Single Purpose Entities Sample Clauses
The Single Purpose Entities clause establishes that a particular entity is created and maintained solely for a specific, narrowly defined business purpose, such as owning a single asset or entering into a single transaction. In practice, this means the entity is restricted from engaging in unrelated business activities, taking on additional debt, or merging with other entities. This clause is commonly used in real estate and project finance to isolate financial risk and protect other assets from liabilities, ensuring that obligations and exposures are contained within the single-purpose entity.
Single Purpose Entities. (a) The general partners referenced in the Recitals have not conducted any business other than serving as general partners of the Partnerships and taking and performing actions related or incidental thereto.
(b) Except as set forth in Schedule 6.2, the issuers of the Shares have no material liabilities or obligations to any person or entity (whether known or unknown, whether asserted or unasserted, whether actual or contingent, whether accrued or unaccrued, whether liquidated or unliquidated and whether due or to become due). Except as set forth on Schedule
Single Purpose Entities. The Westcor Guarantors shall maintain themselves as Single Purpose Entities. The Wilmorite Guarantors shall maintain themselves as Single Purpose Entities.
Single Purpose Entities. Each Borrower shall at all times maintain and conduct itself as a Single-Purpose entity.
Single Purpose Entities. The Westcor Borrowers shall maintain themselves as Single Purpose Entities.
Single Purpose Entities. Borrower shall cause each Transaction Party (other than the TOUSA Guarantors) to maintain themselves as Single Purpose Entities.
Single Purpose Entities. In the case of any Mortgage Loan in excess of $5,000,000, the related Mortgagor has covenanted in its respective organizational documents and/or the underlying Mortgage Loan documents to own no significant asset other than the related Mortgaged Properties, as applicable, and assets incidental to its respective ownership and operation of such Mortgaged Properties, and to hold itself out as being a legal entity, separate and apart from any other Person.
Single Purpose Entities. Owner and General Partner shall at all times maintain and conduct themselves as Single-Purpose entities.
Single Purpose Entities. (i) each of SIL and SCI is a single purpose corporation that has never carried on any business, has only been engaged in holding the shares in the capital of SCI and/or Corporation, never had any employees, has not held and does not own or hold any property or assets or any interests therein of any nature or kind whatsoever other than the shares in the capital of Corporation;
(ii) there are no claims, actions, proceedings, orders, suits, investigations, inquiries, reviews, judgments or decrees pending or, to the knowledge of the Silanis Companies, threatened against or involving SIL or SCI before any Governmental Entity and, as at the date hereof, neither SIL or SCI is subject to a judgment, order or decree.
Single Purpose Entities. Buyer covenants and agrees that, as part of its application for Assumption Approval, Buyer will agree to take title to the Property and assume the Loan through one “Single Purpose Entity” in the organizational form and structure required for a Borrower under the Loan Documents, and prior to the Closing Buyer will not seek secondary, mezzanine or similar additional financing encumbering the Property, Buyer’s Single Purpose Entity or any interests therein, except as permitted under the Loan Documents; provided, Buyer may seek Lender approval for Buyer to acquire the Property through up to two (2), but no more than two (2) separate Single Purpose Entities, as tenants in common in the Property, but in such event Seller shall have no obligation, directly or indirectly, expressly or impliedly, to perform, pay or otherwise satisfy any condition, if any, that Lender may attach to its consent to transfer of the Property to tenants in common.
Single Purpose Entities. Each Subsidiary of the Borrower that owns title to a Property shall be organized as a single purpose entity.