Single Asset Entity definition

Single Asset Entity means a Person (other than an individual) that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more Single Asset Entities that directly or indirectly own such single Property and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement.

Single Asset Entity which means a corporation, limited partnership, limited liability company, or general partnership that satisfies each of the following conditions:

Single Asset Entity means a bankruptcy remote, single purpose entity which is a Subsidiary of the Borrower, which owns real property and related assets which are security for Indebtedness of such entity, and which Indebtedness does not constitute Indebtedness of any other Person except as provided in the definition of Non-Recourse Indebtedness (except for Non-Recourse Exclusions). In addition, if the assets of a Person that is a bankruptcy remote, single purpose entity which is a Subsidiary of the Borrower and which is not a Guarantor consist solely of (i) Equity Interests in one or more other Single Asset Entities and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes hereof.

Examples of Single Asset Entity in a sentence

• With respect to a Person, (a) Indebtedness in respect of which recourse for payment (except for Non-Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness shall not constitute Non-Recourse Indebtedness only to the extent of the amount of such claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or (b) if such Person is a Single Asset Entity, any Indebtedness of such Person.

• Borrower Type Loan Agreement Single Purpose Entity or Single Asset Entity, as stated in the Loan Agreement.

• In addition, if the assets of a Person consist solely of (i) equity interests in one other Single Asset Entity and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also be deemed to be a Single Asset Entity.

• Single Purpose Entity or Single Asset Entity, as stated in the Loan Agreement.

• Organization InformationProposed Ownership Structure (check all that apply) Individual Limited Liability Partnership Limited Partnership Limited Liability Company General Partnership Nonprofit Single Asset Entity For-Profit Corporation Nonprofit Corporation Community Housing Development Corp.

More Definitions of Single Asset Entity

Single Asset Entity as defined in Section 6.13(a).

Single Asset Entity means a bankruptcy remote, single purpose entity which is a Subsidiary of Borrower and which is not a Subsidiary Guarantor which owns real property and related assets which are security for Indebtedness of such entity, and which Indebtedness does not constitute Indebtedness of any other Person except as provided in the definition of Non-Recourse Indebtedness (except for Non-Recourse Exclusions).

Single Asset Entity means a Subsidiary that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property.

Single Asset Entity means a Person (other than an individual) that (a) only owns either (x) a single property (including any Real Estate Asset) or (y) structured finance investments, and in either case, Cash, Cash Equivalents and other assets of nominal value incidental to such Person’s ownership of such property or structured finance investments, as the case may be, (b) is engaged only in the business of owning, developing and/or leasing such property or owning and/or servicing such structured finance investment, as the case may be, and (c) receives substantially all of its gross revenues from such property or structured finance investments, as the case may be. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more other Single Asset Entities owning properties and not structured finance investments and (ii) Cash, Cash Equivalents and other assets of nominal value incidental to such Person’s ownership of such other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity (such an entity, a “Single Asset Holding Company”).

Single Asset Entity means an entity which conforms to the requirements of Section 33 of the Security Instrument. Notwithstanding the foregoing, a Single Asset Entity may own one or more of the Collateral Pool Properties so long as each Collateral Pool Property is subject to the Liens created pursuant to the Loan Documents.

Single Asset Entity means a Person which owns no interest or property other than a Mortgaged Property or Mortgaged Properties or interests in a Borrower.

Single Asset Entity means a bankruptcy remote, single purpose entity that (a) is a Subsidiary of a Borrower, (b) is not a Borrower or a Guarantor or an owner of a direct or indirect interest in a Borrower or a Guarantor and (c) owns Real Estate and related assets which are security for Indebtedness of such Person, and which Indebtedness does not constitute Indebtedness of any other Person except as provided in the definition of Non-Recourse Indebtedness (except for Non-Recourse Exclusions).