Common use of Designation of Manager Clause in Contracts

Designation of Manager. Any designation of an Equity Holder will be conditioned on the appointment by RPI 49, after consulting with RAIT of a "Property Manager" who will manage the Property and make all payments in accordance herewith and with the Purchase Money Financing. It is expressly agreed that RAIT may not, in any manner whatsoever, interfere with, delay or otherwise impair Purchase Money Lender's rights to require appointment (or replacement) of a Property Manager. As long as the Purchase Money Financing shall be outstanding, the Property Manager shall be irrevocably instructed to make all payments due thereon to the Purchase Money Lender prior to making any payments to RAIT or RPI 49.