Common use of Termination of Manager Clause in Contracts

Termination of Manager. If (i) as of any Calculation Date, Borrowers fail to maintain a Debt Service Coverage Ratio of at least 1.05:1 or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to Lender in Lender's discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' failure to appoint an acceptable manager within thirty (30) days after Lender's request of Borrowers to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers may from time to time appoint a successor manager to manage the Property, which successor manager and Management Agreement shall be approved in writing by Lender in Lender's discretion and the applicable Rating Agencies.

Termination of Manager. If (i) as of any Calculation Date, Borrowers Borrower fail to maintain a Debt Service Coverage Ratio of at least 1.05:1 or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to Lender in Lender's discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' Borrower's failure to appoint an acceptable manager within thirty (30) days after Lender's request of Borrowers Borrower to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers Borrower may from time to time appoint a successor manager to manage the Property, which successor manager and Management Agreement shall be approved in writing by Lender in Lender's discretion and the applicable Rating Agencies.

Termination of Manager. If (i) as of any Calculation Date, Borrowers fail to maintain a an Actual Debt Service Coverage Ratio of at least 1.05:1 1.40:1 or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers shall, at the request of Lender, terminate the Management Agreement and replace Manager with an Approved Manager or a replacement manager acceptable to Lender in Lender's discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' failure to appoint an acceptable manager within thirty forty five (3045) days after Lender's request of Borrowers to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers may from time to time appoint a successor manager to manage the PropertyProperties, which successor manager and Management Agreement shall be an Approved Manager or shall be approved in writing by Lender in Lender's reasonable discretion and the applicable Rating Agencies.

Termination of Manager. If (i) as of any Calculation Date, Borrowers fail Borrower fails to maintain a Debt Service Coverage Ratio of at least 1.05:1 1.20x or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to Lender in Lender's ’s discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' Borrower’s failure to appoint an acceptable manager within thirty (30) days after Lender's ’s request of Borrowers Borrower to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers Borrower may from time to time appoint a successor manager to manage the PropertyProperties, which successor manager and Management Agreement shall be approved in writing by Lender in Lender's ’s discretion and the applicable Rating Agencies.

Termination of Manager. If (i) as of any Calculation Date, Borrowers Borrower fail to maintain a Debt Service Coverage Ratio of at least 1.05:1 or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to both Lender (in Lender's discretion discretion) and the applicable Rating Agencies Agencies, on terms and conditions satisfactory to both Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' Borrower's failure to appoint an acceptable manager within thirty (30) days after Lender's request of Borrowers Borrower to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers Borrower may from time to time appoint a successor manager to manage the Property, which successor manager and Management Agreement shall be approved in writing by both Lender (in Lender's discretion discretion) and the applicable Rating Agencies.

Termination of Manager. If (i) as of any Calculation Date, Borrowers fail to maintain a an Actual Debt Service Coverage Ratio of at least 1.05:1 1.40:1 or (ii) an Event of Default shall be continuing, or (iii) Manager is in default under the Management Agreement, or (iv) upon the gross negligence, malfeasance or willful misconduct of the Manager, Borrowers shall, at the request of Lender, terminate the Management Agreement and replace Manager with an Approved Manager or a replacement manager acceptable to Lender in Lender's ’s discretion and the applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. All calculations of the Debt Service Coverage Ratio for purposes of this Section 5.12.2 shall be subject to verification by Lender. Borrowers' ’ failure to appoint an acceptable manager within thirty forty five (3045) days after Lender's ’s request of Borrowers to terminate the Management Agreement shall constitute an immediate Event of Default. Borrowers may from time to time appoint a successor manager to manage the PropertyProperties, which successor manager and Management Agreement shall be an Approved Manager or shall be approved in writing by Lender in Lender's ’s reasonable discretion and the applicable Rating Agencies.