Grantor Status; Licensing. Debtor shall, at all times, constitute a limited liability company organized under the laws of the State of Delaware and a Single Purpose Entity. Each Subsidiary Grantor shall at all times be a Single Purpose Entity. As soon as reasonably practical after the Closing Date, Debtor (on its own behalf or, if applicable, on behalf of the Ownership Entities which hold Acquired Property) shall apply for and, thereafter, use its reasonable best efforts to obtain as quickly as possible, and maintain, all such licenses as are required to conduct its business, including qualifications to conduct business in jurisdictions other than Delaware and licenses to purchase, own or service the Underlying Loans and, if applicable, operate, manage, lease and dispose of Acquired Property, if the failure to so obtain such licenses would reasonably be expected to result in the imposition of fines, penalties or other liabilities on Debtor, claims and defenses being asserted against Debtor (including counterclaims and defense asserted by Underlying Borrowers), or materially adversely affect Debtor or Debtor’s ability to foreclose on the Underlying Collateral securing or otherwise realize the full value of any Underlying Loan or Acquired Property.
Grantor Status; Licensing. Each Debtor shall, at all times, constitute a corporation, limited liability company or other legal entity organized under the laws of the state of its formation. Each Debtor shall at all times maintain all such licenses as are required to conduct its business, including qualifications to conduct business in jurisdictions other than its state of formation and licenses to purchase, own or service the Loans and, if applicable, operate, manage, lease and dispose of Acquired Property, if the failure to so obtain such licenses would reasonably be expected to result in the imposition of material fines, penalties or other liabilities on such Debtor, claims and defenses being asserted against such Debtor (including counterclaims and defense asserted by Borrowers), or materially adversely affect such Debtor or such Debtor’s ability to foreclose on the Underlying Collateral securing or otherwise realize the full value of any Loan or Acquired Property.
Grantor Status; Licensing. The Debtor at all times must constitute a limited liability company organized pursuant to the Laws of the State of Delaware and be a Special Purpose Entity. Each Subsidiary Grantor at all times must be a Special Purpose Entity. As soon as is reasonably practicable after the Closing Date, each of the Debtor and each Subsidiary Grantor must apply for and thereafter use its best efforts to obtain as quickly as possible, and maintain, all such licenses as are required to conduct its business, including qualifications to conduct business in jurisdictions other than its state of formation and licenses to purchase, own, or service the Assets and, if applicable, operate, manage, lease, and dispose of Acquired Property, if the failure to so obtain such licenses reasonably would be expected to result in the imposition of fines, penalties or other liabilities on any Grantor, claims and defenses being asserted against any Grantor (including counterclaims and defense asserted by Borrowers or Obligors) or materially adversely affect any Grantor or any Grantor’s ability to foreclose on the Collateral securing or otherwise realize the full value of any Asset.
