhere fully to the obligations and requirements of the License Agreement. Notwithstanding anything to the contrary in this comfort letter, if the MVW Xxxx-Xxxxxxx Business is operated by a management company not approved by Licensor, Licensor shall have the right immediately upon notice and without further action to terminate the License Agreement, this comfort letter and the relationship of the Destination Club Business and Whole Ownership Residential Business contemplated under the License Agreement with the Proprietary Marks and the System. JPMorgan Chase Bank, N.A., as Administrative Agent November 21, 2011
Substitute Manager. After the removal of any Manager in accordance with Section 3.15 or after the resignation or death of any Manager, a majority of the entire Board of Managers shall select a substitute Manager. Such substitute Manager shall, upon due appointment by the Board of Managers of all necessary agreements, have all the rights and obligations of a Manager under this Agreement.
Substitute Manager. 20 10.3 Transfer in Violation Not Recognized........................ 20 11.
Substitute Manager. 48- 56 Notwithstanding the foregoing SECTION 5.3.1, Borrower may replace the Manager and designate and retain a substitute manager for all (but not less than all) of the Mortgaged Properties on the following terms and conditions:
(i) no Default or Event of Default shall have occurred and be continuing;
(ii) the substitute manager shall either be (x) a manager that is an Affiliate of Ardex XXXX xxx in which Ardex XXXX xxxs directly or indirectly at least a seventy-five percent (75%) economic or beneficial interest or (y) a third party manager of recognized standing and experience in the management of office and industrial properties comparable to the Mortgaged Properties that is acceptable to Lender;
(iii) Lender shall have approved the management agreement to be entered into between Borrower and the substitute manager;
(iv) the fee payable to the substitute manager shall not exceed the five percent (5%) of the Gross Income from Operations from the Mortgaged Properties; and
(v) if the Securitization has occurred, each of the Rating Agencies delivers to Lender a Rating Comfort Letter with respect thereto.
Substitute Manager. 36 Schedules
Substitute Manager. Intentionally deleted.
Substitute Manager. Lender's right to propose a substitute manager for a Hotel under this comfort letter shall be on the terms and conditions of this Paragraph 4. Upon Lender's request, Franchisor will provide Lender a list of management companies that Franchisor would approve for operation of the Hotel and, if possible, such list shall contain at least three (3) management companies. Franchisor reserves the right to approve only those management companies to operate the Hotel that, in Franchisor's sole judgment, are experienced and qualified in operating Fairfield Inn hotels and are otherwise able to adhere fully to the obligations and requirements of the Franchise Agreement. Notwithstanding anything to the contrary in this comfort letter, if the Hotel is operated by a management entity not approved by Franchisor, Franchisor shall have the right immediately upon notice and without further action to terminate the Franchise Agreement, this comfort letter and the Hotel's relationship with the Fairfield Inn system of hotels. Notwithstanding anything to the contrary contained in this comfort letter, Franchisor will not be obligated to manage the Hotel if in Franchisor's reasonable judgement such management would violate any contractual or other legal obligation of Franchisor or its affiliates.
Substitute Manager. Notwithstanding the foregoing SECTION 5.3.1, Borrower may replace the Manager and designate and retain a substitute manager for all (but not less than all) of the Mortgaged Properties on the following terms and conditions:
(i) no Default or Event of Default shall have occurred and be continuing;
(ii) the substitute manager shall either be (x) a manager that is an Affiliate of Xxxxx XXXX and in which Xxxxx XXXX owns directly or indirectly at least a 75% economic or beneficial interest or (y) a third party manager of recognized standing and experience in the management of office properties comparable to the Mortgaged Properties that is acceptable to Lender;
(iii) Lender shall have approved the management agreement to be entered into between Borrower and the substitute manager;
(iv) the fee payable to the substitute manager shall not exceed the five percent (5%) of the Gross Income from Operations from the Mortgaged Properties; and
(v) if the Securitization has occurred, each of the Rating Agencies delivers to Lender a Rating Comfort Letter with respect thereto.
