Common use of Single Purpose Entities Clause in Contracts

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.