SPE Equity Owner definition

SPE Equity Owner is not applicable. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect.

SPE Equity Owner means ________________ [list any entity required to be a single purpose entity pursuant to the terms of the Senior Loan Documents. If not applicable, delete references throughout Agreement]]

SPE Equity Owner if applicable, means the Person identified as such in the Summary. If an SPE Equity Owner is not identified in the Summary then Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Continuing Covenant Agreement and in the Project Note will be of no force or effect.

Examples of SPE Equity Owner in a sentence

• The SPE Equity Owner, if applicable, will at all times since its formation and thereafter comply in its own right (subject to the modifications set forth below), and will cause Borrower to comply, with each of the requirements of a Single Purpose Entity.

• Following any Transfer pursuant to this Article VII, Borrower must satisfy the applicable conditions regarding an SPE Equity Owner set forth in Section 6.13(a)(xxvi) of this Loan Agreement.

• Upon the withdrawal or the disassociation of an SPE Equity Owner from Borrower, Borrower will immediately appoint a new SPE Equity Owner, whose organizational documents are substantially similar to those of the withdrawn or disassociated SPE Equity Owner, and deliver a new nonconsolidation opinion to Lender in form and substance satisfactory to Lender with regard to nonconsolidation by a bankruptcy court of the assets of each of Borrower and SPE Equity Owner with those of its Affiliates.

• A natural person having authority to bind Borrower (or the SPE Equity Owner or Guarantor, as applicable) will certify each of the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) to be complete and accurate.

• An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding initiated or joined in by a Related Party.

More Definitions of SPE Equity Owner

SPE Equity Owner means, with respect to each Borrower, individually or collectively, as the context may require, Ashford Senior General Partner II LLC, New Clear Lake GP LLC, New Indianapolis Downtown GP LLC, Palm Beach GP LLC and St. Petersburg GP LLC.

SPE Equity Owner means, (a) with respect to each Mortgage Borrower other than Ashford Bucks County LLC, Ashford Senior General Partner LLC, a Delaware limited liability company and (b) with respect to Ashford Bucks County LLC, (i) Borrower and (ii) Bucks County Member LLC, a Delaware limited liability company.

SPE Equity Owner is not applicable for so long as Borrower remains a single-member Delaware limited liability company. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect for so long as Borrower remains a single-member Delaware limited liability company. If at any time Borrower ceases to be a single-member Delaware limited liability company, an SPE Equity Owner shall be required and “SPE Equity Owner” shall mean a then-newly formed single member Delaware limited liability company or a corporation 100% of the membership interests or corporate stock, as applicable, of which are owned by Preferred Apartment Communities Operating Partnership, L.P., (or another entity approved by Lender in its sole discretion) and the SPE Equity Owner must be the sole manager of Borrower with not less than a 0.5% membership interest in Borrower. Multifamily Loan and Security Agreement (CME) Page B-4 EXHIBIT C REPAIR SCHEDULE OF WORK - Repair Emergency Exit gate release on exit gate proximate to Unit 2101($250) - Repair damaged concrete (potential trip hazard) near Units 2130 and 3147 ($500) - Repair leak of hydraulic equipment and clean-up stained concrete proximate to hydraulic equipment in elevator room #2 ($1,500) - Repair water damaged landing roof proximate to Unit 2202 ($500) - Replace missing sign next to elevator proximate to Unit 3166 ($100) Multifamily Loan and Security Agreement (CME) Page C-1 EXHIBIT D REPAIR DISBURSEMENT REQUEST The undersigned hereby requests from ______________________________, a _____________________________ (“Lender”) the disbursement of funds in the amount of $_________________ (“Disbursement Request”) from the Repair Reserve Fund established pursuant to the Multifamily Loan and Security Agreement dated , 20 by and between Lender and the undersigned ( “Loan Agreement”) to pay for repairs to the multifamily apartment project known as ______________________________ and located in _____________________. The undersigned hereby represents and warrants to Lender that the following information and certifications provided in connection with this Disbursement Request are true and correct as of the date hereof:

SPE Equity Owner means _______, a [Delaware limited liability company] [OR] [__________ corporation]. [OR]

SPE Equity Owner means, with respect to each Borrower, Ruby Senior General Partner II LLC, a Delaware limited liability company.

SPE Equity Owner means, if Borrower is a limited partnership, the general partner of the Borrower and, if Borrower is a limited liability company, the managing member of Borrower.

SPE Equity Owner means, (i) with respect to any Person that is a partnership, the general partner of such partnership, (ii) with respect to any Person that is a trust, the beneficial owner(s) of such trust, unless such trust is a Delaware Business Trust, and (iii) with respect to any Person that is a limited liability company, the managing member thereof.