{"component": "clause", "props": {"groups": [{"size": 161, "snippet_links": [{"key": "warrants-and-covenants", "type": "clause", "offset": [21, 43]}, {"key": "any-business", "type": "definition", "offset": [105, 117]}, {"key": "maintenance-of-the-properties", "type": "clause", "offset": [170, 199]}, {"key": "personal-property", "type": "definition", "offset": [322, 339]}, {"key": "necessary-for", "type": "definition", "offset": [350, 363]}, {"key": "operation-of-the-properties", "type": "clause", "offset": [382, 409]}, {"key": "any-person", "type": "definition", "offset": [448, 458]}, {"key": "otherwise-dispose-of", "type": "definition", "offset": [527, 547]}, {"key": "all-or-substantially-all", "type": "clause", "offset": [548, 572]}, {"key": "legal-structure", "type": "clause", "offset": [601, 616]}, {"key": "organizational-formalities", "type": "clause", "offset": [647, 673]}, {"key": "separate-existence", "type": "clause", "offset": [700, 718]}, {"key": "duly-organized", "type": "clause", "offset": [767, 781]}, {"key": "validly-existing", "type": "clause", "offset": [783, 799]}, {"key": "in-good-standing", "type": "clause", "offset": [804, 820]}, {"key": "if-applicable", "type": "definition", "offset": [822, 835]}, {"key": "applicable-legal-requirements", "type": "definition", "offset": [847, 876]}, {"key": "comply-with-the", "type": "clause", "offset": [974, 989]}, {"key": "single-purpose-entity-provisions", "type": "clause", "offset": [990, 1022]}, {"key": "each-case", "type": "definition", "offset": [1059, 1068]}, {"key": "consent-of-lender", "type": "clause", "offset": [1095, 1112]}, {"key": "the-loan-documents", "type": "clause", "offset": [1208, 1226]}, {"key": "prior-loans", "type": "definition", "offset": [1275, 1286]}, {"key": "satisfied-in-full", "type": "definition", "offset": [1302, 1319]}, {"key": "date-hereof", "type": "clause", "offset": [1330, 1341]}, {"key": "the-assets", "type": "clause", "offset": [1369, 1379]}, {"key": "constituent-party", "type": "definition", "offset": [1428, 1445]}, {"key": "access-to", "type": "clause", "offset": [1458, 1467]}, {"key": "bank-accounts", "type": "clause", "offset": [1472, 1485]}, {"key": "any-debt", "type": "definition", "offset": [1499, 1507]}, {"key": "certain-obligations-of", "type": "clause", "offset": [1603, 1625]}, {"key": "operating-lessee", "type": "definition", "offset": [1626, 1642]}, {"key": "the-debt", "type": "clause", "offset": [1691, 1699]}, {"key": "permitted-debt", "type": "definition", "offset": [1704, 1718]}, {"key": "fail-to-maintain", "type": "clause", "offset": [1798, 1814]}, {"key": "books-of-account", "type": "clause", "offset": [1828, 1844]}, {"key": "accounting-records", "type": "definition", "offset": [1883, 1901]}, {"key": "entity-documents", "type": "clause", "offset": [1912, 1928]}, {"key": "separate-and-apart", "type": "definition", "offset": [1929, 1947]}, {"key": "financial-position", "type": "clause", "offset": [2003, 2021]}, {"key": "net-worth", "type": "definition", "offset": [2044, 2053]}, {"key": "operating-results", "type": "clause", "offset": [2058, 2075]}, {"key": "consolidated-financial-statements", "type": "clause", "offset": [2099, 2132]}, {"key": "an-affiliate", "type": "clause", "offset": [2136, 2148]}, {"key": "provided-that", "type": "definition", "offset": [2150, 2163]}, {"key": "separate-identity", "type": "clause", "offset": [2261, 2278]}, {"key": "available-to", "type": "definition", "offset": [2357, 2369]}, {"key": "debts-and-other-obligations", "type": "clause", "offset": [2382, 2409]}, {"key": "balance-sheet", "type": "clause", "offset": [2550, 2563]}, {"key": "capital-distributions", "type": "clause", "offset": [2606, 2627]}, {"key": "terms-and-conditions-of", "type": "clause", "offset": [2648, 2671]}, {"key": "books-and-records", "type": "definition", "offset": [2738, 2755]}, {"key": "contract-or-agreement", "type": "definition", "offset": [2785, 2806]}, {"key": "obligations-of-borrower", "type": "clause", "offset": [2882, 2905]}, {"key": "affiliate-of", "type": "definition", "offset": [2914, 2926]}, {"key": "commercially-reasonable", "type": "definition", "offset": [3004, 3027]}, {"key": "similar-to", "type": "definition", "offset": [3046, 3056]}, {"key": "unaffiliated-third-parties", "type": "clause", "offset": [3117, 3143]}, {"key": "hold-itself-out", "type": "definition", "offset": [3619, 3634]}, {"key": "responsible-for", "type": "clause", "offset": [3641, 3656]}, {"key": "to-secure", "type": "clause", "offset": [3719, 3728]}, {"key": "obligations-of-any-other-person", "type": "clause", "offset": [3733, 3764]}, {"key": "loans-or-advances", "type": "clause", "offset": [3880, 3897]}, {"key": "evidence-of-indebtedness", "type": "definition", "offset": [3975, 3999]}, {"key": "issued-by", "type": "clause", "offset": [4000, 4009]}, {"key": "tax-returns", "type": "definition", "offset": [4060, 4071]}, {"key": "except-to-the-extent", "type": "clause", "offset": [4113, 4133]}, {"key": "disregarded-entity", "type": "definition", "offset": [4165, 4183]}, {"key": "tax-purposes", "type": "clause", "offset": [4189, 4201]}, {"key": "to-file", "type": "definition", "offset": [4222, 4229]}, {"key": "borrower-shall", "type": "clause", "offset": [4381, 4395]}, {"key": "obligation-to-reimburse", "type": "clause", "offset": [4409, 4432]}, {"key": "profits-or-losses", "type": "clause", "offset": [4558, 4575]}, {"key": "to-the-public", "type": "definition", "offset": [4623, 4636]}, {"key": "legal-entity", "type": "clause", "offset": [4642, 4654]}, {"key": "separate-and-distinct", "type": "clause", "offset": [4655, 4676]}, {"key": "adequate-capital", "type": "clause", "offset": [4855, 4871]}, {"key": "reasonably-foreseeable", "type": "clause", "offset": [4899, 4921]}, {"key": "business-operations", "type": "definition", "offset": [4995, 5014]}, {"key": "contributions-to-borrower", "type": "clause", "offset": [5144, 5169]}, {"key": "unanimous-written-consent", "type": "clause", "offset": [5189, 5214]}, {"key": "all-directors", "type": "clause", "offset": [5292, 5305]}, {"key": "spe-component-entity", "type": "definition", "offset": [5338, 5358]}, {"key": "without-limitation", "type": "clause", "offset": [5385, 5403]}, {"key": "material-action", "type": "clause", "offset": [5441, 5456]}, {"key": "reasonably-allocate", "type": "clause", "offset": [5552, 5571]}, {"key": "shared-expenses", "type": "definition", "offset": [5572, 5587]}, {"key": "performed-by", "type": "clause", "offset": [5653, 5665]}, {"key": "an-employee", "type": "clause", "offset": [5666, 5677]}, {"key": "persons-sharing", "type": "clause", "offset": [5705, 5720]}, {"key": "salaries-of", "type": "clause", "offset": [5927, 5938]}, {"key": "own-funds", "type": "clause", "offset": [5972, 5981]}, {"key": "other-affiliates", "type": "definition", "offset": [6220, 6236]}, {"key": "with-respect-to-borrower", "type": "clause", "offset": [6311, 6335]}, {"key": "the-non", "type": "clause", "offset": [6358, 6365]}, {"key": "employees-in", "type": "clause", "offset": [6472, 6484]}, {"key": "guaranteed-by", "type": "clause", "offset": [6663, 6676]}, {"key": "relating-to", "type": "definition", "offset": [6877, 6888]}, {"key": "the-management-agreements", "type": "clause", "offset": [6907, 6932]}, {"key": "franchise-agreements", "type": "definition", "offset": [6936, 6956]}, {"key": "department-or", "type": "definition", "offset": [6989, 7002]}, {"key": "if-borrower", "type": "clause", "offset": [7037, 7048]}, {"key": "partnership-or-limited-liability-company", "type": "clause", "offset": [7054, 7094]}, {"key": "delaware-limited-liability-company", "type": "clause", "offset": [7123, 7157]}, {"key": "under-the-act", "type": "clause", "offset": [7165, 7178]}, {"key": "the-requirements", "type": "clause", "offset": [7199, 7215]}, {"key": "acceptable-de-llc", "type": "definition", "offset": [7250, 7267]}, {"key": "in-the-case", "type": "clause", "offset": [7292, 7303]}, {"key": "the-managing-member", "type": "definition", "offset": [7325, 7344]}, {"key": "a-limited", "type": "clause", "offset": [7360, 7369]}, {"key": "at-all-times", "type": "definition", "offset": [7515, 7527]}, {"key": "the-covenants", "type": "definition", "offset": [7548, 7561]}, {"key": "terms-and-provisions", "type": "clause", "offset": [7563, 7583]}, {"key": "contained-in", "type": "definition", "offset": [7584, 7596]}, {"key": "an-interest", "type": "clause", "offset": [7830, 7841]}, {"key": "other-equity-interest", "type": "definition", "offset": [7937, 7958]}, {"key": "section-61", "type": "clause", "offset": [8260, 8271]}, {"key": "section-64", "type": "clause", "offset": [8276, 8287]}, {"key": "prior-to-the", "type": "clause", "offset": [8289, 8301]}, {"key": "from-borrower", "type": "clause", "offset": [8363, 8376]}, {"key": "new-general-partner", "type": "clause", "offset": [8415, 8434]}, {"key": "limited-liability-company-agreement", "type": "clause", "offset": [8460, 8495]}, {"key": "opinion-letter", "type": "clause", "offset": [8569, 8583]}, {"key": "pertaining-to", "type": "definition", "offset": [8584, 8597]}, {"key": "substantive-consolidation", "type": "definition", "offset": [8598, 8623]}, {"key": "at-closing", "type": "definition", "offset": [8637, 8647]}, {"key": "to-lender", "type": "definition", "offset": [8689, 8698]}, {"key": "rating-agencies", "type": "clause", "offset": [8707, 8722]}, {"key": "equity-owners", "type": "clause", "offset": [8776, 8789]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [8791, 8820]}, {"key": "in-no-event-shall", "type": "clause", "offset": [9100, 9117]}, {"key": "a-corporation", "type": "clause", "offset": [9158, 9171]}, {"key": "a-shareholder", "type": "definition", "offset": [9200, 9213]}, {"key": "no-material", "type": "clause", "offset": [9285, 9296]}, {"key": "independent-directors", "type": "definition", "offset": [9401, 9422]}, {"key": "in-the-event", "type": "clause", "offset": [9429, 9441]}, {"key": "in-this-clause", "type": "clause", "offset": [9515, 9529]}, {"key": "the-limited-liability-company", "type": "clause", "offset": [9552, 9581]}, {"key": "agreement-of-the-company", "type": "clause", "offset": [9582, 9606]}, {"key": "llc-agreement", "type": "clause", "offset": [9613, 9626]}, {"key": "member-of-the-company", "type": "definition", "offset": [9706, 9727]}, {"key": "the-member", "type": "definition", "offset": [9754, 9764]}, {"key": "assignment-by-member", "type": "clause", "offset": [9804, 9824]}, {"key": "the-company-and-the", "type": "clause", "offset": [9877, 9896]}, {"key": "the-transferee", "type": "clause", "offset": [9910, 9924]}, {"key": "in-accordance-with", "type": "clause", "offset": [9925, 9943]}, {"key": "the-llc", "type": "clause", "offset": [9967, 9974]}, {"key": "resignation-of-member", "type": "clause", "offset": [9997, 10018]}, {"key": "additional-member", "type": "clause", "offset": [10043, 10060]}, {"key": "terms-of-the-loan", "type": "clause", "offset": [10099, 10116]}, {"key": "personal-representative", "type": "definition", "offset": [10155, 10178]}, {"key": "in-writing", "type": "clause", "offset": [10227, 10237]}, {"key": "existence-of-the-company", "type": "clause", "offset": [10254, 10278]}, {"key": "substitute-member", "type": "definition", "offset": [10385, 10402]}, {"key": "effective-as-of-the", "type": "clause", "offset": [10419, 10438]}, {"key": "a-member-of-the", "type": "clause", "offset": [10501, 10516]}, {"key": "natural-person", "type": "clause", "offset": [10532, 10546]}, {"key": "director-of-the-company", "type": "definition", "offset": [10620, 10643]}, {"key": "special-member", "type": "definition", "offset": [10678, 10692]}, {"key": "any-action", "type": "definition", "offset": [10710, 10720]}, {"key": "simultaneously-with-the", "type": "clause", "offset": [10745, 10768]}, {"key": "ceasing-to-be", "type": "clause", "offset": [10776, 10789]}, {"key": "from-the-company", "type": "clause", "offset": [10965, 10981]}, {"key": "requirements-of-the-act", "type": "clause", "offset": [11135, 11158]}, {"key": "after-giving", "type": "clause", "offset": [11167, 11179]}, {"key": "an-independent", "type": "clause", "offset": [11275, 11289]}, {"key": "no-interest", "type": "clause", "offset": [11539, 11550]}, {"key": "capital-of-the-company", "type": "clause", "offset": [11578, 11600]}, {"key": "right-to-receive", "type": "clause", "offset": [11612, 11628]}, {"key": "distributions-of", "type": "clause", "offset": [11633, 11649]}, {"key": "assets-of-the-company", "type": "clause", "offset": [11654, 11675]}, {"key": "section-18", "type": "definition", "offset": [11693, 11703]}, {"key": "capital-contributions-to-the-company", "type": "clause", "offset": [11769, 11805]}, {"key": "as-required-by", "type": "clause", "offset": [11977, 