Ownership Entity definition

Ownership Entity shall have the meaning provided in Section 15.2(a).

Ownership Entity means a Single Purpose Entity that is a Subsidiary of the Company, whether contributed by the Initial Member on the Closing Date or formed or acquired by the Company thereafter; provided, that, with respect to any entity transferred to the Company on the Closing Date pursuant to the Contribution Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity; provided, further, that, the Company and the Manager shall take all necessary and appropriate actions to cause such entity to become a Single Purpose Entity as promptly as possible after the Closing.

Ownership Entity shall have the meaning given in Section 6.02. “Participant” shall have the meaning given in the preamble. “Participant’s Share” shall have the meaning given in Section 2.02.

Examples of Ownership Entity in a sentence

• Notwithstanding anything to the contrary contained in the foregoing, with respect to Acquired Property consisting of REO Property on the date hereof, Debtor shall deliver (and/or shall cause the applicable Ownership Entity to deliver) to the Collateral Agent the REO Mortgages and other items required to be delivered pursuant to this Section 8.11 within thirty (30) days after the Closing Date.

• The purposes of the Ownership Entity shall be to hold the Acquired Property pending sale, to complete construction of such Acquired Property and to operate the Acquired Property as efficiently as possible in order to minimize financial loss to Debtor and Collateral Agent and to sell the Acquired Property as promptly as practicable in a way designed to minimize financial loss to Debtor and the Collateral Agent, in each case, in conformity with any applicable Business Plan.

• The purposes of the Ownership Entity shall be to hold the REO Property pending sale, to complete construction of such REO Property and to operate the REO Property as efficiently as possible in order to minimize financial loss to Debtor and the Collateral Agent and to sell the REO Property as promptly as practicable in a way designed to minimize financial loss to Debtor and the Collateral Agent, in each case, in conformity with any applicable Business Plan.

• If title to any REO Property is to be acquired by Debtor by foreclosure, by deed in lieu of foreclosure, by power of sale or by sale pursuant to the Uniform Commercial Code, or otherwise, title to such REO Property shall be taken and held in the name of an Ownership Entity, whether already in existence or formed by Debtor for such purpose.

More Definitions of Ownership Entity

Ownership Entity means a Single Purpose Entity that is a Subsidiary (as defined in the LLC Operating Agreement) of Debtor, whether contributed by the Initial Member on the Closing Date or formed or acquired by Debtor thereafter; provided, however, that, with respect to any entity transferred to Debtor on the Closing Date pursuant to the Contribution Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity; provided further, however, that, Debtor shall take all necessary and appropriate actions to cause such entity to become a Single Purpose Entity as promptly as possible after the Closing.

Ownership Entity means any direct wholly-owned subsidiary of the Company satisfying the requirements of an “Ownership Entity” as such term is defined in the LLC Operating Agreement, whether contributed or sold by the Initial Member to the Company on the Closing Date or formed or acquired by the Company thereafter.

Ownership Entity means a Single Purpose Entity that is a subsidiary of the Company, whether contributed by the Initial Member on the Closing Date (if any) or formed or acquired by the Company thereafter; provided, however, that, with respect to any entity transferred to the Company on the Closing Date pursuant to this Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity.

Ownership Entity has the meaning given in the LLC Operating Agreement. “Paying Agent” means the Bank or any successor paying agent that satisfies the requirements set forth in Section 10.1(d) of this Agreement.

Ownership Entity means a Private Entity or Private Entities anticipated to have an

Ownership Entity means the Member that holds title to a Lot in the name of tenants by the entireties, joint tenants with right of survivorship, tenants in common, corporation, general or limited partnership, unincorporated association, limited liability company, trust or other entity or combination of entities.

Ownership Entity means the entity to whom a massage establishment license is issued. An ownership entity may be a sole proprietor, a partnership as defined in Section 620.8101(7), F.S., a limited liability company as defined in Section 605.0102(36), F.S., or another entity formed under the law of the jurisdiction in which the entity resides.