Acceptable Property Manager means (i) with respect to each Property, the current Property Manager and current brand as of the Closing Date for such Property as indicated on Schedule D hereto and, at any time prior to two years after the Closing Date, the property managers and brands listed under "Acceptable Property Manager" for such Property on Schedule D hereto, provided (x) each such property manager or brand continues to be Controlled by substantially the same Persons Controlling such property manager or brand as of the Closing Date (or if such Property Manager is a publicly traded company, such Property Manager continues to be publicly traded on an established securities market), and (y) such property manager has under management, at the time of its engagement as Property Manager, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the aggregate; (ii) during such two-year period, any Close Affiliate of any of the foregoing Persons with respect to a Property (provided that such Close Affiliate continues to manage the same Property as the Acceptable Property Manager of which it is a Close Affiliate (as indicated in clause (i) above) and so long as such Affiliate continues to be Controlled by substantially the same Persons Controlling such Close Affiliate as of the Closing Date (or if such Close Affiliate is a publicly traded company, such Close Affiliate continues to be publicly traded on an established securities market)); or (iii) any other reputable and experienced professional hotel management company (A) which, or a Close Affiliate of which, shall have at least five years' experience in the management of hotel properties substantially similar to the Properties, (B) which, or a Close Affiliate of which, shall have under management, at the time of its engagement as Property Manager, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the aggregate, and (C) with respect to which a Rating Confirmation has been obtained.
Acceptable Property Manager means (a) the Windsor --------------------------- Corporation, (b) Chateau Communities, Inc., N'Tandem Trust or an Affiliate, or (c) an unaffiliated, third party institutional property management company, having at least the same level of experience and competence as Chateau Communities, Inc., as reasonably determined by Lender.
Acceptable Property Manager means (i) with respect to each Property, the current Property Manager and current brand as of the Closing Date for such Property as indicated on Schedule D hereto and, at any time prior to two years after the Closing Date, the property managers and brands listed under “Acceptable Property Manager” for such Property on Schedule D hereto, provided (x) each such property manager or brand continues to be Controlled by substantially the same Persons Controlling such property manager or brand as of the Closing Date (or if such Property Manager is a publicly traded company, such Property Manager continues to be publicly traded on an established securities market), and (y) such property manager has under management, at the time of its engagement as Property Manager, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the aggregate; (ii) during such two-year period, any Close Affiliate of any of the foregoing Persons with respect to a Property (provided that such Close Affiliate continues to manage the same Property as the Acceptable Property Manager of which it is a Close Affiliate (as indicated in clause (i) above) and so long as such Affiliate continues to be Controlled by substantially the same Persons Controlling such Close Affiliate as of the Closing Date (or if such Close Affiliate is a publicly traded company, such Close Affiliate continues to be publicly traded on an established securities market)); or (iii) any other reputable and experienced professional hotel management company (A) which, or a Close Affiliate of which, shall have at least five years’ experience in the management of hotel properties substantially similar to the Properties, (B) which, or a Close Affiliate of which, shall have under management, at the time of its engagement as Property Manager, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the aggregate, and (C) with respect to which a Rating Confirmation has been obtained. “Act” shall have the meaning ascribed to it in Section 12.30(a).
Examples of Acceptable Property Manager in a sentence
Borrower represents, warrants and covenants that the Property shall at all times be managed by an Acceptable Property Manager and, with respect to a third party Property Manager, pursuant to an Acceptable Property Management Agreement.
Borrower represents, warrants and covenants that each Mortgaged Property shall at all times be managed by an Acceptable Property Manager.
Agent shall have received a copy of each Property Management Agreement duly executed by the Borrower and the applicable Acceptable Property Manager and a Consent of Manager duly executed by each Acceptable Property Manager, which shall be in form and substance reasonably satisfactory to Agent.
Unless otherwise waived by the Agent, if an Event of Default exists, the Borrower shall cause the Property Owner, within five (5) Business Days after the Agent’s written request, to issue a notice of termination with respect to the Property Management Agreement and replace the Property Manager with an Acceptable Property Manager, on commercially reasonable terms and conditions approved by the Agent.
Unless otherwise waived by the Lender, if an Event of Default exists, the Borrower shall cause the Property Owner, within five (5) Business Days after the Lender's written request, to issue a notice of termination with respect to the Property Management Agreement and replace the Property Manager with an Acceptable Property Manager, on commercially reasonable terms and conditions approved by the Lender.
More Definitions of Acceptable Property Manager
Acceptable Property Manager means the Borrower and any other property managers and brands approved by Lender in its reasonable discretion and, if required in accordance with applicable law, the Nevada Gaming Commission.
Acceptable Property Manager means (i) Prime Group Realty, L.P. (or any of its Affiliates), Prime Group Realty Services, Inc. (or any of its Affiliates), or J. Xxxx Xxxxxxx Development Company (or any of its Affiliates), or (ii) any other reputable and experienced professional property management company which (A) shall have at least five (5) years experience in the management of facilities comparable to the Mortgaged Property, (B) shall have under management, at the time of its engagement as Property Manager, not fewer than three (3) similar office buildings (excluding the Mortgaged Property) and (C) shall be a Person approved by the Agent in advance, which approval shall not be unreasonably withheld, conditioned or delayed.
Acceptable Property Manager means (i) Sheraton, Westin, Sponsor, or any Affiliate thereof; or (ii) any reputable and experienced professional hotel management company which (A) shall have at least five years' experience in the management of hotel properties substantially similar to the Properties and located in similar markets, (B) shall have under 5 7 management, at the time of its engagement as Property Manager, not fewer than twenty such full-service hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms, and (C) with respect to which the Borrowers have obtained a Rating Confirmation.
Acceptable Property Manager means any property manager retained by Borrower to manage one or more of the Mortgaged Properties, (i) which property manager has been approved by Lender and (ii) as to which Borrower shall have obtained a Rating Confirmation.
Acceptable Property Manager means (A) Forest City Commercial Management, Inc., (B) another professional management company that then manages first-class regional shopping centers containing, in the aggregate, at least 10 million net rentable square feet in the United States (exclusive of the Mall Improvements), (C) an Affiliate of Borrower reasonably acceptable to Lender based upon such Affiliate's employees' property management experience and employment history with one or more professional property management companies that, at the time of each such employee's employment with the applicable compan(ies), managed first-class regional shopping centers, or (D) another Person acceptable to Lender in its sole discretion.
Acceptable Property Manager means (i) Beacon Management and/or Xxxxxxxxx and Xxxx Services Limited Partnership for the Mortgaged Properties located in Cambridge, Massachusetts, and Beacon Management and/or Transwestern Property Company Southwest, L.P., d/b/a Transwestern Commercial Services for the Mortgaged Properties located in or about Dallas, Texas; or (ii) another Person approved by Agent (such approval not to be unreasonably withheld or delayed).
Acceptable Property Manager means (i) Guarantor (or any of its Affiliates) or Prime Group Realty Services Inc. (or any of its Affiliates), or (ii) any other reputable and experienced professional property management company which (A) shall have at least five (5) years experience in the management of facilities comparable to the Mortgaged Property, (B) shall have under management, at the time of its engagement as Property Manager, not fewer than three (3) similar office buildings (excluding the Mortgaged Property) and (C) shall be a Person approved by the Lender in advance, which approval shall not be unreasonably withheld or delayed.