Single Purpose Entity Requirements. Until the Indebtedness is paid in full, each Borrower and any SPE Equity Owner will remain a “Single Purpose Entity,” which means at all times since its formation and thereafter it will satisfy each of the following conditions:
Single Purpose Entity Requirements. For purposes of this Section 6.13, the terms “Borrower,” “itself” and “it” will each refer to each of the Co-Owner Borrowers on an individual basis.
Single Purpose Entity Requirements. Borrower hereby represents, warrants and covenants as follows:
Single Purpose Entity Requirements. Notwithstanding any other provision contained in this Agreement, the Partners shall comply with the following single purpose entity requirements (“Single Purpose Entity Requirements”) in order to maintain the Partnership’s status as a separate entity and to avoid any confusion or potential consolidation with any Affiliate.
Single Purpose Entity Requirements. Notwithstanding anything to the contrary in this Agreement, or in any other document governing the formation of the Company, for so long as the Loan remains outstanding, the following provisions shall control and this Article will govern and supersede all other provisions of the Agreement.
Single Purpose Entity Requirements. Borrower shall comply with the following requirements and cause its organizational documents to include the following provisions, as required by Lender: (a) Borrower shall not engage in any business or activity other than the acquisition, ownership, operation, maintenance, development and improvement of the Site and activities incidental thereto; (b) Borrower shall not acquire or own any material asset other than the Site and such incidental equipment and other personal property as may be necessary for the operation of the Site; (c) Borrower shall not commingle its assets with the assets of any of its Affiliates or of any other Person or transfer any assets, including pursuant to any statutory division, to any such Person other than transfers and distributions on account of equity interests in the Borrower permitted pursuant to the Loan Documents; (d) Borrower shall not allow any Person to pay its debts and liabilities (except Guarantor) or fail to pay its debts and liabilities solely from its own assets; (e) Borrower shall not fail to maintain its records, books of account and bank accounts separate and apart from those of its Affiliates and any other Person; (f) Borrower shall not fail to correct any known misunderstandings regarding the separate identity of Borrower; (g) Borrower shall not hold itself out to be responsible or pledge its assets or credit worthiness for the debts of another Person or allow any Person to hold itself out to be responsible or pledge its assets or credit worthiness for the debts of the Borrower (except for Guarantor); (h) Borrower shall not make any loans or advances to any Person, including any Affiliate of Borrower; (i) Borrower shall not fail to file its own tax returns or to use separate contracts, purchase orders, stationery, invoices and checks; (j) Borrower shall not fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business solely in its own name in order not to mislead others as to the Person with which such other party is transacting business, or to suggest that Borrower is responsible for the debts of any third party (including any Affiliate of Borrower); (k) Borrower shall not fail to allocate fairly and reasonably among Borrower and any third party (including any Guarantor) any overhead for common employees, shared office space or other overhead and administrative expenses; (l) Borrower shall not allow any Person to pay the salaries of Bor...
Single Purpose Entity Requirements. The Borrower hereby represents, warrants and covenants, as of the date hereof and until such time as the Obligations are paid in full and this Agreement has terminated, as follows:
Single Purpose Entity Requirements. Until the Loan is paid in full, the Company will remain a “Single Purpose Entity,” which means a corporation, limited partnership, or limited liability company which, at all times since its formation and thereafter will satisfy each of the following conditions:
Single Purpose Entity Requirements. Multifamily Loan and Security Agreement Page 41 (Park at Kensington)
Single Purpose Entity Requirements. Those representations, warranties and covenants as required pursuant to Sections 4.18 and 5.24 hereof.
