Sales of Collateral Loans to Affiliates. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, one or more Collateral Loans may be sold from time to time by the Borrower, or the Collateral Manager on the Borrower’s behalf, to the Collateral Manager or an Affiliate thereof or to any account or fund for which the Collateral Manager or an Affiliate thereof acts as investment adviser only if (A) the terms and conditions thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate, (B) the transactions are effected in accordance with all Applicable Laws and (C)(i) if such sale is a sale of a Credit Risk Loan or a Defaulted Loan, the sale price is equal to the highest of (x) the highest actionable bid obtained from at least two unaffiliated loan market participants for such Credit Risk Loan or Defaulted Loan, (y) the Principal Balance of such Credit Risk Loan or Defaulted Loan multiplied by the applicable DBRS Recovery Rate for such Credit Risk Loan or Defaulted Loan and (z) the Market Value of such Credit Risk Loan or Defaulted Loan (provided that Market Value shall not be determined pursuant to clause (d) or (e) of the definition thereof) and (ii) if such sale is a sale of any other Collateral Loan, the sale price is equal to the higher of (x) an amount not less than the original purchase price paid by the Borrower with respect to such Collateral Loan (after adding the amount of any subsequent borrowings and subtracting the amount of any subsequent repayments thereof) and (y) the Market Value with respect to such Collateral Loan.
Sales of Collateral Loans to Affiliates. One or more Collateral Loans may be sold from time to time by the Borrower, or the Collateral Manager on the Borrower's behalf, to the Collateral Manager or an Affiliate thereof or to any account or fund for which the Collateral Manager or an Affiliate thereof acts as investment advisor with discretionary authority, only if (A) the terms and conditions thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate, (B) the transactions are effected in accordance with all Applicable Laws, (C) to the extent such Collateral Loan is neither a Defaulted Loan nor a Credit Risk Loan, such sale is equal to the higher of (I) an amount not less than the original purchase price paid by the Borrower with respect to such Collateral Loan and (II) the Market Value with respect to such Collateral Loan and (D) to the extent such Collateral Loan is a Credit Risk Loan or a Defaulted Loan, such sale is equal to or greater than the Market Value of such Credit Risk Loan or Defaulted Loan and Market Value shall not be determined pursuant to clause (d) or (e) of the definition thereof.
Sales of Collateral Loans to Affiliates. One or more (or any portion of any) Collateral Loans may be sold from time to time by the Borrower, or the Collateral Servicer on the Borrower’s behalf, to the Collateral Servicer or an Affiliate thereof or to any account or fund for which the Collateral Servicer or an Affiliate thereof acts as investment advisor with discretionary authority, only if (A) the terms and conditions thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate, (B) the transactions are effected in accordance with all Applicable Laws, (C) such sale is for an amount equal to or greater than (1) to the extent such Collateral Loan is neither a Defaulted Loan nor a Credit Risk Loan, the higher of (I) the current cost basis of the Borrower with respect to such Collateral Loan (as evidenced in writing containing a reasonably detailed description of the basis therefor delivered to the Administrative Agent by the Collateral Servicer) and (II) the Market Value with respect to such Collateral Loan and (2) to the extent such Collateral Loan is a Defaulted Loan or a Credit Risk Loan, (I) the highest bid provided by an unaffiliated loan market participant after obtaining bids from three unaffiliated loan market participants (or, if the Collateral Servicer is unable to obtain bids from three such participants, then such lesser number of bids from unaffiliated loan market participants from which the Collateral Servicer can obtain bids using efforts consistent with the Servicing Standard) or (II) if the Collateral Servicer is unable to obtain a bid for such Credit Risk Loan or Defaulted Loan from an unaffiliated loan market participant, the Appraised Value of such Collateral Loan set forth in an Appraisal with respect thereto.
