Bankruptcy Remoteness. The Borrower and each RG Facility Entity shall be in compliance with its obligations in Schedule 4.3 (Separateness) of the Common Terms Agreement.
Bankruptcy Remoteness. In the case of an initial Advance where the Collateral securing such initial Advance is held by either a Permitted Joint Participant or a Permitted Junior Participant that is an Affiliate of the Borrower, the bankruptcy remoteness of such Permitted Joint Participant or Permitted Junior Participant shall be established to the satisfaction of the Lender in its sole and absolute discretion prior to such initial Advance.
Bankruptcy Remoteness. The Borrower shall be in compliance with its obligations in Section 5.01 regarding separateness.
Bankruptcy Remoteness. The Borrower shall fail to satisfy each of the Special Purpose Entity Requirements, unless a law firm reasonably acceptable to the Administrative Agent renders a substantive non-consolidation opinion with respect thereto acceptable to the Administrative Agent;
Bankruptcy Remoteness in the case of an Advance the proceeds of which will be used to acquire a Medallion Loan where all or any part of the related Medallion Collateral securing such Medallion Loan is held by a Permitted Junior Participant that is an Affiliate of the Borrower, the bankruptcy remoteness of such Permitted Junior Participant shall be established to the satisfaction of the Agent in its sole and absolute discretion prior to the related Funding Date;
Bankruptcy Remoteness. Any of the following occurs: (1) failure of the Borrower to maintain at least one Independent Director, (2) the Borrower shall cause any Independent Director to be removed without “cause” or (3) the Borrower shall appoint an Independent Director who does not have at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.
Bankruptcy Remoteness. The Borrower shall fail to qualify as a bankruptcy‑remote entity based upon customary criteria such that Dechert LLP or any other reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower;
Bankruptcy Remoteness. Any of the following occurs: (1) failure of the Borrower to maintain at least one Independent Director, (2) the Borrower shall cause any Independent Director to be removed without “cause” or (3) the Borrower shall appoint an Independent Director who does not have at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreement or securities; or (o) Governmental Liens. the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of any Group Members and such lien shall not have been released within five Business Days, or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of any Group Member and such lien shall not have been released within five Business Days; or (p)
Bankruptcy Remoteness. Borrower shall be a “bankruptcy remote” entity that is satisfactory to Lender and its legal counsel.
Bankruptcy Remoteness. Borrower shall be a “special purpose bankruptcy remote” entity as such term is generally recognized to mean in the United States that is satisfactory to Lender and its legal counsel. The Memorandum shall have been amended such that Borrower is a “special purpose bankruptcy remote” entity to the satisfaction of Lender and its legal counsel. A certified copy of each Special Resolution passed amending the Memorandum as provided herein shall have been filed at the Nova Scotia Registry of Joint Stock Companies and a Registry certified copy of each such Special Resolution shall have been delivered to Lender. All “special purpose bankruptcy remote” provisions of the Certificate of Formation of US Borrower, a corporation formed or to be formed under the Texas Business Organizations Code, shall be contained in the Memorandum unless Lender waives any such requirement or any such provision is contrary to the laws of the Province of Nova or the laws of Canada applicable therein.
