Borrower to Maintain Its Existence. The Borrower agrees to maintain its existence and maintain its current legal status with authority to own and operate the Project.
Borrower to Maintain Its Existence. The Borrower agrees to maintain its existence as a limited liability company duly organized under the laws of the State of Georgia and qualified to transact business under the laws of the State.
Borrower to Maintain Its Existence. The Borrower agrees that during the term of this Agreement it will maintain its existence as a Colorado limited liability limited partnership, will continue to be in good standing and duly qualified to do business in the State, and will neither dispose of all or substantially all of its assets nor consolidate with or merge into another entity, unless the Borrower shall have prepaid the Note in full.
Borrower to Maintain Its Existence. (a) The Borrower shall at all times take all legal steps necessary to maintain its existence as a limited liability company duly authorized to transact business in the State and have as a manager its current manager. The Borrower shall not directly or indirectly engage in any business other than the ownership, operation and leasing of the Project as contemplated by this Loan Agreement.
(b) Notwithstanding paragraph (a) of this Section, the current manager of the Borrower will be permitted to resign after two (2) years following the date of issuance of the Series 2012 Bonds, but only if replaced with an Affiliate of the Borrower or a substitute member of comparable managerial experience and reputation. In the event of the death, legal incompetency or bankruptcy of any member of the Borrower, such member may be replaced with a substitute member meeting the same standards as enumerated in the preceding paragraph.
