SINGLE ASSET BORROWER. Until the Indebtedness is paid in full, Borrower (a) shall not own any real or personal property other than the Mortgaged Property and personal property related to the operation and maintenance of the Mortgaged Property; (b) shall not operate any business other than the management and operation of the Mortgaged Property; and (c) shall not maintain its assets in a way difficult to segregate and identify.
SINGLE ASSET BORROWER. Borrower was organized solely for the purpose of owning, developing, managing and disposing of the Mortgaged Property and does not own any real property other than the Mortgaged Property and does not operate any business other than the construction, ownership, management and operation of the Mortgaged Property. Borrower shall not during the term of the Loan, including any extensions, modifications, renewals or refinancings thereof, acquire any real property or assets other than the Mortgaged Property, operate any business other than the acquisition, management and disposition of the Mortgaged Property, or incur any liability or obligation other than those incurred in the ownership and operation of the Mortgaged Property. Borrower will not commingle any of its funds or assets with those of any other entity and has held, and will hold, all of its assets and conduct all of its business in its own name. Borrower has paid and will pay all of its liabilities out of its own funds and assets. Borrower has allocated and will allocate fairly and reasonably any overhead for shared office space and will use separate stationery, invoices and checks in connection with the conduct of its business. Borrower not has entered into and will not enter into, or be a party to, any transaction with any of its equity interest holders or its affiliates, except in the ordinary course of its business and on terms which are intrinsically fair and no less favorable to it than would be obtained in a comparable arm’s-length transaction with an unrelated third party, except as otherwise approved by Agent. Borrower will not engage in, seek, or consent to any dissolution, winding up or liquidation, without the express consent of Agent. Borrower’s certificate of formation and limited liability company agreement shall limit its purpose to the acquisition, management, operation and disposition of the Mortgaged Property, and such purposes shall not be amended without the prior written consent of Agent, which consent may be withheld by Agent in its sole and absolute discretion.
SINGLE ASSET BORROWER. Until the debt evidenced by the Note is paid in full, Borrower shall not (1) acquire any real or personal property other than the Property and assets (such as accounts) related to the operation and maintenance of the Property, or (2) operate any business other than the management and operation of the Property.
SINGLE ASSET BORROWER. Prior to the Expiration Date, Borrower (i) shall not acquire any real or personal property other than the Collateral Pool Properties and personal property related to the operation and maintenance of the Collateral Pool Properties; (ii) shall not operate any business other than the management and operation of the Collateral Pool Properties; and (iii) shall not maintain its assets in a way difficult to segregate and identify.
SINGLE ASSET BORROWER. Until the Indebtedness is paid in full or unless otherwise approved in writing by HUD (a) Borrower shall be a single purpose entity and shall maintain the assets of the Mortgaged Property in segregated accounts and (b) Borrower (1) shall not acquire any real or personal property other than the Mortgaged Property and personal property related to the operation and maintenance of the Mortgaged Property and (2) shall not own or operate any business other than the management and operation of the Mortgaged Property.
SINGLE ASSET BORROWER. Until Lender’s obligations under the Credit Enhancement Agreement are terminated, the Indebtedness is paid in full or otherwise discharged, and the Reimbursement Agreement has terminated, Borrower (a) shall not own any real or personal property other than the Mortgaged Property and personal property related to the operation and maintenance of the Mortgaged Property; (b) shall not operate any business other than the management and operation of the Mortgaged Property; and (c) shall not maintain its assets in a way difficult to segregate and identify.
SINGLE ASSET BORROWER. Borrower’s sole business purpose shall be to own and operate the Project. Borrower (i) shall conduct business only in its own name and under any trade name for the Project, (ii) shall not engage in any business or have any assets unrelated to the Project,
SINGLE ASSET BORROWER. Until the Indebtedness is paid in full, Borrower (a) shall not acquire any real or personal property other than the MRLF Mortgaged Property and personal property related to the operation and maintenance of the MRLF Mortgaged Property; (b) shall not operate any business other than the management and operation of the MRLF Mortgaged Property; and (c) shall not maintain its assets in a way difficult to segregate and identify.
SINGLE ASSET BORROWER. 53 7.1.6. Use of Proceeds........................................... 54
SINGLE ASSET BORROWER. Subject to the provisions of SECTION 9.24, Borrower is a single asset ------------ entity, with a purpose limited to owning, maintaining and operating only the Collateral Pool Property.
