Permitted Servicing Joint Ventures. (a) The Borrower Representative shall submit a Servicing Joint Venture Proposal Package with respect to a proposed Joint Venture to the Agent at least ten (10) Business Days prior to the time at which the formation and governing documents of such Joint Venture would become binding upon a Credit Party. If the Borrower Representative submits a Servicing Joint Venture Proposal Package for an Investment that does not satisfy the criteria set forth in the definition of “Permitted Servicing Joint Venture”, the Agent may, in its sole discretion, determine to approve such Investment as a “Permitted Servicing Joint Venture”, notwithstanding the failure of such Investment to satisfy the criteria set forth in the definition of “Permitted Servicing Joint Venture”. The Agent shall respond to the Borrower Representative’s request for such approval within five (5) Business Days after receipt of the Servicing Joint Venture Proposal Package; provided that the Agent’s failure to respond within such five (5) Business Day period shall be deemed to be a rejection of such Servicing Joint Venture Proposal Package.
Permitted Servicing Joint Ventures. (a) No Credit Party shall make any Asset Disposition to or Investment in any Permitted Servicing Joint Ventures other than (i) Investments of cash and cash equivalents permitted to be made pursuant to clause (i) of the definition of “Permitted Investments” and (ii) non-cash Investments consisting of entry into Permitted Servicing Joint Ventures permitted to be made pursuant to clause (j) of the definition of “Permitted Investments”.
Permitted Servicing Joint Ventures. (a) The Borrower shall submit a Servicing Joint Venture Proposal Package with respect to a proposed Joint Venture to the Administrative Agent at least ten (10) Business Days prior to the time at which the formation and governing documents of such Joint Venture would become binding upon a Credit Party. If the Borrower submits a Servicing Joint Venture Package for an Investment that does not satisfy the criteria set forth in the definition of “Permitted Servicing Joint Venture”, the Administrative Agent may, in its sole discretion, determine to approve such Investment as a “Permitted Servicing Joint Venture”, notwithstanding the failure of such Investment to satisfy the criteria set forth in the definition of “Permitted Servicing Joint Venture”. The Administrative Agent shall respond to the Borrower’s request for such approval within five (5) Business Days after receipt of the Servicing Joint Venture Proposal Package.
Permitted Servicing Joint Ventures. No Credit Party shall (or shall permit any Subsidiary to) enter into any Joint Venture (or consummate any of the transactions contemplated thereunder or therewith) which is pursuing a Project other than a Bonded Project, without the prior written consent of the Required Lenders.
