Examples of Subordination of Management Agreement in a sentence
Borrower shall fully perform all of its covenants, agreements and obligations under the Property Management Agreement and shall cause the Property Manager to enter into a Subordination of Management Agreement upon execution of the Property Management Agreement.
For example, a Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement was entered into by and among CNL Desert Resort, LP, CNL Grand Wailea Resort, LP, and CNL Biltmore Resort, LP, collectively, as Borrower, CNL Resort Lodging Tenant Corp.
There are two possible types of control agreements: a Profit and Loss Agreement (which we call PLA) and a Subordination of Management Agreement (SMA).3 An SMA requires the controlling company to absorb any losses but the transfer of profit is optional.
The Debtor, TRN, and Wells Fargo shall have executed and delivered the Assignment and Subordination of Management Agreement.
The Cinco Ranch Loan is also secured by, among other things, the assignments, indemnities, liens and security interests created pursuant to an Assignmentand Subordination of Management Agreement dated May 29, 2013 (the “ Cinco Ranch Assignment”).