11991]}, {"key": "provision-of-the", "type": "clause", "offset": [12006, 12022]}, {"key": "no-right-to-vote", "type": "clause", "offset": [12090, 12106]}, {"key": "consent-to", "type": "definition", "offset": [12132, 12142]}, {"key": "action-by", "type": "clause", "offset": [12147, 12156]}, {"key": "the-merger", "type": "clause", "offset": [12225, 12235]}, {"key": "conversion-of-the-company", "type": "clause", "offset": [12254, 12279]}, {"key": "the-special", "type": "definition", "offset": [12600, 12611]}, {"key": "creditors-rights-laws", "type": "definition", "offset": [12750, 12771]}, {"key": "the-company-shall", "type": "clause", "offset": [12911, 12928]}, {"key": "dissolve-the-company", "type": "clause", "offset": [13089, 13109]}, {"key": "occurrence-of-an-event", "type": "clause", "offset": [13241, 13263]}, {"key": "organizational-documents-of-borrower", "type": "clause", "offset": [13349, 13385]}, {"key": "beneficiary-of-the", "type": "clause", "offset": [13495, 13513]}, {"key": "special-purpose", "type": "clause", "offset": [13515, 13530]}, {"key": "executed-and-delivered", "type": "clause", "offset": [13594, 13616]}, {"key": "the-certificate", "type": "clause", "offset": [13627, 13642]}, {"key": "attached-hereto-as-exhibit", "type": "definition", "offset": [13643, 13669]}], "samples": [{"hash": "iT6OWw1Pg8o", "uri": "/contracts/iT6OWw1Pg8o#single-purpose-entity-separateness", "label": "Loan Agreement (Ashford Hospitality Trust Inc)", "score": 29.4626960754, "published": true}, {"hash": "aWBZbxOmsR4", "uri": "/contracts/aWBZbxOmsR4#single-purpose-entity-separateness", "label": "Loan Agreement (Ashford Hospitality Trust Inc)", "score": 29.4626960754, "published": true}, {"hash": "8hROyk9BHG6", "uri": "/contracts/8hROyk9BHG6#single-purpose-entity-separateness", "label": "Loan Agreement (Ashford Hospitality Trust Inc)", "score": 29.4626960754, "published": true}], "snippet": "Borrower represents, warrants and covenants as follows:\n(a) Borrower has not and will not:\n(i) engage in any business or activity other than the ownership, operation and maintenance of the Properties, and activities incidental thereto;\n(ii) acquire or own any assets other than (A) the Properties, and (B) such incidental Personal Property as may be necessary for the ownership and operation of the Properties;\n(iii) merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure;\n(iv) (A) fail to observe all organizational formalities necessary to maintain its separate existence, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or formation, or (B) amend, modify, terminate or fail to comply with the single purpose entity provisions of its organizational documents, in each case without the prior written consent of Lender;\n(v) own any subsidiary, or make any investment in, any Person;\n(vi) except as contemplated by the Loan Documents with respect to co-borrowers under the Loan and prior loans that have been satisfied in full as of the date hereof, commingle its assets with the assets of any other Person, or permit any Affiliate or constituent party independent access to its bank accounts;\n(vii) incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation (other than certain obligations of Operating Lessee or a predecessor operating lessee)), other than the Debt and Permitted Debt and prior loans that have been satisfied in full as of the date hereof;\n(viii) fail to maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate and apart from those of any other Person; except that Borrower\u2019s financial position, assets, liabilities, net worth and operating results may be included in the consolidated financial statements of an Affiliate, provided that (A) appropriate notation shall be made on such consolidated financial statements to indicate the separate identity of Borrower from such Affiliate and that Borrower\u2019s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person, and (B) Borrower\u2019s assets, liabilities and net worth shall also be listed on Borrower\u2019s own separate balance sheet;\n(ix) except for capital contributions or capital distributions permitted under the terms and conditions of Borrower\u2019s organizational documents and properly reflected on its books and records, enter into any transaction, contract or agreement with any general partner, member, shareholder, principal, guarantor of the obligations of Borrower, or any Affiliate of the foregoing, except upon terms and conditions that are intrinsically fair, commercially reasonable and substantially similar to those that would be available on an arm\u2019s-length basis with unaffiliated third parties;\n(x) maintain its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;\n(xi) except as contemplated by the Loan Documents with respect to co-borrowers under the Loan and prior loans that have been satisfied in full as of the date hereof and certain obligations of Operating Lessee (or a predecessor operating lessee) thereunder, assume or guaranty the debts of any other Person, hold itself out to be responsible for the debts of any other Person, or otherwise pledge its assets to secure the obligations of any other Person or hold out its credit or assets as being available to satisfy the obligations of any other Person;\n(xii) make any loans or advances to any Person, or own any stock or securities of, any Person, or buy or hold evidence of indebtedness issued by any other Person;\n(xiii) fail to (A) file its own tax returns separate from those of any other Person, except to the extent that Borrower is treated as a \u201cdisregarded entity\u201d for tax purposes and is not required to file tax returns under applicable Legal Requirements and (B) pay any taxes required to be paid under applicable Legal Requirements; provided, however, that Borrower shall not have any obligation to reimburse its equityholders or their Affiliates for any taxes that such equityholders or their Affiliates may incur as a result of any profits or losses of Borrower;\n(xiv) fail to (A) hold itself out to the public as a legal entity separate and distinct from any other Person, (B) conduct its business solely in its own name or (C) correct any known misunderstanding regarding its separate identity;\n(xv) fail to 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; provided, however, that the foregoing shall not require Borrower\u2019s members, partners or shareholders to make additional capital contributions to Borrower;\n(xvi) without the unanimous written consent of all of its partners or members, as applicable, and the written consent of all directors or managers of Borrower or each SPE Component Entity, as applicable including, without limitation, each Independent Director, take any Material Action or action that is intended to cause such entity to become insolvent;\n(xvii) fail to fairly and reasonably allocate shared expenses (including, without limitation, shared office space and services performed by an employee of an Affiliate) among the Persons sharing such expenses;\n(xviii) fail to intend to remain solvent or, except as contemplated by the Loan Documents with respect to co-borrowers under the Loan, pay its own liabilities (including, without limitation, salaries of its own employees) only from its own funds; provided, however, that the foregoing shall not require Borrower\u2019s members, partners or shareholders to make additional capital contributions to Borrower;\n(xix) acquire obligations or securities of its partners, members, shareholders or other affiliates, as applicable;\n(xx) violate or cause to be violated the assumptions made with respect to Borrower and its principals in the Non-Consolidation Opinion or any New Non-Consolidation Opinion;\n(xxi) fail to maintain a sufficient number of employees in light of its contemplated business operations;\n(xxii) fail to maintain and use separate stationery, invoices and checks bearing its own name;\n(xxiii) have any of its obligations guaranteed by an Affiliate, except (x) as contemplated by the Loan Documents and prior loans that have been satisfied in full as of the date hereof and (y) with respect to co-borrowers under the Loan or guarantees relating to obligations under the Management Agreements or Franchise Agreements; or\n(xxiv) identify itself as a department or division of any other Person.\n(i) If Borrower is a partnership or limited liability company (other than a single-member Delaware limited liability company formed under the Act which complies with the requirements of subsection (b)(ii) below) (an \u201cAcceptable DE LLC\u201d), each general partner in the case of a partnership, or the managing member in the case of a limited liability company (each an \u201cSPE Component Entity\u201d) of Borrower, as applicable, shall be an Acceptable DE LLC. Each SPE Component Entity (A) will at all times comply with each of the covenants, terms and provisions contained in Sections 6.1(a)(iii) through (vi) and (viii) through (xxiv) inclusive, as if such representation, warranty or covenant was made directly by such SPE Component Entity; (B) will not engage in any business or activity other than owning an interest in Borrower; (C) will not acquire or own any assets other than its partnership, membership, or other equity interest in Borrower; (D) will not own any subsidiary, or make any investment in any Person other than its investment in Borrower; (E) will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation); and (F) will cause Borrower to comply with the provisions of this Section 6.1 and Section 6.4. Prior to the withdrawal or the disassociation of any SPE Component Entity from Borrower, Borrower shall immediately appoint a new general partner or managing member whose limited liability company agreement is substantially similar to that of such SPE Component Entity and, if an opinion letter pertaining to substantive consolidation was required at closing, deliver a new opinion letter acceptable to Lender and the Rating Agencies with respect to the new SPE Component Entity and its equity owners. Notwithstanding the foregoing, to the extent Borrower is an Acceptable DE LLC, so long as Borrower maintains such formation status and complies with the requirements set forth in subsection (b)(ii) below, the SPE Component Entity requirement as set forth in this section shall not be applicable. Furthermore, in no event shall Borrower or any SPE Component Entity be a corporation unless such corporation has a shareholder that is an Acceptable DE LLC that complies with Section 6.4 hereof and no Material Action may be taken with respect to such corporation without the vote of such Acceptable DE LLC and its Independent Directors.\n(ii) In the event Borrower or SPE Component Entity is an Acceptable DE LLC (as referred to in this clause (ii), the \u201cCompany\u201d), the limited liability company agreement of the Company (the \u201cLLC Agreement\u201d) shall provide that (A) upon the occurrence of any event that causes the sole member of the Company (\u201cMember\u201d) to cease to be the member of the Company (other than (1) upon an assignment by Member of all of its limited liability company interest in the Company and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (2) the resignation of Member and the admission of an additional member of the Company in accordance with the terms of the Loan Documents and the LLC Agreement), the personal representative of Member shall, within ninety (90) days, agree in writing to continue the existence of the Company and to the admission of such personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that caused the Member to cease to be a member of the Company, and a natural person duly designated under the LLC Agreement any person acting as Independent Director of the Company and executing the LLC Agreement (\u201cSpecial Member\u201d) shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of the Company, automatically be admitted to the Company and shall continue the existence of the Company without dissolution, and (B) Special Member may not resign from the Company or transfer its rights as Special Member unless (1) a successor Special Member has been admitted to the Company as Special Member in accordance with the requirements of the Act and (2) after giving effect to such resignation, such successor Special Member has also accepted its appointment as an Independent Director. The LLC Agreement shall further provide that (v) Special Member shall automatically cease to be a member of the Company upon the admission to the Company of a substitute Member, (w) Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of the assets of the Company, (x) pursuant to Section 18-301 of the Act, Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company, (y) Special Member, in its capacity as Special Member, may not bind the Company, and (z) except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Director, to vote on such matters required by the Loan Documents or the LLC Agreement. Prior to its admission to the Company as Special Member, Special Member shall not be a member of the Company, but the Special Member may serve as an Independent Director of the Company. Any action initiated by or brought against Member or Special Member under any Creditors Rights Laws shall not cause Member or Special Member to cease to be a member of the Company and upon the occurrence of such an event, the existence of the Company shall continue without dissolution. The LLC Agreement shall also provide that each of Member and Special Member waives any right it might have to agree in writing to dissolve the Company upon the occurrence of any action initiated by or brought against Member or Special Member under any Creditors Rights Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of the Company.