Common use of Waiver of Company’s Repurchase Option Clause in Contracts

Waiver of Company’s Repurchase Option. The Initial Member will be relieved of its obligation to purchase any Loan for any reason set forth in Section 6.1 if the Company: (a) except in the case of the permanent refinance of a Loan in connection with the final Authorized Funding Draw with respect to such Loan, modifies any of the terms of the Loan (including the terms of any Underlying Collateral Document or Contract for Deed); (b) exercises forbearance with respect to any scheduled payment on the Loan; (c) accepts or executes new or modified lease documents assigned by the Initial Member to the Company; (d) sells, assigns or transfers the Loan or any interest therein; (e) fails to comply with the LLC Operating Agreement in the maintenance, collection, servicing and preservation of the Loan, including delinquency prevention, collection procedures and protection of collateral as warranted; (f) initiates any litigation in connection with the Loan or the Mortgaged Property securing the Loan other than litigation to force payment or to realize on the Underlying Collateral securing the Loan; (g) completes any action with respect to foreclosure on, or accepts a deed-in-lieu of foreclosure for any Underlying Collateral securing the Loan; (h) causes, by action or inaction, the priority of title to the Loan, Mortgaged Property and other security for the Loan to be less than that conveyed by the Initial Member; (i) causes, by action or inaction, the security for the Loan to be different than that conveyed by the Initial Member, except as might be required by the terms of the Underlying Collateral Documents; (j) causes, by action or inaction, a claim of third parties to arise against the Company that, as a result of purchase under this Agreement, might be asserted against the Initial Member; (k) causes to arise, by action or inaction, a Lien of any nature to encumber the Loan; (l) is the Borrower or any Affiliate thereof under such Loan; or (m) makes any disbursement of principal or otherwise incrementally funds any Loan.

Waiver of Company’s Repurchase Option. The Initial Member will be relieved of its obligation to purchase repurchase any Loan for any reason set forth in Section 6.1 if the Company: (a) except in the case of the permanent refinance of a Loan in connection with the final Authorized Funding Draw with respect to such Loan, modifies any of the terms of the Loan (including the terms of any Underlying Collateral Document or Contract for Deed); (b) exercises forbearance with respect to any scheduled payment on the Loan; (c) accepts or executes new or modified lease documents assigned by the Initial Member to the Company; (d) sells, assigns or transfers the Loan or any interest therein; (e) fails to comply with the LLC Operating Agreement in the maintenance, collection, servicing and preservation of the Loan, including delinquency prevention, collection procedures and protection of collateral as warranted; (f) initiates any litigation in connection with the Loan or the Mortgaged Property securing the Loan other than litigation to force payment or to realize on the Underlying Collateral securing the Loan; (g) completes any action with respect to foreclosure on, or accepts a deed-in-lieu of foreclosure for any Underlying Collateral securing the Loan; (h) causes, by action or inaction, the priority of title to the Loan, Mortgaged Property and other security for the Loan to be less than that conveyed by the Initial Member; (i) causes, by action or inaction, the security for the Loan to be different than that conveyed by the Initial Member, except as might be required by the terms of the Underlying Collateral Documents; (j) causes, by action or inaction, a claim of third parties to arise against the Company that, as a result of purchase under this Agreement, might be asserted against the Initial Member; (k) causes to arise, by action or inaction, a Lien of any nature to encumber the Loan; (l) is the Borrower or any Affiliate thereof under such Loan; or (m) makes any disbursement of principal or otherwise incrementally funds any Loan.

Waiver of Company’s Repurchase Option. The Initial Member will be relieved of its obligation to purchase any Loan Asset for any reason set forth in Section 6.1 if the Company: (a) except in the case of the permanent refinance of a Loan in connection with the final Authorized Funding Draw with respect to such Loan, modifies any of the terms of the Loan (including the terms of any Underlying Collateral Document or Contract for Deed); (b) exercises forbearance with respect to any scheduled payment on the Loan; (c) accepts or executes new or modified lease documents assigned by the Initial Member to the Company; (d) sells, assigns or transfers the Loan Asset or any interest therein; (e) fails to comply with the LLC Operating Agreement in the maintenance, collection, servicing and preservation of the LoanAsset, including delinquency prevention, collection procedures and protection of collateral as warranted; (f) initiates any litigation in connection with the Loan Asset or the Mortgaged Property securing the Loan Asset other than litigation to force payment or to realize on the Underlying Collateral securing the LoanAsset; (g) completes any action with respect to foreclosure on, or accepts a deed-in-lieu of foreclosure for any Underlying Collateral securing the LoanAsset; (h) causes, by action or inaction, the priority of title to the LoanAsset, Mortgaged Property and other security for the Loan Asset to be less than that conveyed by the Initial Member; (i) causes, by action or inaction, the security for the Loan Asset to be different than that conveyed by the Initial Member, except as might be required by the terms of the Underlying Collateral Documents; (j) causes, by action or inaction, a claim of third parties to arise against the Company that, as a result of purchase under this Agreement, might be asserted against the Initial Member; (k) causes to arise, by action or inaction, a Lien of any nature to encumber the LoanAsset; (l) is the Borrower or any other Obligor, or any Affiliate thereof under thereof, with respect to such LoanAsset; or (m) makes any disbursement of principal or otherwise incrementally funds any Loan; or (n) makes a Discretionary Funding Advance with respect to the Asset.

Waiver of Company’s Repurchase Option. The Initial Member will be relieved of its obligation to purchase any Loan for any reason set forth in Section 6.1 if the Company: (a) except in as permitted by the case of the permanent refinance of a Loan in connection with the final Authorized Funding Draw with respect to such LoanGuidelines, modifies any of the terms of the Loan (including the terms of any Underlying Collateral Document or Contract for Deed); (b) except as permitted by the Guidelines, exercises forbearance with respect to any scheduled payment on the Loan; (c) accepts or executes new or modified lease documents assigned by the Initial Member to the Company; (d) sells, assigns or transfers the Loan or any interest thereintherein (other than the Participation Interest issued to the Initial Member pursuant to the Participation Agreement); (e) fails to comply with the LLC Operating Participation Agreement in the maintenance, collection, servicing and preservation of the Loan, including delinquency prevention, collection procedures and protection of collateral as warranted; (f) initiates any litigation in connection with the Loan or the Mortgaged Property securing the Loan other than litigation to force payment or to realize on the Underlying Collateral securing the Loan; (g) completes any action with respect to foreclosure on, or accepts a deed-in-lieu of foreclosure for any Underlying Collateral securing the Loan; (h) causes, by action or inaction, the priority of title to the Loan, Mortgaged Property and other security for the Loan to be less than that conveyed by the Initial Member; (i) causes, by action or inaction, the security for the Loan to be different than that conveyed by the Initial Member, except as might may be required by the terms of the Underlying Collateral Documents; (j) causes, by action or inaction, a claim of third parties to arise against the Company that, as a result of purchase under this Agreement, might be asserted against the Initial Member; (k) causes to arisecauses, by action or inaction, a Lien of any nature to encumber the LoanLoan to arise; (l) is the Borrower or any Affiliate thereof under such Loan; or (m) makes any disbursement of principal or otherwise incrementally funds any Loan.