Assignment of Management Agreement and Subordination of Management Fees Clause Samples
The "Assignment of Management Agreement and Subordination of Management Fees" clause governs the transfer of a property management agreement to a new party, typically in connection with a sale or financing, and establishes that management fees are subordinate to certain other financial obligations. In practice, this means that if the property is sold or refinanced, the management agreement can be assigned to the new owner or lender, and the payment of management fees may be delayed or reduced if higher-priority debts, such as mortgage payments, are not fully satisfied. This clause ensures that lenders or buyers have flexibility and security in managing the property, while also protecting their financial interests by prioritizing critical payments over management fees.
Assignment of Management Agreement and Subordination of Management Fees. (Operating Agreement) executed by LLC Borrower, MISC TRS, Mortgage Lender, and ARC Manager, as operator, for the benefit of Mortgage Lender (the “Innventures Operating Agreement Subordination”);
Assignment of Management Agreement and Subordination of Management Fees. (Operating Agreement) executed by LLC New Borrower, LP New Borrower, DLGL New Borrower, SAGL New Borrower, ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company (“TRS LLC”), DEKS TRS, NTC TRS, Lender, and American Realty Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability company (“ARC Manager”), as operator, for the benefit of Lender (the “Crestline Operating Agreement Subordination”);
Assignment of Management Agreement and Subordination of Management Fees. (All Properties), dated as of February 2, 2007, by Café Borrower, Hotel/Casino Borrower and Adjacent Borrower to Mortgage Lender, and consented and agreed to by the Affiliated Manager of such Properties.
Assignment of Management Agreement and Subordination of Management Fees. (Operating Agreement) executed by LLC Borrower, PXGL New Borrower, LP Borrower, HIL TRS, LLC, NTC HIL TRS, Mortgage Lender, and ARC Manager, as operator, for the benefit of Mortgage Lender (the “Hilton-Homewood Operating Agreement Subordination”);
Assignment of Management Agreement and Subordination of Management Fees executed by LLC Borrower, LP Borrower, MBGL ▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇, ▇▇▇ TRS, Lender, and ▇▇▇▇▇▇▇▇ Hotel Management, Inc. (“▇▇▇▇▇▇▇▇”), as manager, for the benefit of Lender;
Assignment of Management Agreement and Subordination of Management Fees. (Operating Agreement) executed by MBGL 1000 New Borrower, MBGL 950 New Borrower, LLC Borrower, LP Borrower, ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company (“MCK TRS”), NTC TRS, Mortgage Lender, and ARC Manager, as operator, for the benefit of Mortgage Lender (the “▇▇▇▇▇▇▇▇ Operating Agreement Subordination”);
Assignment of Management Agreement and Subordination of Management Fees. (Management Agreement) executed by LLC Borrower, MISC TRS, Mortgage Lender, ARC Manager, as operator, and First Hospitality Group, Inc. (“First Hospitality” and together with ARC Manager, Crestline, Pillar, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇-▇▇▇▇▇▇▇, ▇▇▇▇▇▇-Homewood, McKibbon, and Innventures, the “Property Managing Entities”), as manager, for the benefit of Mortgage Lender (the “First Hospitality Management Agreement Subordination” and together with the First Hospitality Operating Agreement Subordination, the “First Hospitality Subordination”; the First Hospitality Subordination together with the Crestline Subordination, the Pillar Subordination, the ▇▇▇▇▇▇▇▇▇ Subordination, the ▇▇▇▇▇▇-▇▇▇▇▇▇▇ Subordination, the Hilton-Homewood Subordination, the ▇▇▇▇▇▇▇▇ Subordination, and the Innventures Subordination, is referred to as the “Management Subordination”);
Assignment of Management Agreement and Subordination of Management Fees dated as of November __, 2012, by the Company to Lender, and consented and agreed to by Property Manager.
Assignment of Management Agreement and Subordination of Management Fees. (Management Agreement) executed by LLC Borrower, GBGL New Borrower, BHGL New Borrower, LP Borrower, NFGL New Borrower, HIL TRS, NTC HIL TRS, Mortgage Lender, ARC Manager, as operator, and Hampton Inns Management LLC, a Delaware limited liability company (“▇▇▇▇▇▇-▇▇▇▇▇▇▇”), as manager, for the benefit of Mortgage Lender (the “▇▇▇▇▇▇-▇▇▇▇▇▇▇ Management Agreement Subordination” and together with the ▇▇▇▇▇▇-▇▇▇▇▇▇▇ Operating Agreement Subordination, the “▇▇▇▇▇▇-▇▇▇▇▇▇▇ Subordination”);
Assignment of Management Agreement and Subordination of Management Fees executed by LLC Borrower, BHGL Borrower, LP Borrower, NFGL Borrower, HIL TRS, NTC HIL TRS, Lender, and Hampton Inns Management LLC, a Delaware limited liability company (“▇▇▇▇▇▇-▇▇▇▇▇▇▇”), as manager, for the benefit of Lender;