\n(c) The organizational documents of Borrower and each SPE Component Entity shall provide an express acknowledgment that Lender is an intended third-party beneficiary of the \u201cspecial purpose\u201d provisions of such organizational documents.\n(d) Borrower has executed and delivered to Lender the certificate attached hereto as Exhibit D.", "hash": "11d75dc241c2f7e4cc87ddd3105a90f1", "id": 1}, {"size": 63, "snippet_links": [{"key": "warrants-and-covenants", "type": "clause", "offset": [56, 78]}, {"key": "personal-property", "type": "definition", "offset": [207, 224]}, {"key": "necessary-for", "type": "definition", "offset": [225, 238]}, {"key": "operation-of-the-properties", "type": "clause", "offset": [256, 283]}, {"key": "borrower-will", "type": "clause", "offset": [289, 302]}, {"key": "any-business", "type": "definition", "offset": [317, 329]}, {"key": "management-and-operation-of", "type": "clause", "offset": [356, 383]}, {"key": "contract-or-agreement", "type": "definition", "offset": [524, 545]}, {"key": "affiliate-of-borrower", "type": "definition", "offset": [555, 576]}, {"key": "constituent-party", "type": "definition", "offset": [582, 599]}, {"key": "terms-and-conditions", "type": "definition", "offset": [691, 711]}, {"key": "similar-to", "type": "definition", "offset": [758, 768]}, {"key": "with-third-parties", "type": "clause", "offset": [823, 841]}, {"key": "such-party", "type": "clause", "offset": [857, 867]}, {"key": "direct-or-indirect", "type": "clause", "offset": [958, 976]}, {"key": "the-debt", "type": "clause", "offset": [1057, 1065]}, {"key": "debt-incurred", "type": "clause", "offset": [1097, 1110]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [1111, 1145]}, {"key": "trade-creditors", "type": "definition", "offset": [1151, 1166]}, {"key": "reasonable-under-the-circumstances", "type": "definition", "offset": [1200, 1234]}, {"key": "guaranty-of-payment", "type": "definition", "offset": [1259, 1278]}, {"key": "cash-management-agreement", "type": "definition", "offset": [1287, 1312]}, {"key": "no-indebtedness", "type": "clause", "offset": [1314, 1329]}, {"key": "pari-passu", "type": "clause", "offset": [1381, 1391]}, {"key": "junior-mortgage", "type": "clause", "offset": [1446, 1461]}, {"key": "loans-or-advances", "type": "clause", "offset": [1511, 1528]}, {"key": "third-party", "type": "definition", "offset": [1536, 1547]}, {"key": "debts-and-liabilities", "type": "clause", "offset": [1891, 1912]}, {"key": "shared-personnel", "type": "clause", "offset": [1940, 1956]}, {"key": "overhead-expenses", "type": "definition", "offset": [1961, 1978]}, {"key": "all-things-necessary", "type": "clause", "offset": [2081, 2101]}, {"key": "organizational-formalities", "type": "clause", "offset": [2113, 2139]}, {"key": "to-amend", "type": "definition", "offset": [2231, 2239]}, {"key": "partnership-certificate", "type": "definition", "offset": [2272, 2295]}, {"key": "partnership-agreement", "type": "definition", "offset": [2297, 2318]}, {"key": "articles-of-incorporation-and-bylaws", "type": "definition", "offset": [2320, 2356]}, {"key": "operating-agreement", "type": "clause", "offset": [2358, 2377]}, {"key": "certificate-of-organization", "type": "clause", "offset": [2379, 2406]}, {"key": "organizational-documents-of-borrower", "type": "clause", "offset": [2423, 2459]}, {"key": "status-of-borrower", "type": "clause", "offset": [2515, 2533]}, {"key": "consent-of-lender", "type": "clause", "offset": [2631, 2648]}, {"key": "sole-discretion", "type": "definition", "offset": [2657, 2672]}, {"key": "delivery-to-lender-of", "type": "clause", "offset": [2717, 2738]}, {"key": "no-downgrade", "type": "clause", "offset": [2741, 2753]}, {"key": "bank-accounts", "type": "clause", "offset": [2841, 2854]}, {"key": "provided-that", "type": "definition", "offset": [2949, 2962]}, {"key": "financial-statements-and-tax-returns", "type": "clause", "offset": [2974, 3010]}, {"key": "be-prepared", "type": "clause", "offset": [3015, 3026]}, {"key": "consolidated-basis", "type": "clause", "offset": [3032, 3050]}, {"key": "other-entities", "type": "definition", "offset": [3056, 3070]}, {"key": "consolidated-financial-statements", "type": "clause", "offset": [3090, 3123]}, {"key": "existence-of-borrower", "type": "clause", "offset": [3162, 3183]}, {"key": "assets-and-liabilities", "type": "clause", "offset": [3192, 3214]}, {"key": "borrower-shall", "type": "clause", "offset": [3217, 3231]}, {"key": "and-agreements", "type": "definition", "offset": [3273, 3287]}, {"key": "official-records", "type": "definition", "offset": [3291, 3307]}, {"key": "at-all-times", "type": "definition", "offset": [3335, 3347]}, {"key": "hold-itself-out", "type": "definition", "offset": [3353, 3368]}, {"key": "to-the-public", "type": "definition", "offset": [3369, 3382]}, {"key": "legal-entity", "type": "clause", "offset": [3389, 3401]}, {"key": "separate-and-distinct", "type": "clause", "offset": [3402, 3423]}, {"key": "other-entity", "type": "clause", "offset": [3433, 3445]}, {"key": "separate-entity", "type": "clause", "offset": [3657, 3672]}, {"key": "conduct-business", "type": "clause", "offset": [3680, 3696]}, {"key": "adequately-capitalized", "type": "clause", "offset": [3889, 3911]}, {"key": "adequate-capital", "type": "clause", "offset": [3930, 3946]}, {"key": "reasonably-foreseeable", "type": "clause", "offset": [3974, 3996]}, {"key": "business-operations", "type": "definition", "offset": [4070, 4089]}, {"key": "winding-up", "type": "clause", "offset": [4136, 4146]}, {"key": "consolidation-or-merger", "type": "clause", "offset": [4161, 4184]}, {"key": "the-funds", "type": "clause", "offset": [4251, 4260]}, {"key": "assets-of-borrower", "type": "clause", "offset": [4271, 4289]}, {"key": "responsible-for", "type": "clause", "offset": [4863, 4878]}, {"key": "obligations-of-any-other-person", "type": "clause", "offset": [4892, 4923]}, {"key": "the-daily", "type": "clause", "offset": [4963, 4972]}, {"key": "if-borrower", "type": "clause", "offset": [5062, 5073]}, {"key": "limited-partnership", "type": "definition", "offset": [5079, 5098]}, {"key": "limited-liability-company", "type": "definition", "offset": [5104, 5129]}, {"key": "the-general-partner", "type": "definition", "offset": [5131, 5150]}, {"key": "managing-member", "type": "clause", "offset": [5154, 5169]}, {"key": "a-corporation", "type": "clause", "offset": [5198, 5211]}, {"key": "contained-in", "type": "definition", "offset": [5397, 5409]}, {"key": "member-of-the-board-of-directors", "type": "clause", "offset": [5594, 5626]}, {"key": "independent-director", "type": "definition", "offset": [5632, 5652]}, {"key": "at-the-time", "type": "definition", "offset": [5697, 5708]}, {"key": "at-any-time", "type": "clause", "offset": [5760, 5771]}, {"key": "director-of", "type": "clause", "offset": [5791, 5802]}, {"key": "a-shareholder", "type": "definition", "offset": [5887, 5900]}, {"key": "an-officer", "type": "clause", "offset": [5908, 5918]}, {"key": "with-the-exception-of", "type": "clause", "offset": [5930, 5951]}, {"key": "the-independent", "type": "clause", "offset": [5963, 5978]}, {"key": "a-person", "type": "definition", "offset": [6215, 6223]}, {"key": "under-common-control", "type": "definition", "offset": [6239, 6259]}, {"key": "member-of-the-immediate-family", "type": "definition", "offset": [6328, 6358]}, {"key": "the-term", "type": "definition", "offset": [6460, 6468]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [6501, 6523]}, {"key": "management-policies", "type": "clause", "offset": [6578, 6597]}, {"key": "ownership-of-voting-securities", "type": "clause", "offset": [6641, 6671]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [6699, 6728]}, {"key": "an-individual", "type": "clause", "offset": [6734, 6747]}, {"key": "an-independent", "type": "clause", "offset": [6829, 6843]}, {"key": "prior-to-the", "type": "clause", "offset": [6897, 6909]}, {"key": "initial-appointment", "type": "definition", "offset": [6918, 6937]}, {"key": "special-purpose-entity", "type": "clause", "offset": [7051, 7073]}, {"key": "affiliated-with", "type": "definition", "offset": [7075, 7090]}, {"key": "for-purposes-of-this", "type": "clause", "offset": [7123, 7143]}, {"key": "restrictions-on", "type": "clause", "offset": [7234, 7249]}, {"key": "of-the-borrower", "type": "clause", "offset": [7399, 7414]}, {"key": "inter-alia", "type": "clause", "offset": [7463, 7473]}, {"key": "purpose-of", "type": "clause", "offset": [7516, 7526]}, {"key": "an-owner", "type": "clause", "offset": [7580, 7588]}, {"key": "ability-to", "type": "clause", "offset": [7670, 7680]}, {"key": "incur-indebtedness", "type": "clause", "offset": [7681, 7699]}, {"key": "sell-assets", "type": "clause", "offset": [7748, 7759]}, {"key": "bankruptcy-petition", "type": "clause", "offset": [7792, 7811]}, {"key": "on-behalf-of", "type": "definition", "offset": [7833, 7845]}, {"key": "ownership-interest", "type": "definition", "offset": [7875, 7893]}, {"key": "in-accordance-with", "type": "clause", "offset": [8049, 8067]}, {"key": "separateness-covenants", "type": "definition", "offset": [8077, 8099]}, {"key": "not-limited", "type": "clause", "offset": [8117, 8128]}, {"key": "maintenance-of", "type": "clause", "offset": [8137, 8151]}, {"key": "person-or-entity", "type": "definition", "offset": [8248, 8264]}, {"key": "retail-purchases", "type": "definition", "offset": [8278, 8294]}, {"key": "employed-by", "type": "definition", "offset": [8387, 8398]}, {"key": "director-services", "type": "definition", "offset": [8435, 8452]}, {"key": "affiliated-entity", "type": "definition", "offset": [8515, 8532]}, {"key": "corporate-registration", "type": "clause", "offset": [8543, 8565]}, {"key": "services-to-the", "type": "clause", "offset": [8575, 8590]}, {"key": "to-pay", "type": "clause", "offset": [8693, 8699]}, {"key": "reasonable-fees", "type": "clause", "offset": [8700, 8715]}, {"key": "services-as-a-director", "type": "clause", "offset": [8759, 8781]}], "samples": [{"hash": "dW9q9SJtggk", "uri": "/contracts/dW9q9SJtggk#single-purpose-entity-separateness", "label": "Loan Agreement (Capital Automotive Reit)", "score": 18.0, "published": true}, {"hash": "6mB1L5i3yyU", "uri": "/contracts/6mB1L5i3yyU#single-purpose-entity-separateness", "label": "Loan Agreement (Capital Automotive Reit)", "score": 18.0, "published": true}, {"hash": "5YsenAGlZE6", "uri": "/contracts/5YsenAGlZE6#single-purpose-entity-separateness", "label": "Loan Agreement (Capital Automotive Reit)", "score": 18.0, "published": true}], "snippet": "Borrower represents, ---------------------------------- warrants and covenants as follows:\n(a) Borrower does not own and will not own any asset or property other than (i) the Properties, and (ii) incidental personal property necessary for the ownership or operation of the Properties.\n(b) Borrower will not engage in any business other than the ownership, management and operation of the Properties and Borrower will conduct and operate its business as presently conducted and operated.\n(c) Borrower will not enter into any contract or agreement with any Affiliate of Borrower, any constituent party of Borrower, Guarantor or any Affiliate of any constituent party or Guarantor, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arms-length basis with third parties other than any such party.\n(d) Borrower has not incurred and will not incur any Indebtedness, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (i) the Debt and (ii) trade and operational debt incurred in the ordinary course of business with trade creditors and in amounts as are normal and reasonable under the circumstances, except pursuant to the Guaranty of Payment and the Cash Management Agreement. No Indebtedness other than the Debt may be secured (subordinate or pari passu) ---- ----- by the Properties, except pursuant to the Junior Mortgage.