Common use of Approval by the Managers Clause in Contracts

Approval by the Managers. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of Managers or duly authorized committees thereof if the Operating Agreement or the Act require the prior approval of the Board of Managers. The prior approval of the Conflicts Committee of the Board of Managers shall be required for each transaction between the Company and the Advisor or its Affiliates.

Approval by the Managers. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of Managers or duly authorized committees thereof if the Operating Agreement or the Act require the prior approval of the Board of Managers. The prior approval of the Corporate Governance and Conflicts Committee of the Board of Managers shall be required for each transaction between the Company and the Advisor or its Affiliates.