Examples of LLC Operating Agreement in a sentence
Notwithstanding anything to the contrary contained herein, but subject to Section 5.7, the Servicer shall not, in connection with any such default or otherwise, take (or refrain from taking) any action if the taking (or refraining from taking) of such action is inconsistent with the terms of the LLC Operating Agreement or any other Ancillary Documents without the prior written consent of the Manager.
Upon termination of this Agreement as set forth herein, the Servicer shall account for and turn over to the Manager or its designee (or, if applicable, pursuant to such instructions as may be provided by the Initial Member or any successor “Manager” pursuant to the LLC Operating Agreement) funds collected under the terms of this Agreement.
Copies of the LLC Operating Agreement and the other Ancillary Documents (or portions thereof) as Manager has determined to be necessary for the Servicer to be familiar with in order to perform its obligations hereunder have been delivered to the Servicer by the Manager, and the Servicer acknowledges receipt thereof.
In the event of such termination, all authority and power of the Servicer under this Agreement, whether with respect to the Loans or otherwise, shall pass to and be vested in the Manager or the successor servicer designated by the Manager in the case of termination by the Manager or as designated solely by the Initial Member (or any successor “Manager” under the LLC Operating Agreement) in the case of termination by the Initial Member (or such successor “Manager” under the LLC Operating Agreement).
From and after the Servicing Transfer Date, the Company shall service the Assets in compliance with the LLC Operating Agreement.