\n(e) Borrower has not made and will not make any loans or advances to any third party (including any Affiliate or constituent party, any Guarantor or any Affiliate of any constituent party or Guarantor), except pursuant to the Guaranty of Payment or as provided in the Cash Management Agreement, and shall not acquire obligations or securities of its Affiliates.\n(f) Borrower is and will remain solvent and Borrower will pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets as the same shall become due.\n(g) Borrower has done or caused to be done and will do all things necessary to observe organizational formalities and preserve its existence, and Borrower will not, nor will Borrower permit any SPC Entity to amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation and bylaws, operating agreement, certificate of organization, trust or other organizational documents of Borrower or such SPC Entity in any manner that would affect the status of Borrower or such SPC Entity as a single- purpose, bankruptcy-remote entity, without (i) the prior written consent of Lender, in its sole discretion and, (ii) if a Securitization has occurred, delivery to Lender of a No Downgrade Letter.\n(h) Borrower will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates and any constituent party and file its own tax returns (provided that Borrower's financial statements and tax returns may be prepared on a consolidated basis with other entities provided that such consolidated financial statements and tax returns indicate the separate existence of Borrower and its assets and liabilities). Borrower shall maintain its books, records, resolutions and agreements as official records.\n(i) Borrower will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any Affiliate of Borrower, any constituent party of Borrower, any Guarantor or any Affiliate of any constituent party or Guarantor), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or part of the other and shall maintain and utilize separate stationery, invoices and checks.\n(j) Borrower is adequately capitalized and will 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.\n(k) Borrower shall not seek the dissolution, winding up, liquidation, consolidation or merger in whole or in part, of Borrower.\n(l) Borrower will not commingle the funds and other assets of Borrower with those of any Affiliate or constituent party, any Guarantor, or any Affiliate of any constituent party or Guarantor, or any other Person.\n(m) Borrower has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or constituent party, any Guarantor, or any Affiliate of any constituent party or Guarantor, or any other Person.\n(n) Borrower does not and will not guarantee, become obligated for, pledge its assets as security for, or hold itself out to be responsible for the debts or obligations of any other Person or the decisions or actions respecting the daily business or affairs of any other Person, except pursuant to the Guaranty of Payment.\n(o) If Borrower is a limited partnership or a limited liability company, the general partner or managing member (the \"SPC ENTITY\") shall be a corporation whose sole asset is its interest in Borrower and the SPC Entity will at all times comply, and will cause Borrower to comply, with each of the representations, warranties, and covenants contained in this Section 3.1.40 as if such representation, warranty or covenant was made directly by such SPC Entity.\n(p) Borrower shall at all times cause there to be at least one duly appointed member of the board of directors (an \"INDEPENDENT DIRECTOR\") of the SPC Entity who shall not have been at the time of such individual's appointment, and shall not be at any time while serving as a director of the SPC Entity and has not been at any time during the preceding five (5) years (i) a shareholder of, or an officer, director (with the exception of serving as the Independent Director of the SPC Entity), attorney, counsel, partner or employee of, Borrower, the SPC Entity or any Affiliate of either of them, (ii) a customer of, or supplier to, Borrower, the SPC Entity or any Affiliate of either of them, (iii) a Person controlling or under common control with any such shareholder, partner, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, director, partner, employee, supplier or customer. As used herein, the term \"control\" means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, (1) an individual that otherwise satisfies the foregoing shall not be disqualified from serving as an Independent Director of the SPC Entity if such individual, at or prior to the time of initial appointment, or at any time while serving as an Independent Director of the SPC Entity, (i) is an Independent Director of a \"special purpose entity\" affiliated with the Borrower or the SPC Entity (for purposes of this paragraph, a \"special purpose entity\" is an entity whose organizational documents contain restrictions on its activities and impose requirements intended to preserve the Borrower's and the SPC Entity's separateness that are substantially similar to those of the Borrower or the SPC Entity, as applicable, and provided, inter alia, that it (a) is organized for the limited purpose of owning and operating one or more properties or being an owner of one or more other entities that are so organized; (b) has restrictions on its ability to incur indebtedness, dissolve, liquidate, consolidate, merge and/or sell assets; (c) may not file voluntarily a bankruptcy petition on its own behalf or on behalf of an entity in which it has an ownership interest without the consent of its independent director; and (d) shall conduct itself and cause any entity in which it has an ownership interest to conduct itself in accordance with certain \"separateness covenants,\" including, but not limited to, the maintenance of its and such entity's books, records, bank accounts and assets separate from those of any other person or entity), (ii) makes retail purchases of vehicles from dealerships that are affiliates of the SPC Entity or Borrower, or (iii) is employed by a company that provides independent director services to corporations, which company (either directly or through an affiliated entity) provides corporate registration or other services to the SPC Entity, the Borrower or any affiliate of either of them, and (2) the SPC Entity shall be entitled to pay reasonable fees to the Independent Director for his or her services as a director of the SPC Entity.", "hash": "c3617086491a54fd33c221a1ef645929", "id": 2}, {"size": 48, "snippet_links": [{"key": "the-indebtedness", "type": "clause", "offset": [10, 26]}, {"key": "paid-in-full", "type": "definition", "offset": [36, 48]}, {"key": "borrower-hereby", "type": "clause", "offset": [60, 75]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [88, 110]}, {"key": "mortgage-borrower", "type": "clause", "offset": [136, 153]}, {"key": "spe-entity", "type": "definition", "offset": [163, 173]}, {"key": "purpose-entity", "type": "definition", "offset": [223, 237]}, {"key": "the-non", "type": "clause", "offset": [274, 281]}, {"key": "not-limited", "type": "clause", "offset": [320, 331]}, {"key": "exhibits-attached", "type": "clause", "offset": [340, 357]}, {"key": "true-and-correct", "type": "clause", "offset": [371, 387]}, {"key": "in-all-material-respects", "type": "definition", "offset": [388, 412]}, {"key": "in-connection-with", "type": "clause", "offset": [492, 510]}, {"key": "mezzanine-loan-documents", "type": "definition", "offset": [515, 539]}, {"key": "additional-non", "type": "clause", "offset": [545, 559]}, {"key": "with-respect-to", "type": "clause", "offset": [864, 879]}, {"key": "comply-with", "type": "definition", "offset": [1028, 1039]}], "samples": [{"hash": "l1MsDY5glfR", "uri": "/contracts/l1MsDY5glfR#single-purpose-entity-separateness", "label": "Mezzanine Loan and Security Agreement (Toys R Us Inc)", "score": 21.0, "published": true}, {"hash": "hvweY7wDfaY", "uri": "/contracts/hvweY7wDfaY#single-purpose-entity-separateness", "label": "Mezzanine Loan and Security Agreement (Toys R Us Inc)", "score": 21.0, "published": true}, {"hash": "ehbzAgbMrTu", "uri": "/contracts/ehbzAgbMrTu#single-purpose-entity-separateness", "label": "Mezzanine Loan and Security Agreement (Toys R Us Inc)", "score": 21.0, "published": true}], "snippet": "(a) Until the Indebtedness has been paid in full, Mezzanine Borrower hereby represents, warrants and covenants that Mezzanine Borrower, Mortgage Borrower and each SPE Entity is, shall be, and shall continue to be, a Single Purpose Entity.\n(b) All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects and any assumptions made in any subsequent non-consolidation opinion delivered in connection with the Mezzanine Loan Documents (an \u201cAdditional Non-Consolidation Opinion\u201d), including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all material respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity have complied and will comply in all material respects with all of the assumptions made with respect to it in the Non-Consolidation Opinion in all material respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity will have complied and will comply with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion. Each entity other than Mortgage Borrower with respect to which an assumption shall be made in any Additional Non-Consolidation Opinion will have complied and will comply in all material respects with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion.", "hash": "8f6d4bb9dc8e1375f3c0c3414aecd4dc", "id": 3}, {"size": 11, "snippet_links": [{"key": "each-borrower", "type": "clause", "offset": [0, 13]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [26, 48]}, {"key": "from-and-after-the-closing-date", "type": "clause", "offset": [50, 81]}, {"key": "the-loan-documents", "type": "clause", "offset": [118, 136]}], "samples": [{"hash": "f9irsWKoJqb", "uri": "/contracts/f9irsWKoJqb#single-purpose-entity-separateness", "label": "Loan Agreement (Care Capital Properties, Inc.)", "score": 27.5735797882, "published": true}, {"hash": "5ES59tpBO7e", "uri": "/contracts/5ES59tpBO7e#single-purpose-entity-separateness", "label": "Loan Agreement (Healthcare Trust, Inc.)", "score": 27.0082130432, "published": true}, {"hash": "lGP6337Gt8s", "uri": "/contracts/lGP6337Gt8s#single-purpose-entity-separateness", "label": "Loan Agreement (Healthcare Trust, Inc.)", "score": 26.5126628876, "published": true}], "snippet": "Each Borrower represents, warrants and covenants, from and after the Closing Date for so long as any obligation under the Loan Documents remains outstanding, as follows:", "hash": "e586a98e9b7a5437db8bc34685d2ca84", "id": 4}, {"size": 10, "snippet_links": [{"key": "warrants-and-covenants", "type": "clause", "offset": [21, 43]}], "samples": [{"hash": "iYRBuQLgE3l", "uri": "/contracts/iYRBuQLgE3l#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Ashford Hospitality Trust Inc)", "score": 24.1909656525, "published": true}, {"hash": "eLPrr2Exo92", "uri": "/contracts/eLPrr2Exo92#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Ashford Hospitality Trust Inc)", "score": 24.1909656525, "published": true}, {"hash": "7c4382xzQDN", "uri": "/contracts/7c4382xzQDN#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Ashford Hospitality Trust Inc)", "score": 24.1909656525, "published": true}], "snippet": "Borrower represents, warrants and covenants as follows:", "hash": "5ba16929aee0779460b8c50b6f7d4e41", "id": 5}, {"size": 6, "snippet_links": [{"key": "each-borrower", "type": "clause", "offset": [4, 17]}, {"key": "and-covenants", "type": "clause", "offset": [46, 59]}, {"key": "date-of", "type": "clause", "offset": [88, 95]}, {"key": "at-all-times", "type": "definition", "offset": [114, 126]}, {"key": "date-hereof", "type": "clause", "offset": [144, 155]}, {"key": "the-debt", "type": "clause", "offset": [179, 187]}, {"key": "paid-in-full", "type": "definition", "offset": [197, 209]}, {"key": "any-business", "type": "definition", "offset": [249, 261]}, {"key": "ownership-of-the-collateral", "type": "clause", "offset": [289, 316]}, {"key": "any-person", "type": "definition", "offset": [448, 458]}, {"key": "to-the-fullest-extent-permitted-by-law", "type": "clause", "offset": [583, 621]}, {"key": "otherwise-dispose-of", "type": "definition", "offset": [677, 697]}, {"key": "all-or-substantially-all", "type": "clause", "offset": [698, 722]}, {"key": "legal-structure", "type": "clause", "offset": [819, 834]}, {"key": "engaging-in", "type": "definition", "offset": [940, 951]}, {"key": "subject-to", "type": "clause", "offset": [968, 978]}, {"key": "each-case", "type": "definition", "offset": [983, 992]}, {"key": "plan-of-division", "type": "definition", "offset": [1028, 1044]}, {"key": "without-limitation", "type": "clause", "offset": [1071, 1089]}, {"key": "limited-liability-company-act", "type": "clause", "offset": [1147, 1176]}, {"key": "state-of-delaware", "type": "definition", "offset": [1184, 1201]}, {"key": "organizational-formalities", "type": "clause", "offset": [1228, 1254]}, {"key": "separate-existence", "type": "clause", "offset": [1281, 1299]}, {"key": "duly-organized", "type": "clause", "offset": [1348, 1362]}, {"key": "validly-existing", "type": "clause", "offset": [1364, 1380]}, {"key": "in-good-standing", "type": "clause", "offset": [1385, 1401]}, {"key": "if-applicable", "type": "definition", "offset": [1403, 1416]}, {"key": "requirements-of-the", "type": "clause", "offset": [1445, 1464]}, {"key": "comply-with-the", "type": "clause", "offset": [1551, 1566]}, {"key": "organizational-documents", "type": "definition", "offset": [1585, 1609]}, {"key": "single-purpose-covenants", "type": "clause", "offset": [1643, 1667]}, {"key": "article-5", "type": "definition", "offset": [1686, 1695]}, {"key": "in-addition-to-the", "type": "clause", "offset": [1790, 1808]}, {"key": "satisfaction-of", "type": "clause", "offset": [1809, 1824]}, {"key": "the-requirements", "type": "clause", "offset": [1825, 1841]}, {"key": "prior-written-consent", "type": "clause", "offset": [1886, 1907]}, {"key": "if-required", "type": "definition", "offset": [1913, 1924]}, {"key": "rating-agency-confirmation", "type": "definition", "offset": [1938, 1964]}, {"key": "mortgage-borrower", "type": "clause", "offset": [2063, 2080]}, {"key": "mortgage-spe-component-entity", "type": "definition", "offset": [2088, 2117]}, {"key": "the-funds", "type": "clause", "offset": [2217, 2226]}, {"key": "cash-management-agreement", "type": "definition", "offset": [2314, 2339]}, {"key": "participate-in", "type": "definition", "offset": [2341, 2355]}, {"key": "cash-management-system", "type": "definition", "offset": [2360, 2382]}, {"key": "any-other-person", "type": "definition", "offset": [2388, 2404]}, {"key": "indebtedness-incurred", "type": "clause", "offset": [2545, 2566]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [2567, 2601]}, {"key": "not-to-exceed", "type": "clause", "offset": [2602, 2615]}, {"key": "at-any-time", "type": "clause", "offset": [2624, 2635]}, {"key": "not-material", "type": "clause", "offset": [2640, 2652]}, {"key": "in-the-aggregate", "type": "definition", "offset": [2653, 2669]}, {"key": "incidental-to", "type": "definition", "offset": [2678, 2691]}, {"key": "no-indebtedness", "type": "clause", "offset": [2748, 2763]}, {"key": "pari-passu", "type": "clause", "offset": [2815, 2825]}, {"key": "fail-to-maintain", "type": "clause", "offset": [2853, 2869]}, {"key": "bank-accounts", "type": "clause", "offset": [2922, 2935]}, {"key": "the-financial", "type": "clause", "offset": [3088, 3101]}, {"key": "statement-of", "type": "clause", "offset": [3102, 3114]}, {"key": "consolidated-financial-statements", "type": "clause", "offset": [3309, 3342]}, {"key": "available-to", "type": "definition", "offset": [3462, 3474]}, {"key": "debts-and-other-obligations", "type": "clause", "offset": [3487, 3514]}, {"key": "balance-sheet", "type": "clause", "offset": [3618, 3631]}, {"key": "and-agreements", "type": "definition", "offset": [3707, 3721]}, {"key": "official-records", "type": "definition", "offset": [3725, 3741]}, {"key": "in-connection-with", "type": "clause", "offset": [3755, 3773]}, {"key": "capital-distributions", "type": "clause", "offset": [3800, 3821]}, {"key": "pursuant-to-the-terms", "type": "clause", "offset": [3832, 3853]}, {"key": "not-prohibited", "type": "clause", "offset": [3902, 3916]}, {"key": "this-agreement", "type": "clause", "offset": [3923, 3937]}, {"key": "contract-or-agreement", "type": "definition", "offset": [3954, 3975]}, {"key": "terms-and-conditions", "type": "definition", "offset": [4066, 4086]}, {"key": "unaffiliated-third-parties", "type": "clause", "offset": [4170, 4196]}, {"key": "to-lender", "type": "definition", "offset": [4377, 4386]}, {"key": "debts-or-obligations", "type": "clause", "offset": [4439, 4459]}, {"key": "hold-itself-out", "type": "definition", "offset": [4500, 4515]}, {"key": "responsible-for", "type": "clause", "offset": [4522, 4537]}, {"key": "the-obligations", "type": "clause", "offset": [4742, 4757]}, {"key": "jointly-and-severally-liable", "type": "definition", "offset": [4832, 4860]}, {"key": "obligations-of-borrowers", "type": "clause", "offset": [4869, 4893]}, {"key": "loans-or-advances", "type": "clause", "offset": [4935, 4952]}, {"key": "to-file", "type": "definition", "offset": [4980, 4987]}, {"key": "except-to-the-extent", "type": "clause", "offset": [5009, 5029]}, {"key": "disregarded-entity", "type": "definition", "offset": [5062, 5080]}, {"key": "tax-purposes", "type": "clause", "offset": [5086, 5098]}, {"key": "consolidated-tax-returns", "type": "definition", "offset": [5130, 5154]}, {"key": "applicable-law", "type": "definition", "offset": [5161, 5175]}, {"key": "to-the-public", "type": "definition", "offset": [5279, 5292]}, {"key": "legal-entity", "type": "clause", "offset": [5333, 5345]}, {"key": "separate-and-distinct", "type": "clause", "offset": [5346, 5367]}, {"key": "separate-identity", "type": "clause", "offset": [5582, 5599]}, {"key": "adequate-capital", "type": "clause", "offset": [5633, 5649]}, {"key": "reasonably-foreseeable", "type": "clause", "offset": [5677, 5699]}, {"key": "business-operations", "type": "definition", "offset": [5773, 5792]}, {"key": "net-cash-flow", "type": "definition", "offset": [5832, 5845]}, {"key": "and-lender", "type": "clause", "offset": [5885, 5895]}, {"key": "mortgage-lender", "type": "definition", "offset": [5899, 5914]}, {"key": "loan-proceeds", "type": "definition", "offset": [5941, 5954]}, {"key": "applied-for", "type": "definition", "offset": [5961, 5972]}, {"key": "funds-held-by-lender", "type": "clause", "offset": [6002, 6022]}, {"key": "made-available", "type": "clause", "offset": [6100, 6114]}, {"key": "to-pay", "type": "clause", "offset": [6180, 6186]}, {"key": "and-provided-that", "type": "clause", "offset": [6214, 6231]}, {"key": "the-foregoing", "type": "definition", "offset": [6232, 6245]}, {"key": "indirect-member", "type": "definition", "offset": [6279, 6294]}, {"key": "additional-capital-contributions", "type": "definition", "offset": [6356, 6388]}, {"key": "loans-to", "type": "clause", "offset": [6410, 6418]}, {"key": "prior-unanimous-written-consent", "type": "clause", "offset": [6453, 6484]}, {"key": "shareholders-or-members", "type": "definition", "offset": [6509, 6532]}, {"key": "board-of-directors", "type": "clause", "offset": [6592, 6610]}, {"key": "independent-director", "type": "definition", "offset": [6676, 6696]}, {"key": "consent-to", "type": "definition", "offset": [6817, 6827]}, {"key": "voluntary-or-involuntary", "type": "clause", "offset": [6863, 6887]}, {"key": "creditors-rights-laws", "type": "definition", "offset": [6914, 6935]}, {"key": "appointment-of-a-receiver", "type": "clause", "offset": [7021, 7046]}, {"key": "any-action", "type": "definition", "offset": [7150, 7160]}, {"key": "could-reasonably-be-expected-to", "type": "definition", "offset": [7166, 7197]}, {"key": "assignment-for-the-benefit-of-creditors", "type": "clause", "offset": [7249, 7288]}, {"key": "the-request", "type": "clause", "offset": [7313, 7324]}, {"key": "consent-of-lender", "type": "clause", "offset": [7337, 7354]}, {"key": "material-action", "type": "clause", "offset": [7372, 7387]}, {"key": "with-respect-to-borrower", "type": "clause", "offset": [7388, 7412]}, {"key": "foregoing-actions", "type": "clause", "offset": [7711, 7728]}, {"key": "in-accordance-with", "type": "clause", "offset": [7828, 7846]}, {"key": "consented-to", "type": "definition", "offset": [7934, 7946]}, {"key": "shared-expenses", "type": "definition", "offset": [7995, 8010]}, {"key": "shared-office-space", "type": "clause", "offset": [8043, 8062]}, {"key": "reasonably-necessary", "type": "clause", "offset": [8081, 8101]}, {"key": "operation-of", "type": "clause", "offset": [8109, 8121]}, {"key": "other-entity", "type": "clause", "offset": [8242, 8254]}, {"key": "holds-itself-out", "type": "definition", "offset": [8274, 8290]}, {"key": "for-payments", "type": "definition", "offset": [8355, 8367]}, {"key": "environmental-indemnity", "type": "clause", "offset": [8423, 8446]}, {"key": "the-guaranty", "type": "clause", "offset": [8451, 8463]}, {"key": "allocated-portion", "type": "definition", "offset": [8548, 8565]}, {"key": "overhead-expenses", "type": "definition", "offset": [8587, 8604]}, {"key": "salaries-of", "type": "clause", "offset": [8643, 8654]}, {"key": "funds-and-assets", "type": "clause", "offset": [8687, 8703]}, {"key": "another-person", "type": "definition", "offset": [8751, 8765]}, {"key": "employees-in", "type": "clause", "offset": [8810, 8822]}, {"key": "outstanding-amounts", "type": "clause", "offset": [9253, 9272]}, {"key": "direct-or-indirect", "type": "clause", "offset": [9326, 9344]}, {"key": "in-respect-of", "type": "definition", "offset": [9516, 9529]}, {"key": "obligations-under-the-loan-documents", "type": "clause", "offset": [9546, 9582]}, {"key": "other-affiliates", "type": "definition", "offset": [9640, 9656]}, {"key": "material-respect", "type": "definition", "offset": [9834, 9850]}, {"key": "the-non", "type": "clause", "offset": [9928, 9935]}, {"key": "borrower-shall", "type": "clause", "offset": [10069, 10083]}, {"key": "within-thirty", "type": "clause", "offset": [10106, 10119]}, {"key": "modification-to", "type": "clause", "offset": [10212, 10227]}, {"key": "the-original", "type": "definition", "offset": [10388, 10400]}, {"key": "guaranteed-by", "type": "clause", "offset": [10600, 10613]}, {"key": "constituent-party", "type": "definition", "offset": [10631, 10648]}, {"key": "if-borrower", "type": "clause", "offset": [10654, 10665]}, {"key": "partnership-or-limited-liability-company", "type": "clause", "offset": [10671, 10711]}, {"key": "acceptable-llc", "type": "definition", "offset": [10727, 10741]}, {"key": "general-partner", "type": "clause", "offset": [10749, 10764]}, {"key": "in-the-case", "type": "clause", "offset": [10766, 10777]}, {"key": "a-limited", "type": "clause", "offset": [10836, 10845]}, {"key": "the-covenants", "type": "definition", "offset": [11068, 11081]}, {"key": "terms-and-provisions", "type": "clause", "offset": [11083, 11103]}, {"key": "contained-in", "type": "definition", "offset": [11104, 11116]}, {"key": "section-51", "type": "clause", "offset": [11117, 11128]}, {"key": "an-interest", "type": "clause", "offset": [11437, 11448]}, {"key": "equity-ownership-interest", "type": "definition", "offset": [11552, 11577]}, {"key": "any-debt", "type": "definition", "offset": [11715, 11723]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [11857, 11883]}, {"key": "in-the-event", "type": "clause", "offset": [11893, 11905]}, {"key": "agreement-of-borrower", "type": "clause", "offset": [11995, 12016]}, {"key": "llc-agreement", "type": "clause", "offset": [12068, 12081]}, {"key": "remaining-member", "type": "definition", "offset": [12161, 12177]}, {"key": "the-member", "type": "definition", "offset": [12261, 12271]}, {"key": "of-the-borrower", "type": "clause", "offset": [12359, 12374]}, {"key": "assignment-by-member", "type": "clause", "offset": [12452, 12472]}, {"key": "limited-liability-company-interest", "type": "definition", "offset": [12487, 12521]}, {"key": "the-transferee", "type": "clause", "offset": [12600, 12614]}, {"key": "the-llc", "type": "clause", "offset": [12657, 12664]}, {"key": "resignation-of-member", "type": "clause", "offset": [12687, 12708]}, {"key": "additional-member", "type": "clause", "offset": [12733, 12750]}, {"key": "terms-of-the-loan", "type": "clause", "offset": [12831, 12848]}, {"key": "director-of", "type": "clause", "offset": [12916, 12927]}, {"key": "simultaneously-with-the", "type": "clause", "offset": [13032, 13055]}, {"key": "ceasing-to-be", "type": "clause", "offset": [13063, 13076]}, {"key": "a-member-with", "type": "clause", "offset": [13231, 13244]}, {"key": "economic-interest", "type": "clause", "offset": [13250, 13267]}, {"key": "special-member", "type": "definition", "offset": [13270, 13284]}, {"key": "from-borrower", "type": "clause", "offset": [13419, 13432]}, {"key": "after-giving", "type": "clause", "offset": [13713, 13725]}, {"key": "section-52", "type": "clause", "offset": [13894, 13905]}, {"key": "substitute-member", "type": "definition", "offset": [14164, 14181]}, {"key": "no-interest", "type": "clause", "offset": [14287, 14298]}, {"key": "capital-of-borrower", "type": "clause", "offset": [14326, 14345]}, {"key": "right-to-receive", "type": "clause", "offset": [14402, 14418]}, {"key": "distributions-of", "type": "clause", "offset": [14423, 14439]}, {"key": "assets-of-borrower", "type": "clause", "offset": [14444, 14462]}, {"key": "provisions-of-the", "type": "clause", "offset": [14542, 14559]}, {"key": "contributions-to-borrower", "type": "clause", "offset": [14685, 14710]}, {"key": "as-required-by", "type": "clause", "offset": [15011, 15025]}, {"key": "the-act", "type": "clause", "offset": [15053, 15060]}, {"key": "no-right-to-vote", "type": "clause", "offset": [15124, 15140]}, {"key": "action-by", "type": "clause", "offset": [15181, 15190]}, {"key": "relating-to", "type": "definition", "offset": [15202, 15213]}, {"key": "the-merger", "type": "clause", "offset": [15300, 15310]}, {"key": "conversion-of", "type": "clause", "offset": [15329, 15342]}, {"key": "in-order-to", "type": "clause", "offset": [15603, 15614]}, {"key": "prior-to", "type": "definition", "offset": [15780, 15788]}, {"key": "an-independent", "type": "clause", "offset": [16006, 16020]}, {"key": "the-special", "type": "definition", "offset": [16186, 16197]}, {"key": "a-member-of-the", "type": "clause", "offset": [16220, 16235]}], "samples": [{"hash": "kVWv5rXaZ7A", "uri": "/contracts/kVWv5rXaZ7A#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Industrial Logistics Properties Trust)", "score": 31.7337436676, "published": true}], "snippet": "(a) Each Borrower represents and warrants to, and covenants with, Lender that since the date of its formation and at all times on and after the date hereof and until such time as the Debt shall be paid in full it has not and will not:\n(i) engage in any business or activity other than the ownership of the Collateral, and activities incidental thereto;\n(ii) acquire or own any assets other than the Collateral;\n(iii) merge into or consolidate with any Person, divide or otherwise engage in or permit any Division or have the power to engage in or permit any Division or dissolve, or to the fullest extent permitted by law, terminate, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets (unless such action results in the repayment, in full, of the Loan) or change its legal structure. As used herein, the term \u201cDivision\u201d shall mean, as to any Person, such Person dividing and/or otherwise engaging in and/or becoming subject to, in each case, any division (whether pursuant to plan of division or otherwise), including, without limitation and to the extent applicable, pursuant to \u00a718-217 of the Limited Liability Company Act of the State of Delaware;\n(iv) fail to observe all organizational formalities necessary to preserve its separate existence, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or formation, or amend, modify, terminate or fail to comply with the provisions of its organizational documents, in any manner that violates the single purpose covenants set forth in this Article 5 (provided, that, such organizational documents may be amended or modified to the extent that, in addition to the satisfaction of the requirements related thereto set forth therein, L\u2587\u2587\u2587\u2587\u2587\u2019s prior written consent and, if required by Lender, a Rating Agency Confirmation are first obtained);\n(v) own any subsidiary, or make any investment in, any Person (other than in Mortgage Borrower or any Mortgage SPE Component Entity or, with respect to any SPE Component Entity, in Borrower);\n(a) commingle its funds or assets with the funds or assets of any Person other than a co-Borrower, or (b) other than as provided in the Cash Management Agreement, participate in any cash management system with any other Person;\n(vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the Debt, and Indebtedness incurred in the ordinary course of business not to exceed $25,000 at any time and not material in the aggregate that is incidental to B\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2019s activities as a member of Mortgage Borrower. No Indebtedness other than the Debt may be secured (subordinate or pari passu) by the Collateral;\n(viii) fail to maintain all of its books, records, financial statements and bank accounts separate from those of any other Person (including, without limitation, any Affiliates). Borrower\u2019s assets have not and will not be listed as assets on the financial statement of any other Person; provided, however, that Borrower\u2019s assets may be included in a consolidated financial statement of its Affiliates, provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of Borrower and such Affiliates and to indicate that Borrower\u2019s assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) such assets shall be listed on Borrower\u2019s own separate balance sheet. B\u2587\u2587\u2587\u2587\u2587\u2587\u2587 has maintained and will maintain its books, records, resolutions and agreements as official records;\n(ix) except in connection with capital contributions and capital distributions permitted pursuant to the terms of such B\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2019s organizational documents and not prohibited under this Agreement, enter into any contract or agreement with any partner, member, shareholder, principal or Affiliate, except, in each case, upon terms and conditions that are comparable to those that would be available on an arm\u2019s-length basis with unaffiliated third parties;\n(x) maintain its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;\n(xi) except to Lender in connection with the Loan, assume or guaranty the debts or obligations of any Person other than a co-Borrower, hold itself out to be responsible for the debts or obligations of any Person other than a co-Borrower, or otherwise pledge its assets for the benefit of any Person other than a co-Borrower or hold out its credit as being available to satisfy the obligations of any Person other than a co-Borrower; provided, that Borrowers shall be jointly and severally liable for all obligations of Borrowers under the Loan Documents;\n(xii) make any loans or advances to any Person;\n(xiii) fail to file its own tax returns (except to the extent that it was or is treated as a \u201cdisregarded entity\u201d for tax purposes and was or is required to file consolidated tax returns under applicable law) (unless prohibited by applicable Legal Requirements from doing so);\n(xiv) fail to (A) hold itself out to the public and identify itself, in each case, as a legal entity separate and distinct from any other Person and not as a division or part of any other Person, (B) conduct its business solely in its own name, (C) hold its assets in its own name or (D) correct any known misunderstanding regarding its separate identity;\n(xv) fail to 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 (to the extent there exists sufficient net cash flow available from the Collateral to do so and Lender or Mortgage Lender permits such cash flow or loan proceeds to be applied for such purposes, or if reserve funds held by Lender or Mortgage Lender and specifically allocated for such \u200eamount have not been made available to Borrower by Lender or to Mortgage Borrower by Mortgage Lender to pay such outstanding \u200eamounts, and provided that the foregoing shall not require any direct or \u200eindirect member, partner or shareholder of a Borrower to make (or seek) any \u200eadditional capital contributions, equity infusions or loans to such Borrower);\n(xvi) without the prior unanimous written consent of all of its partners, shareholders or members, as applicable, the prior unanimous written consent of its board of directors or managers, as applicable, and the prior written consent of the Independent Director (regardless of whether such Independent Director is engaged at the Borrower or SPE Component Entity level), (a) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any Creditors Rights Laws (except with the written consent or direction of Lender), (b) seek or consent to the appointment of a receiver, liquidator or any similar official (except with the written consent or direction of Lender), (c) take any action that could reasonably be expected to cause such entity to become insolvent, (d) make an assignment for the benefit of creditors (except to Lender or at the request or with the consent of Lender) or (e) take any Material Action with respect to Borrower or any SPE Component Entity (provided, that, none of any member, shareholder or partner (as applicable) of Borrower or any SPE Component Entity or any board of directors or managers (as applicable) of Borrower or any SPE Component Entity may vote on or otherwise authorize the taking of any of the foregoing actions unless, in each case, there is at least one (1) Independent Director then serving in such capacity in accordance with the terms of the applicable organizational documents and such Independent Director has consented to such foregoing action);\n(xvii) fail to allocate shared expenses (including, without limitation, shared office space) or to the extent reasonably necessary in the operation of its business, fail to use separate stationery, invoices and checks bearing its own name and not bearing the name of any other entity unless such entity holds itself out as and is clearly designated as being its agent;\n(xviii) except for payments which may be made on Borrower\u2019s behalf pursuant to the Environmental Indemnity and the Guaranty, fail to intend to pay its own liabilities (including, without limitation, a fairly allocated portion of any personnel and overhead expenses that it shares with any Affiliate and salaries of its own employees) from its own funds and assets (as distinguished from the funds and assets of another Person) or fail to maintain a sufficient number of employees in light of its contemplated business operations (in each case to the extent there exists sufficient net cash flow available from the Collateral to do so and Lender or Mortgage Lender permits such cash flow or loan proceeds to be applied for such purposes, or if reserve funds held by Lender or Mortgage Lender and specifically allocated for such amounts have been made available to Borrower by Lender or Mortgage Lender to pay such outstanding amounts); provided, that the foregoing shall not require any direct or indirect member, partner or shareholder of Borrower to make any additional capital contributions, equity infusions or loans to such Borrower;\n(xix) acquire obligations (other than in respect of a co-Borrower\u2019s obligations under the Loan Documents) or securities of its partners, members, shareholders or other Affiliates, as applicable;\n(xx) identify its partners, members, shareholders or other Affiliates, as applicable, as a division or part of it;\n(xxi) violate or cause to be violated, in any material respect, the factual assumptions made with respect to Borrower and its principals in the Non-Consolidation Opinion or in any New Non-Consolidation Opinion, provided, however, that (a) if such violation is susceptible of cure, Borrower shall cure \u200esuch \u200eviolation within thirty (30) days, and (b) Borrower promptly delivers to Lender a New Non-Consolidation Opinion\u200e or modification to the \u200eoriginal Non-Consolidation Opinion\u200e, as \u200eapplicable, to the effect that such breach shall not in any \u200eway impair, negate or amend the \u200eopinion rendered in the original Non-Consolidation Opinion\u200e or any subsequent New Non-Consolidation Opinion (as applicable); or\n(xxii) other than pursuant to the Environmental Indemnity and the Guaranty, have any of its obligations guaranteed by any Affiliate or constituent party.\n(b) If Borrower is a partnership or limited liability company (other than an Acceptable LLC), each general partner (in the case of a partnership) and at least one member (in the case of a limited liability company) of Borrower, as applicable, shall be an Acceptable LLC (each, an \u201cSPE Component Entity\u201d) whose sole asset is its interest in Borrower. Each SPE Component Entity (i) will at all times comply with each of the covenants, terms and provisions contained in Section 5.1(a)(iii) - (vi) (inclusive) and (viii) \u2013 (xxi) (inclusive) and, if such SPE Component Entity is an Acceptable LLC, Section 5.1(c) and (d) hereof, as if such representation, warranty or covenant was made directly by such SPE Component Entity; (ii) will not engage in any business or activity other than owning an interest in Borrower; (iii) will not acquire or own any assets other than its partnership, membership, or other equity ownership interest in Borrower; (iv) will at all times continue to own no less than a 0.5% direct equity ownership interest in Borrower; (v) will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation); and (vi) will cause Borrower to comply with the provisions of this Section 5.1.\n(c) In the event Borrower or any SPE Component Entity is an Acceptable LLC, the limited liability company agreement of Borrower or such SPE Component Entity (as applicable) (the \u201cLLC Agreement\u201d) shall provide that (i) upon the occurrence of any event that causes the last remaining member of Borrower or such SPE Component Entity (as applicable) (\u201cMember\u201d) to cease to be the member of Borrower or such SPE Component Entity (as applicable) (other than upon continuation of the Borrower or such SPE Component Entity (as applicable) without dissolution upon (A) an assignment by Member of all of its limited liability company interest in Borrower or such SPE Component Entity (as applicable) and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of Borrower or such SPE Component Entity (as applicable) in accordance with the terms of the Loan Documents and the LLC Agreement), any person acting as Independent Director of Borrower or such SPE Component Entity (as applicable) shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of Borrower or such SPE Component Entity (as applicable) automatically be admitted to Borrower or such SPE Component Entity (as applicable) as a member with a 0% economic interest (\u201cSpecial Member\u201d) and shall continue Borrower or such SPE Component Entity (as applicable) without dissolution and (ii) Special Member may not resign from Borrower or such SPE Component Entity (as applicable) or transfer its rights as Special Member unless (A) a successor Special Member has been admitted to Borrower or such SPE Component Entity (as applicable) as a Special Member in accordance with requirements of the LLC Agreement and (B) after giving effect to such resignation or transfer, there remains at least one (1) Independent Director of such SPE Component Entity or Borrower (as applicable) in accordance with Section 5.2 below. The LLC Agreement shall further provide that (i) Special Member shall automatically cease to be a member of Borrower or such SPE Component Entity (as applicable) upon the admission to Borrower or such SPE Component Entity (as applicable) of the first substitute member, (ii) Special Member shall be a member of Borrower or such SPE Component Entity (as applicable) that has no interest in the profits, losses and capital of Borrower or such SPE Component Entity (as applicable) and has no right to receive any distributions of the assets of Borrower or such SPE Component Entity (as applicable), (iii) pursuant to the applicable provisions of the limited liability company act of the State of Delaware (the \u201cAct\u201d), Special Member shall not be required to make any capital contributions to Borrower or such SPE Component Entity (as applicable) and shall not receive a limited liability company interest in Borrower or such SPE Component Entity (as applicable), (iv) Special Member, in its capacity as Special Member, may not bind Borrower or such SPE Component Entity (as applicable) and (v) except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Borrower or such SPE Component Entity (as applicable) including, without limitation, the merger, consolidation or conversion of Borrower or such SPE Component Entity (as applicable); provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Director, to vote on such matters required by the Loan Documents or the LLC Agreement. In order to implement the admission to Borrower or such SPE Component Entity (as applicable) of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower or such SPE Component Entity (as applicable) as Special Member, Special Member shall not be a member of Borrower or such SPE Component Entity (as applicable), but Special Member may serve as an Independent Director of Borrower or such SPE Component Entity (as applicable).\n(d) The LLC Agreement shall further provide that (i) upon the occurrence of any event that causes the Special Member to cease to be a member of the Borrower or such SPE Component Entity (as applicable) or that causes the Member to cease to be a member of Borrower or such SPE Component Entity (as", "hash": "d5142ded8a7f220b69c96b268b0dd6bd", "id": 6}, {"size": 5, "snippet_links": [{"key": "the-debt", "type": "clause", "offset": [6, 14]}, {"key": "paid-in-full", "type": "definition", "offset": [24, 36]}, {"key": "regardless-of-any", "type": "clause", "offset": [42, 59]}, {"key": "property-release", "type": "definition", "offset": [60, 76]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [100, 122]}, {"key": "senior-mezzanine-borrower", "type": "definition", "offset": [194, 219]}, {"key": "mortgage-loan-borrower", "type": "clause", "offset": [221, 243]}, {"key": "maryland-owner", "type": "definition", "offset": [247, 261]}, {"key": "property-owners", "type": "definition", "offset": [295, 310]}, {"key": "any-business", "type": "definition", "offset": [322, 334]}, {"key": "operating-lease", "type": "definition", "offset": [442, 457]}, {"key": "maintenance-of-the", "type": "clause", "offset": [463, 481]}, {"key": "related-to", "type": "clause", "offset": [573, 583]}, {"key": "ownership-interest", "type": "definition", "offset": [588, 606]}, {"key": "in-accordance-with", "type": "clause", "offset": [646, 664]}, {"key": "section-76", "type": "clause", "offset": [665, 676]}, {"key": "operating-lessees", "type": "definition", "offset": [692, 709]}, {"key": "operation-and-maintenance", "type": "definition", "offset": [792, 817]}, {"key": "the-applicable", "type": "clause", "offset": [872, 886]}, {"key": "as-to-borrower", "type": "clause", "offset": [942, 956]}, {"key": "ownership-of-the", "type": "clause", "offset": [1008, 1024]}, {"key": "pledged-company-interests", "type": "definition", "offset": [1025, 1050]}, {"key": "the-collateral", "type": "clause", "offset": [1055, 1069]}, {"key": "mezzanine-2-borrower", "type": "definition", "offset": [1329, 1349]}, {"key": "mezzanine-1-borrower", "type": "definition", "offset": [1536, 1556]}, {"key": "limited-liability-company-interests", "type": "definition", "offset": [1926, 1961]}, {"key": "maryland-property", "type": "definition", "offset": [2049, 2066]}, {"key": "entering-into", "type": "clause", "offset": [2268, 2281]}, {"key": "obligations-under-the-loan-documents", "type": "clause", "offset": [2301, 2337]}, {"key": "holding-llc", "type": "definition", "offset": [2362, 2373]}, {"key": "holdings-llc", "type": "definition", "offset": [2391, 2403]}, {"key": "operation-of-the", "type": "clause", "offset": [2469, 2485]}, {"key": "personal-property", "type": "definition", "offset": [3011, 3028]}, {"key": "necessary-for", "type": "definition", "offset": [3039, 3052]}, {"key": "the-foregoing", "type": "definition", "offset": [3548, 3561]}, {"key": "any-person", "type": "definition", "offset": [5348, 5358]}, {"key": "legal-structure", "type": "clause", "offset": [5371, 5386]}, {"key": "all-or-substantially-all", "type": "clause", "offset": [5396, 5420]}, {"key": "institute-proceedings", "type": "clause", "offset": [5438, 5459]}, {"key": "bankrupt-or-insolvent", "type": "definition", "offset": [5478, 5499]}, {"key": "consent-to", "type": "definition", "offset": [5504, 5514]}, {"key": "the-institution", "type": "clause", "offset": [5515, 5530]}, {"key": "bankruptcy-or-insolvency-proceedings", "type": "clause", "offset": [5534, 5570]}, {"key": "federal-or-state-law", "type": "definition", "offset": [5671, 5691]}, {"key": "relating-to", "type": "definition", "offset": [5692, 5703]}, {"key": "appointment-of-a-receiver", "type": "clause", "offset": [5734, 5759]}, {"key": "substantial-part", "type": "definition", "offset": [5838, 5854]}, {"key": "assignment-for-the-benefit-of-creditors", "type": "clause", "offset": [5884, 5923]}, {"key": "in-writing", "type": "clause", "offset": [5940, 5950]}, {"key": "inability-to-pay", "type": "definition", "offset": [5955, 5971]}, {"key": "to-the-fullest-extent-permitted-by-law", "type": "clause", "offset": [6066, 6104]}, {"key": "dissolve-or-liquidate", "type": "clause", "offset": [6106, 6127]}, {"key": "organizational-formalities", "type": "clause", "offset": [6165, 6191]}, {"key": "duly-organized", "type": "clause", "offset": [6237, 6251]}, {"key": "validly-existing", "type": "clause", "offset": [6253, 6269]}, {"key": "in-good-standing", "type": "clause", "offset": [6274, 6290]}, {"key": "if-applicable", "type": "definition", "offset": [6292, 6305]}, {"key": "requirements-of-the", "type": "clause", "offset": [6334, 6353]}, {"key": "the-provisions-of", "type": "clause", "offset": [6424, 6441]}, {"key": "organizational-documents", "type": "definition", "offset": [6446, 6470]}, {"key": "with-respect-to-borrower", "type": "clause", "offset": [6480, 6504]}, {"key": "with-respect-to-\u2587", "type": "clause", "offset": [6679, 6696]}, {"key": "the-\u2587", "type": "clause", "offset": [7055, 7060]}, {"key": "mortgage-loan-agreement", "type": "definition", "offset": [7071, 7094]}, {"key": "mezzanine-2-loan-agreement", "type": "definition", "offset": [7606, 7632]}, {"key": "mezzanine-1-loan-agreement", "type": "definition", "offset": [7878, 7904]}, {"key": "other-borrower", "type": "definition", "offset": [7939, 7953]}, {"key": "the-assets", "type": "clause", "offset": [8006, 8016]}, {"key": "any-other-person", "type": "definition", "offset": [8020, 8036]}], "samples": [{"hash": "eWiDEA7k6hv", "uri": "/contracts/eWiDEA7k6hv#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Ashford Hospitality Trust Inc)", "score": 23.1574268341, "published": true}], "snippet": "Until the Debt has been paid in full (and regardless of any Property Release), Borrower represents, warrants and covenants as follows:\n(a) Borrower has not and will not, and will not permit any Senior Mezzanine Borrower, Mortgage Loan Borrower or Maryland Owner to:\n(i) (A) as to the Individual Property Owners, engage in any business or activity other than the ownership, operation (including leasing such Individual Property pursuant to an Operating Lease) and maintenance of the Individual Property that it owns and activities incidental thereto, including any business related to its ownership interest in an Operating Lessee pursuant to and in accordance with Section 7.6; (B) as to the Operating Lessees, allow the Operating Lessees to engage in any business or activity other than the operation and maintenance of the Individual Property that it leases pursuant to the applicable Operating Lease and activities incidental thereto; (C) as to Borrower, engage in any business or activity other than the ownership of the Pledged Company Interests and the Collateral and any activities incidental thereto; (D) as to the Mezzanine 3 Borrower, engage in any business or activity other than the ownership of the Mezzanine 3 Pledged Company Interests and the Mezzanine 2 Collateral and activities incidental thereto (E) as to the Mezzanine 2 Borrower, engage in any business or activity other than the ownership of the Mezzanine 2 Pledged Company Interests and the Mezzanine 2 Collateral and activities incidental thereto; (F) as to the Mezzanine 1 Borrower, engage in any business or activity other than the ownership of the Mezzanine 1 Pledged Company Interests and the Mezzanine 1 Collateral and activities incidental thereto; (G) as to HH Gaithersburg LLC, engage in any business or activity other than (1) the ownership, operation (including leasing such Individual Property to an Operating Lessee) and maintenance of the limited liability company interests in HH Gaithersburg Borrower, LLC, (2) the ownership, operation (including leasing such Maryland Property to an Operating Lessee) and maintenance of its respective Maryland Property and (3) activities incidental thereto; (H) as to HH Gaithersburg Borrower LLC, engage in any business or activity other than entering into and performing its obligations under the Loan Documents; (I) as to HH Annapolis Holding LLC and HH Baltimore Holdings LLC, engage in any business or activity other than the ownership and operation of the limited liability company interests in HH Annapolis LLC and HH Baltimore LLC, respectively, and activities incidental thereto; (J) as to HH Annapolis LLC and HH Baltimore LLC, engage in any business or activity other than the ownership, operation (including leasing such Maryland Property to an Operating Lessee) and maintenance of its respective Maryland Property and activities incidental thereto;\n(ii) acquire or own any assets other than (A) as to the Individual Property Owners, its Individual Property, such incidental Personal Property as may be necessary for the ownership or operation of its Individual Property, and an Operating Lessee pursuant to and in accordance with Section 7.6, (B) as to Operating Lessee, such incidental Personal Property as may be necessary for the operation of the Individual Property that it leases, (C) HH Gaithersburg LLC, its respective Maryland Property, its limited liability company interests in HH Gaithersburg Borrower LLC, and such incidental Personal Property as may be necessary for the ownership and operation of the foregoing, (D) with respect to HH Gaithersburg Borrower LLC, incidental Personal Property as may be necessary for it to perform its obligations under the Loan Documents, (E) with respect to HH Annapolis Holding LLC and HH Baltimore Holdings LLC, its limited liability company interests in HH Annapolis LLC and HH Baltimore LLC, respectively, and such incidental Personal Property as may be necessary for the ownership and operation of HH Annapolis LLC and HH Baltimore LLC, respectively, (F) with respect to HH Annapolis LLC and HH Baltimore LLC, its respective Maryland Property and such incidental Personal Property as may be necessary for the ownership and operation of its respective Maryland Property, (G) as to Borrower, other than (1) the Pledged Company Interests or the Collateral, and (2) such incidental Personal Property as may be necessary for the ownership of the Pledged Company Interests and the Collateral; (H) as to Mezzanine 3 Borrower, other than (1) the Mezzanine 3 Pledged Company Interests or the Mezzanine 3 Collateral, and (2) such incidental Personal Property as may be necessary for the ownership of the Mezzanine 3 Pledged Company Interests and the Mezzanine 3 Collateral; (I) as to Mezzanine 2 Borrower, other than (1) the Mezzanine 2 Pledged Company Interests or the Mezzanine 2 Collateral, and (2) such incidental Personal Property as may be necessary for the ownership of the Mezzanine 2 Pledged Company Interests and the Mezzanine 2 Collateral; and (J) as to Mezzanine 1 Borrower, other than (1) the Mezzanine 1 Pledged Company Interests or the Mezzanine 1 Collateral, and (2) such incidental Personal Property as may be necessary for the ownership of the Mezzanine 1 Pledged Company Interests and the Mezzanine 1 Collateral;\n(iii) merge into or consolidate with any Person, change the legal structure, or sell all or substantially all of its assets or institute proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it or file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) or a substantial part of its property, or make any assignment for the benefit of creditors of it, or admit in writing its inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve or liquidate;\n(iv) fail to observe all applicable organizational formalities, fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or formation, or fail to comply with the provisions of its organizational documents;\n(v) (A) with respect to Borrower, own any Subsidiary, or make any investment in, any Person other than the Pledged Company Interest and the Collateral or, pursuant to and in accordance with Section 7.6, (B) with respect to \u2587\u2587\u2587\u2587\u2587 Fargo Mortgage Loan Borrower, own any subsidiary, or make any investment in, any Person other than, as to HH Annapolis Holding LLC, HH Gaithersburg LLC and HH Baltimore Holdings LLC, its respective limited liability company interest in HH Annapolis LLC, HH Gaithersburg Borrower LLC and HH Baltimore LLC, or pursuant to in accordance with Section 7.6 of the \u2587\u2587\u2587\u2587\u2587 Fargo Mortgage Loan Agreement, (C) with respect to Mezzanine 3 Borrower, own any Subsidiary, or make any investment in, any Person other than the Mezzanine 3 Pledged Company Interest and the Mezzanine 3 Collateral or, pursuant to and in accordance with Section 7.6 of the Mezzanine 3 Loan Agreement, (D) with respect to Mezzanine 2 Borrower, own any Subsidiary, or make any investment in, any Person other than the Mezzanine 2 Pledged Company Interest and the Mezzanine 2 Collateral or, pursuant to and in accordance with Section 7.6 of the Mezzanine 2 Loan Agreement, or (E) with respect to Mezzanine 1 Borrower, own any Subsidiary, or make any investment in, any Person other than the Mezzanine 1 Pledged Company Interest and the Mezzanine 1 Collateral or, pursuant to and in accordance with Section 7.6 of the Mezzanine 1 Loan Agreement;\n(vi) except with respect to each other Borrower under the Loan Documents, commingle its assets with the assets of any other Person;", "hash": "11130bd1eb32af2771374ab0145dcec3", "id": 7}, {"size": 4, "snippet_links": [{"key": "borrower-hereby", "type": "clause", "offset": [4, 19]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [32, 54]}, {"key": "operating-lessee", "type": "definition", "offset": [68, 84]}, {"key": "date-of", "type": "clause", "offset": [132, 139]}, {"key": "purpose-entity", "type": "definition", "offset": [175, 189]}, {"key": "any-business", "type": "definition", "offset": [257, 269]}, {"key": "except-as-specifically", "type": "clause", "offset": [305, 327]}, {"key": "the-non", "type": "clause", "offset": [341, 348]}], "samples": [{"hash": "MaAN4BpWXD", "uri": "/contracts/MaAN4BpWXD#single-purpose-entity-separateness", "label": "Loan and Security Agreement (Strategic Hotels & Resorts, Inc)", "score": 21.1505813599, "published": true}, {"hash": "9vQ1QpOrqzN", "uri": "/contracts/9vQ1QpOrqzN#single-purpose-entity-separateness", "label": "Loan and Security Agreement (Strategic Hotels & Resorts, Inc)", "score": 21.1505813599, "published": true}, {"hash": "ikI3mXlfAyL", "uri": "/contracts/ikI3mXlfAyL#single-purpose-entity-separateness", "label": "Loan and Security Agreement (Strategic Hotels & Resorts, Inc)", "score": 21.0, "published": true}], "snippet": "(a) Borrower hereby represents, warrants and covenants that each of Operating Lessee and Borrower is and always has been, since the date of its respective formation, a Single Purpose Entity and has not, since the date of its respective formation, conducted any business and owned any property whatsoever, except as specifically described in the Non-Consolidation Opinion.", "hash": "ae1dc5787bc4c566e52bd9e2cc8da2ee", "id": 8}, {"size": 4, "snippet_links": [{"key": "borrower-hereby", "type": "clause", "offset": [4, 19]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [32, 54]}, {"key": "operating-lessee", "type": "definition", "offset": [68, 84]}, {"key": "prime-lessee", "type": "definition", "offset": [86, 98]}, {"key": "mezzanine-borrower", "type": "clause", "offset": [113, 131]}, {"key": "date-of", "type": "clause", "offset": [159, 166]}, {"key": "purpose-entity", "type": "definition", "offset": [202, 216]}, {"key": "any-business", "type": "definition", "offset": [284, 296]}, {"key": "except-as-specifically", "type": "clause", "offset": [332, 354]}, {"key": "the-non", "type": "clause", "offset": [368, 375]}, {"key": "not-limited", "type": "clause", "offset": [480, 491]}, {"key": "exhibits-attached", "type": "clause", "offset": [500, 517]}, {"key": "by-borrower", "type": "clause", "offset": [557, 568]}, {"key": "in-connection-with", "type": "clause", "offset": [569, 587]}, {"key": "issuance-of-the", "type": "clause", "offset": [592, 607]}, {"key": "true-and-correct", "type": "clause", "offset": [639, 655]}, {"key": "in-all-respects", "type": "clause", "offset": [656, 671]}, {"key": "the-loan-documents", "type": "clause", "offset": [770, 788]}, {"key": "additional-non", "type": "clause", "offset": [794, 808]}, {"key": "in-all-material-respects", "type": "definition", "offset": [917, 941]}, {"key": "with-respect-to", "type": "clause", "offset": [998, 1013]}, {"key": "comply-with", "type": "definition", "offset": [1242, 1253]}], "samples": [{"hash": "fKQMim4LWIa", "uri": "/contracts/fKQMim4LWIa#single-purpose-entity-separateness", "label": "Loan and Security Agreement (Strategic Hotels & Resorts, Inc)", "score": 21.1505813599, "published": true}, {"hash": "e3Jd0FdKZ4z", "uri": "/contracts/e3Jd0FdKZ4z#single-purpose-entity-separateness", "label": "Loan and Security Agreement (Strategic Hotels & Resorts, Inc)", "score": 21.0, "published": true}], "snippet": "(a) Borrower hereby represents, warrants and covenants that each of Operating Lessee, Prime Lessee, Borrower and Mezzanine Borrower is and has been, since the date of its respective formation, a Single Purpose Entity and has not, since the date of its respective formation, conducted any business and owned any property whatsoever, except as specifically described in the Non-Consolidation Opinion.\n(b) All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto and any certificates delivered by Borrower in connection with the issuance of the Non-Consolidation Opinion, are true and correct in all respects and any assumptions made in any subsequent non-consolidation opinion delivered in connection with the Loan Documents (an \u201cAdditional Non-Consolidation Opinion\u201d), including, but not limited to, any exhibits attached thereto, are true and correct in all material respects. Borrower has complied with all of the assumptions made with respect to it in the Non-Consolidation Opinion. To the Best of Borrower\u2019s Knowledge, each entity other than Borrower with respect to which an assumption shall be made in any Additional Non-Consolidation Opinion will have complied and will comply with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion.", "hash": "1622cf5a031c2b548675b23304db5ec1", "id": 9}, {"size": 3, "snippet_links": [{"key": "the-debt", "type": "clause", "offset": [6, 14]}, {"key": "paid-in-full", "type": "definition", "offset": [24, 36]}, {"key": "warrants-and-covenants", "type": "clause", "offset": [59, 81]}, {"key": "mortgage-borrower", "type": "clause", "offset": [149, 166]}, {"key": "with-respect-to-borrower", "type": "clause", "offset": [179, 203]}, {"key": "any-business", "type": "definition", "offset": [215, 227]}, {"key": "ownership-of-the", "type": "clause", "offset": [255, 271]}, {"key": "pledged-company-interests", "type": "definition", "offset": [272, 297]}, {"key": "the-collateral", "type": "clause", "offset": [302, 316]}, {"key": "the-mortgage", "type": "clause", "offset": [378, 390]}, {"key": "operation-and-maintenance-of-the-property", "type": "clause", "offset": [471, 512]}], "samples": [{"hash": "llgXTT5RztL", "uri": "/contracts/llgXTT5RztL#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Maguire Properties Inc)", "score": 18.0, "published": true}, {"hash": "7McsL6xC2fj", "uri": "/contracts/7McsL6xC2fj#single-purpose-entity-separateness", "label": "Mezzanine Loan Agreement (Maguire Properties Inc)", "score": 18.0, "published": true}], "snippet": "Until the Debt has been paid in full, Borrower represents, warrants and covenants as follows:\n(a) Borrower has not and will not, and will not permit Mortgage Borrower to:\n(i) (x) with respect to Borrower, engage in any business or activity other than the ownership of the Pledged Company Interests and the Collateral and any activities incidental thereto or (y) with respect to the Mortgage Borrower, engage in any business or activity other than the than the ownership, operation and maintenance of the Property, and any activities incidental thereto;", "hash": "2478dc581e0709af81e8bbf5696279be", "id": 10}], "next_curs": "CmsSZWoVc35sYXdpbnNpZGVyY29udHJhY3RzckcLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IitzaW5nbGUtcHVycG9zZS1lbnRpdHktc2VwYXJhdGVuZXNzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 373, "title": "Single Purpose Entity/Separateness", "children": [["intentionally-omitted", "Intentionally Omitted"], ["separateness-covenants", "Separateness Covenants"], ["limited-purpose", "Limited Purpose"], ["", ""], ["limitations-on-debt-actions", "Limitations on Debt, Actions"]], "parents": [["entity-covenants", "Entity Covenants"], ["representations-and-warranties", "Representations and Warranties"], ["borrower-representations", "Borrower Representations"], ["mezzanine-borrower-representations", "Mezzanine Borrower Representations"], ["cash-management", "Cash Management"]], "id": "single-purpose-entity-separateness", "related": [["single-purpose-entity", "Single-Purpose Entity", "Single-Purpose Entity"], ["special-purpose-entity-separateness", "Special Purpose Entity/Separateness", "Special Purpose Entity/Separateness"], ["special-purpose-entity-requirements", "Special Purpose Entity Requirements", "Special Purpose Entity Requirements"], ["qualifying-special-purpose-entity", "Qualifying Special Purpose Entity", "Qualifying Special Purpose Entity"], ["separateness", "Separateness", "Separateness"]], "related_snippets": [], "updated": "2026-05-10T05:39:37+00:00"}, "json": true, "cursor": ""}}