Single Purpose Entity Requirements definition
Single Purpose Entity Requirements means, with respect to each Restricted Subsidiary, the requirements that such Restricted Subsidiary (i) exists solely for the purpose of owning and operating one Property, (ii) conducts business only in its own name, (iii) does not engage in any business other than the ownership, management and operation of one Property, (iv) does not hold, directly or indirectly, any ownership interest (legal or equitable) in any entity or any real or personal property other than the interest which it owns in such Property, (v) does not have any assets other than those related to its interest in such Property and does not have any debt other than as permitted by this Agreement and does not guarantee or otherwise obligate itself with respect to the debts of any other Person, (vi) has its own separate books, records and accounts, (vii) holds itself out as being a company separate and apart from any other entity, (viii) observes limited liability company, partnership or corporate formalities, as the case may be, independent of any other Person.
Single Purpose Entity Requirements. - means a limited liability company, limited partnership, or corporation that satisfies each of the following:
Single Purpose Entity Requirements but only to the extent the same results in the substantive consolidation of Borrower with the bankruptcy proceeding of any other entity; or (iv) a transfer that is not permitted under the section of the Mortgage entitled “Permitted Transfers”, including the prohibition on any transfer that results in a violation of ERISA or any Anti-Terrorism or money laundering laws.
Examples of Single Purpose Entity Requirements in a sentence
The Company shall comply with the Single Purpose Entity Requirements set forth in section 1.2 of its Partnership Agreement.
Each Borrower is and has at all times since its formation been a Single Purpose Entity and in compliance with the Single Purpose Entity Requirements.
Borrower’s organizational documents shall contain the Single Purpose Entity Requirements.
More Definitions of Single Purpose Entity Requirements
Single Purpose Entity Requirements shall have the meaning specified in Section 4.2 hereof.
Single Purpose Entity Requirements means a limited liability company, limited partnership, or corporation that satisfies each of the following: