Common use of Bankruptcy Remote Subsidiaries Clause in Contracts

Bankruptcy Remote Subsidiaries. Without the prior written consent of the Majority Banks, Borrower shall not create any new single purpose, special purpose or other so-called bankruptcy remote subsidiaries (such as a REMIC), as determined by the Agent in its reasonable discretion, other than in connection with the acquisition of the Behavioral Healthcare Facilities (provided that its debt shall not exceed $350,000,000.00).

Bankruptcy Remote Subsidiaries. Without the prior written consent of the Majority Banks, neither Borrower nor any of their respective Subsidiaries shall not create any new single purpose, special purpose or other so-called bankruptcy remote subsidiaries (such as a REMIC), as determined by the Agent in its reasonable discretion; provided, other than in connection with however, that without the acquisition consent of the Behavioral Healthcare Facilities (provided that its debt shall Majority Banks, WROP may create such a Subsidiary for the purpose of acquiring a property or properties having an Asset Value of not exceed more than $350,000,000.00)15,000,000.00 financed with tax-exempt bonds.