Common use of Recycled Entities Clause in Contracts

Recycled Entities. Each Borrower: (i) is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business, (ii) has no judgments or liens of any nature against it except for tax liens not yet due; (iii) is in compliance in all material respects with all laws, regulations, and orders applicable to it and has received all permits necessary for it to operate; (iv) except as set forth on Schedule 6 attached hereto, is not aware of any pending or threatened litigation; (v) is not involved in any dispute with any taxing authority; (vi) has paid all Taxes; (vii) has never owned any property other than its Property and has never engaged in any business except the ownership and operation of its Property; (viii) is not now a party to any on-going lawsuit, arbitration, summons, or legal proceeding, except for claims that are fully covered by insurance; (ix) has provided Lender with complete financial statements that reflect a fair and accurate view of its financial condition; (x) has obtained a Phase I Environmental Site Assessment for its Property that does not identify the presence of any recognized environmental condition or is otherwise approved by Lender; (xi) has materially complied with the separateness covenants set forth in its organizational documents since its formation; and (xii) has no material contingent or actual obligations not related to its Property.