Entity Covenants. Section 6.1. Single Purpose Entity/Separateness 37 Section 6.2. Change of Name, Identity or Structure 45 Section 6.3. Business and Operations 45 Section 6.4. Independent Director 45
Entity Covenants. SECTION 6.1. SINGLE PURPOSE ENTITY/SEPARATENESS SECTION 6.2. CHANGE OF NAME, IDENTITY OR STRUCTURE SECTION 6.3. BUSINESS AND OPERATIONS SECTION 6.4. INDEPENDENT DIRECTOR
Entity Covenants. Section 6.1. Single Purpose Entity/Separateness........................... 49 Section 6.2. Change of Name, Identity or Structure........................ 52 Section 6.3.
Entity Covenants. Section 5. 1Single Purpose Entity/Separateness.
(a) Borrower has not and will not:
(i) engage in any business or activity other than the ownership, operation, development, leasing, management and maintenance of the Property, and activities incidental thereto;
(ii) acquire or own any assets other than (A) the Property, and (B) such incidental Personal Property as may be necessary for the ownership, leasing, maintenance and operation of the Property;
(iii) merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure;
(iv) fail to observe all material organizational formalities, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the Applicable Law of the jurisdiction of its organization or formation, or amend, modify, terminate or fail to comply with the provisions of its organizational documents;
(v) own any subsidiary, or make any investment in, any Person;
(vi) commingle its assets with the assets of any other Person; however, distributions made by Borrower that are not in violation of the Loan Documents shall not be considered assets of Borrower for the purpose of this Subsection (vi);
(vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (A) the Debt, (B) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such indebtedness is (1) unsecured, (2) not evidenced by a note, (3) on commercially reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or (C) Permitted Equipment Leases; provided however, the aggregate amount of the indebtedness described in (B) and (C) shall not exceed at any time two percent (2%) of the outstanding principal amount of the Debt. No Indebtedness other than the Debt may be secured (subordinate or pari passu) by the Property;
(viii) fail to maintain all of its books, records, financial statements and bank accounts separate from those of its affiliates and any constituent party. Borrower’s assets have not and will not be listed as assets on the financial statement of any other Person; provided, however, that Borrower’s assets may be included in a consolidated financial statement of its affiliates provided that (i) app...
Entity Covenants. Single Purpose Entity/Separateness 50 Section 6.2. Change of Name, Identity or Structure 53 Section 6.3. Business and Operations 53 Section 6.4. Independent Director 54 Section 7.1. Transfer Definitions 54 Section 7.2. No Sale/Encumbrance 55 Section 7.3. Permitted Transfers 55 Section 7.4. Lender’s Rights 56 Section 7.5. Assumption 57
Entity Covenants. 58 SECTION 6.1. SINGLE PURPOSE ENTITY/SEPARATENESS................... 58 SECTION 6.2. CHANGE OF NAME, IDENTITY OR STRUCTURE................ 61 SECTION 6.3.
Entity Covenants. SINGLE PURPOSE ENTITY/SEPARATENESS Until the Debt has been paid in full, Borrower represents, warrants and covenants as follows:
Entity Covenants. Section 6.1 Single Purpose Entity/Separateness......
Entity Covenants. 81 Section 6.1 Single Purpose Entity/Separateness ......................................................... 81 Section 6.2
Entity Covenants
