Qualified Management Agreement definition
Qualified Management Agreement means a management agreement with a Qualified Manager with respect to the applicable Individual Property which is approved by Lender in writing (such approval not to be unreasonably withheld, conditioned or delayed and which approval may be conditioned upon Lender's receipt of a Rating Agency Confirmation with respect to such management agreement).
Qualified Management Agreement means a management agreement with a Qualified Manager with respect to the Property which is approved by Lender in writing (which such approval may be conditioned upon Lender's receipt of a Rating Agency Confirmation with respect to such management agreement).
Qualified Management Agreement means, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (ii), Lender, at its option, after a rated Securitization, may require that Borrower obtain a Rating Agency Confirmation in respect of such management agreement and (b) an assignment of management agreement and subordination of management fees substantially in the form delivered to Lender in connection with the closing of the Loan (or of such other form and substance reasonably acceptable to Lender), in each case, executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense.
Examples of Qualified Management Agreement in a sentence
Each Sub-Manager must be a Qualified Manager and each sub-management agreement must be a Qualified Management Agreement.
In addition, in the event that (i) an Individual Property or Properties shall cease to be a Permitted Self-Management Property and/or (ii) the Self-Management Conditions shall no longer be satisfied, Lender shall have the right to require Borrower to cause Mortgage Borrower to appoint a Qualified Manager to manage all Permitted Self-Management Properties self-managed by Mortgage Borrower pursuant to a Qualified Management Agreement in accordance with the terms and conditions of this Agreement.
In addition, in the event that (i) an Individual Property or Properties shall cease to be a Permitted Self-Management Property and/or (ii) the Self-Management Conditions shall no longer be satisfied, Lender shall have the right to require Borrower to appoint a Qualified Manager to manage all Permitted Self-Management Properties self-managed by Borrower pursuant to a Qualified Management Agreement in accordance with the terms and conditions of this Agreement.
And this Agreement shall constitute a Qualified Management Agreement in.
In addition, in the event that an Individual Property or Properties shall cease to be a Permitted Self-Management Property, Lender shall have the right to require Borrower to appoint a Qualified Manager to manage all Permitted Self-Management Properties self-managed by Borrower pursuant to a Qualified Management Agreement in accordance with the terms and conditions of this Agreement.
More Definitions of Qualified Management Agreement
Qualified Management Agreement means a hotel management agreement under which the Company or a consolidated subsidiary of the Company is the manager that contains terms that satisfy the requirements set forth in that certain letter delivered by the Company to Grantee concurrently with the execution of this Award, as determined by the Investment Committee in good faith.
Qualified Management Agreement means a management agreement with a Qualified Manager with respect to the applicable Individual Property providing for a management fee not in excess of (x) in the case of any Affiliated Manager, two percent (2%) of Gross Rents or (y) in the case of any other Manager, three percent (3%) of Gross Rents attributable to the applicable Individual Property and which is otherwise approved by Lender in writing (which such approval is not to be unreasonably withheld, conditioned or delayed except that it may be conditioned upon Lender’s receipt of a Rating Agency Confirmation with respect to such management agreement) and for which Lender shall have received an assignment and subordination of management agreement in substantially the form of the Assignment of Management Agreement or otherwise reasonably acceptable to Lender and executed by Borrower and the Qualified Manager thereunder.
Qualified Management Agreement means a management agreement with a Qualified Manager with respect to the Property which is approved by ▇▇▇▇▇▇ in writing (which such approval may be conditioned upon ▇▇▇▇▇▇'s receipt of (i) a Rating Agency Confirmation with respect to such management agreement and (ii) if such Qualified Manager is an Affiliated Manager, and a Non-Consolidation Opinion has been previously provided to Lender, a New Non-Consolidation Opinion with respect to such management agreement). “Qualified Manager” shall mean a Person approved by ▇▇▇▇▇▇ in writing (which such approval may be conditioned upon ▇▇▇▇▇▇'s receipt of (i) a Rating Agency Confirmation with respect to such Person and (ii) if such Person is an Affiliated Manager, and a Non-Consolidation Opinion has been previously provided to Lender, a New Non-Consolidation Opinion with respect to such Person). “Rating Agencies” shall mean each of S&P, Moody’s, Fitch, DBRS, Inc., ▇▇▇▇▇ Bond Ratings and Morningstar Credit Ratings, LLC and any other nationally-recognized statistical rating agency designated by ▇▇▇▇▇▇ (and any successor to any of the foregoing) in connection with and/or in anticipation of any Secondary Market Transaction. “Rating Agency Confirmation” shall mean a written affirmation from each of the Rating Agencies that the credit rating of the Securities given by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion; provided, however, (i) if a Securitization has occurred and either (A) any Rating Agency fails to respond to any request for a Rating Agency Confirmation with respect to such event or otherwise elects (verbally or in writing) not to consider such event or (B) Lender (or Servicer) is not required to and has elected not to obtain (or cause to be obtained) a Rating Agency Confirmation with respect to such event, in each case, pursuant to and in compliance with the Securitization’s pooling and servicing agreement (or similar agreement), then, notwithstanding anything contained in this Agreement to the contrary, ▇▇▇▇▇▇’s written approval of such event shall be required in lieu of a Rating Agency
Qualified Management Agreement means, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Administrative Agent in form and substance, provided, with respect to this subclause (ii), Administrative Agent, at its option, after a rated Securitization, may require that Borrower obtain a Rating Agency Confirmation in respect of such management agreement and (b) an assignment of management agreement and subordination of management fees substantially in the form delivered to Administrative Agent in connection with the closing of the Loan (or of such other form and substance reasonably acceptable to Administrative Agent), in each case, executed and delivered to Administrative Agent by Borrower and such Qualified Manager at Borrower’s expense.
Qualified Management Agreement has the meaning set forth in Section 141 of the Code and Rev. Proc. 97-13, 1997-1 C.B. 632, as amplified by Notice 2014-67, 2014-46 I.R.B.
Qualified Management Agreement shall be defined under Section 141 of the Code and Rev. Proc. 2016-44, RP-117946-16.
Qualified Management Agreement means, collectively, (a) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Administrative Agent in form and substance, and (b) an Assignment of Management Agreement, executed and delivered to Administrative Agent by Borrower and such Qualified Manager at Borrower’s expense.