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.
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Single Purpose Entity Requirements. - means a limited liability company, limited partnership, or corporation that satisfies each of the following:
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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.
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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.
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Single Purpose Entity Requirements means a limited liability company, limited partnership, or corporation that satisfies each of the following:
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Related to Single Purpose Entity Requirements

  • Single-Purpose Entity means an entity, other than an individual, whose organizational documents and the related Mortgage Loan documents (or if the Mortgage Loan has a Cut-off Date Balance equal to $10 million or less, its organizational documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties and prohibit it from engaging in any business unrelated to such Mortgaged Property or Mortgaged Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Mortgaged Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

  • Special Purpose Entity means a direct or indirect subsidiary of Holdings, whose organizational documents contain restrictions on its purpose and activities and impose requirements intended to preserve its separateness from Holdings and/or one or more Subsidiaries of Holdings.

  • Mandatory City Requirements means those City laws set forth in the San Francisco Municipal Code, including the duly authorized rules, regulations, and guidelines implementing such laws that impose specific duties and obligations upon Contractor.

  • Eligibility Requirements means, with respect to any Person, that such Person has at least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and is regularly engaged in the business of making or owning commercial real estate loans (or interests therein), mezzanine loans (or interests therein) or commercial loans (or interests therein) similar to the Mortgage Loan.

  • Eligibility Requirement means all eligibility requirements and other qualification requirements for a person to act in the applicable Corporate Trust Capacity under any Appointment as set forth in the related Corporate Trust Contract, including any required authorizations or licenses from the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Federal Housing Administration, the Federal Home Loan Bank or the Department of Veterans Affairs.