Project Level Entity definition
Examples of Project Level Entity in a sentence
If the Members determine that for legal, tax or regulatory reasons it is in the best interests of the Company that the Company hold a New Project through an alternative investment structure, the Company shall structure such acquisition through a Project Level Entity that is directly or indirectly owned one hundred percent (100%) by the Company and that will hold such Project in lieu of the Company.
If the Company structures such ownership using a Project Level Entity, each Member shall make Capital Contributions directly to the Company which will in turn make Capital Contributions to the Project Level Entity to the same extent, for the same purposes and on the same terms and conditions as Members are required to make Capital Contributions to the Company.
The change of any accounting method adopted by the Company or a Project Level Entity shall require the Consent of Members unless such change is required by generally accepted accounting principles in the United States.
Within ten (10) days after the end of each Fiscal Quarter, the Manager shall deliver to MOF a schedule of each contract or agreement executed by the Manager in its capacity as manager of the Company in accordance with Section 6.2 or as otherwise permitted, and each lease that is executed by the Company or any Project Level Entity.
If U.S. Manager structures such acquisition using a Project Level Entity, each Member shall make Capital Contributions directly to the Company which will in turn make Capital Contributions to the Project Level Entity to the same extent, for the same purposes and on the same terms and conditions as Members are required to make Capital Contributions to the Company.
The Insurance Guidelines shall in all cases require insurance coverage that meets the requirements of any lender to the Company or any Project Level Entity.
For purposes of this Agreement, the formation documents of each Project Level Entity and any agreements to which a Project Level Entity is a party, and any action with respect to the Project, including but not limited to a Major Decision, that would require the approval of GRI and Regency (and MCW LLC, if applicable) if the Project were owned directly by the Company shall require such approval even though such approval is not required by such formation documents or other agreements.
Pursuant to the ▇▇▇▇▇▇▇ Contribution Agreement, ▇▇▇▇▇▇▇ has contributed to the Company, as additional Capital Contributions, the ▇▇▇▇▇▇▇ Contributed Projects (by contribution of all of the interests in the related Project Level Entities, as set forth on Exhibit B) and cash (collectively with the OCP Project Level Entity, the “▇▇▇▇▇▇▇ Initial Capital Contributions”).
Each of ▇▇▇▇▇▇▇ and MOF hereby represents and warrants to the other that, as of the date hereof, it has not received any written notice of any breach or default by the Company or any Project Level Entity with respect to any indebtedness of the Company or any Project Level Entity, other than with respect to the ▇▇▇▇▇▇▇▇ property.
At the election of the Buying Member, the Buying Member may acquire all membership interests in a Project Level Entity (or Project Level Entities) rather than fee simple title to a Project (or Projects).