Manager’s Duty to Initial Member; Delivery of Certain Notices. In addition to such other reports and access to books, records and reports as are required to be provided under this Agreement, the Manager must cause to be delivered to each Beneficiary such information as is specified in Exhibit B to the LLC Operating Agreement (in addition to the Monthly Report) and such other information relating to the Assets, the Collateral, the Company, the Servicer, any Subservicers and any JDC Contractors as such Beneficiary may reasonably request from time to time and, in any case, must ensure that each Beneficiary is promptly advised, in writing, of any matter of which the Manager, the Servicer, any Subservicer or any JDC Contractor becomes aware relating to the Assets, the Collateral, each Company Account, the Escrow Accounts, or any Borrower or Obligor that materially and adversely affects the interests of the Initial Member under any Transaction Document. Without limiting the generality of the foregoing, the Manager (i) must cause to be delivered to each Beneficiary (w) information indicating any possible Environmental Hazards with respect to any Collateral, Acquired REO Property or other Assets, (x) information regarding any material contingent liability for which reserves should, in accordance with the Servicing Standard, be maintained by the Company or any Ownership Entity, (y) any notice or report provided to the Company or the Manager pursuant to Section 5.5 of the Servicing Agreement as in effect on the Closing Date (or pursuant to any other provision of the Servicing Agreement comparable to this Section 3(a)) and (z) such information and certificates (including officers’ certificates of the Private Owner) regarding compliance of the Private Owner with the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement as such Beneficiary may request from time to time, and (ii) in any event must immediately notify each Beneficiary in writing of any failure or cessation of the Private Owner to satisfy the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement, provided that any failure of the Manager to so provide such immediate notice under this clause
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Samples: Limited Liability Company Operating Agreement, Private Owner Interest Sale and Assignment Agreement
Manager’s Duty to Initial Member; Delivery of Certain Notices. In addition to such other reports and access to books, records and reports as are required to be provided under this Agreement, the Manager must shall cause to be delivered to each Beneficiary such information as is specified in Exhibit B to the LLC Operating Agreement (in addition to the Monthly Report) and such other information relating to the Assets, the Collateral, the Company, the Servicer, any Subservicers Servicer and any JDC Contractors Sub-Servicers as such Beneficiary may reasonably request from time to time and, in any case, must shall ensure that each Beneficiary is promptly advised, in writing, of any matter of which the Manager, the Servicer, any Subservicer Servicer or any JDC Contractor Sub-Servicer becomes aware relating to the Assets, the Collateral, each Company Account, the Escrow Accounts, or any Borrower or Obligor that materially and adversely affects the interests of the Initial Member under any Transaction Document. Without limiting the generality of the foregoing, the Manager (i) must shall cause to be delivered to each Beneficiary (w) information indicating any possible Environmental Hazards with respect to any Collateral, Acquired REO Property or other Assets, (x) information regarding any material contingent liability for which reserves should, in accordance with the Servicing Standard, be maintained by the Company or any Ownership Entity, (y) any notice or report provided to the Company or the Manager pursuant to Section 5.5 of the Servicing Agreement as in effect on the Closing Date (or pursuant to any other provision of the Servicing Agreement comparable to this Section 3(a)) and (z) such information and certificates (including officers’ certificates of the Private Owner) regarding compliance of the Private Owner with the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement as such Beneficiary may request from time to time, and (ii) in any event must shall immediately notify each Beneficiary in writing of any failure or cessation of the Private Owner to satisfy the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement, provided that any failure of the Manager to so provide such immediate notice under this clauseSections
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Manager’s Duty to Initial Member; Delivery of Certain Notices. In addition to such other reports and access to books, records and reports as are required to be provided under this Agreement, the Manager must cause to be delivered to each Beneficiary such information as is specified in Exhibit B to the LLC Operating Agreement (in addition to the Monthly Report) and such other information relating to the Assets, the Collateral, the Company, the Servicer, any Subservicers and any JDC Contractors as such Beneficiary may reasonably request from time to time and, in any case, must ensure that each Beneficiary is promptly advised, in writing, of any matter of which the Manager, the Servicer, any Subservicer or any JDC Contractor becomes aware relating to the Assets, the Collateral, each Company Account, the Escrow Accounts, or any Borrower or Obligor that materially and adversely affects the interests of the Initial Member under any Transaction Document. Without limiting the generality of the foregoing, the Manager (i) must cause to be delivered to each Beneficiary (w) information indicating any possible Environmental Hazards with respect to any Collateral, Acquired REO Property or other Assets, (x) information regarding any material contingent liability for which reserves should, in accordance with the Servicing Standard, be maintained by the Company or any Ownership Entity, (y) any notice or report provided to the Company or the Manager pursuant to Section 5.5 of the Servicing Agreement as in effect on the Closing Date (or pursuant to any other provision of the Servicing Agreement comparable to this Section 3(a)) and (z) such information and certificates (including officers’ certificates of the Private Owner) regarding compliance of the Private Owner with the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement as such Beneficiary may request from time to time, and (ii) in any event must immediately notify each Beneficiary in writing of any failure or cessation of the Private Owner to satisfy the requirements of Sections 8.2 and 10.1 of the LLC Operating Agreement, provided that any failure of the Manager to so provide such immediate notice under this clauseclause (ii) will not be deemed a breach of this Agreement so long as the relevant information with respect thereto is included in the applicable Monthly Report for the period including the date on which such failure occurred (so long as such Monthly Report is timely delivered in accordance herewith). To the extent that any Beneficiary requests information which is dependent upon obtaining such information from a Borrower, Obligor or other third party, the Manager must cause to be made commercially reasonable efforts to obtain such information but it will not be a breach by the Manager of this Agreement if the Manager fails to cause such information to be provided to such Beneficiary because a Borrower, Obligor or other Person has failed to provide such information after such efforts have been made.
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