Relationships with Borrowers, etc. Except as otherwise expressly consented to in writing by the Initial Member (and subject in such case to the terms and conditions of any such express consent), none of the Private Owner, the Manager or any Affiliate of either shall, at any time, (i) be an Affiliate of or a partner or joint venturer with any Borrower or Obligor, (ii) be an agent of any Borrower or Obligor, or allow any Borrower or Obligor to be an agent of the Manager or the Company, or (iii) except as is otherwise contemplated by the Company’s ownership of the Assets and its right to hold (including through Ownership Entities) Acquired Property, have any interest whatsoever in any Borrower, Obligor or other obligor with respect to any Asset or any of the Collateral. If at any time any relationship or interest described in the foregoing sentence exists with respect to any Loan (or related Collateral) or Acquired Property, then, except as otherwise expressly provided in the applicable Initial Member consent (if any) and without limitation of any other rights or remedies of the Initial Member if such consent was not obtained, the Initial Member will have the right, in its sole discretion, to (a) in the case of a Loan, require the Private Owner to cause (and make or cause to be made available to the applicable Borrower sufficient funds for) such Loan to be repaid in full in cash, without discount, waiver or use of Asset Proceeds or Company funds, within thirty days after the date on which the Initial Member provides written notice to the Private Owner requiring such repayment, and/or (b) in the case of a Loan or Acquired Property, impose such restrictions on authority of the Manager, the Servicer or any Subservicer with respect to such Asset as may be determined appropriate by the Initial Member.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement, Interest Sale and Assignment Agreement, Limited Liability Company Operating Agreement
