Common use of Single Purpose Entity Provisions Clause in Contracts

Single Purpose Entity Provisions. (a) The business and purposes of Borrower is and will continue to be limited to the following: (i) to acquire, own, hold, lease, operate, manage, maintain, develop and/or improve the Real Property; (ii) to enter into and perform its obligations under this Agreement and the other Financing Agreements; (iii) to sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance or otherwise deal with the Real Property to the extent permitted under this Agreement and the other Financing Agreements; and (iv) to engage in any lawful act or activity and to exercise any powers permitted to entities of its type pursuant to the laws of its state of organization that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. (b) Borrower shall do all of the following: (i) maintain its intention to remain Solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets, as the same shall become due; (ii) do or cause to be done all things necessary to observe organizational formalities of Borrower and preserve its existence; and (iii) to the extent of cash flow available from operations, intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations.

Single Purpose Entity Provisions. (a) The business and purposes of Borrower is and will continue to be limited to the following: : (i) to acquire, own, hold, lease, operate, manage, maintain, develop and/or improve own and hold 100% of the Real Property; membership interests in the Property Owners; (ii) to enter into and perform its obligations under this Agreement and the other Financing Agreements; and (iii) to sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance or otherwise deal with the Real Property to the extent permitted under this Agreement and the other Financing Agreements; and (iv) to engage in any lawful act or activity and to exercise any powers permitted to entities of its type pursuant to the laws Laws of its state of organization that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes.. Borrower agrees and covenants that it shall: (b) Borrower shall do all of the following: (i) maintain not own any asset or property other than (A) 100% of the membership interests in the Property Owners, and (B) incidental personal property, such as the Distributions Deposit Account, necessary for the ownership of the Property Owners and to perform its intention to obligations under the Financing Documents; (ii) remain Solvent solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets, as the same shall become due; ; (iiiii) do or cause to be done all things necessary or desirable to observe organizational formalities of Borrower and preserve its existence; and and (iiiiv) to the extent of cash flow available from operations, intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations.