Single Purpose Entity Status. The Requested Actions shall not result in any changes to the single purpose nature and bankruptcy remoteness of Borrower. Borrower has been and is in compliance in all material respects with the covenants set forth in Section 5.1 of the Loan Agreement. Borrower’s organizational documents have not been modified since the origination of the Loan, nor were they modified in connection with the Requested Actions other than to reflect the change in the ownership as described in the Requested Actions.
Appears in 2 contracts
Sources: Consent Agreement (Clipper Realty Inc.), Consent Agreement (Clipper Realty Inc.)