Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity: 15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person; 15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities; 15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person; 15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company; 15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company); 15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person; 15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and 15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times time conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.,
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times timed conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:,
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.,
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. 15.1 Except as may be provided to the contrary in the Cross-Collateralization AgreementsLehmxx Documents (as hereinafter defined), the Company shall at all times conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:
15.1.1. 15.1.1 The Company will not assume liability for the debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. 15.1.2 None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. 15.1.3 The Company shall not guarantee the debt or the performance of any obligation of any of its Members or any other person;
15.1.4. 15.1.4 The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. 15.1.5 The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times timed conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times timed conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:.
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.of
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
Single Asset Entity. 15.1. Except as may be provided to the contrary in the Cross-Collateralization Agreements, the Company shall at all times conduct its business and operations in accordance with the following provisions so as to maintain itself as a single purpose entity:
15.1.1. The Company will not assume liability for debts of any other person, and the Company will not hold itself out as being liable for the debts of any other person;
15.1.2. None of the liabilities of the Company shall be paid from the funds of the Members or any other person without the Members being obligated for such liabilities;
15.1.3. The Company shall not guarantee the debt or performance of any obligation of any of its Members or any other person;
15.1.4. The Company will not pledge any of its assets for the benefit of any of its Members or any other person, and no person shall pledge its assets for the benefit of the Company;
15.1.5. The Company shall conduct its affairs strictly in accordance with this Agreement, and shall observe all necessary, appropriate, and customary limited liability company formalities, including, but not limited to, maintaining accurate and separate books, records and account (including, but not limited to, transaction accounts with any affiliate of the Company);
15.1.6. The books, records, and accounts of the Company will at all times be maintained in a manner permitting the assets and liabilities of the Company to be easily separated and readily distinguished from those of any other person;
15.1.7. The Company will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, and will not hold itself out to the public or to any of its individual creditors as being a unified entity with assets and liabilities in common with any other person; and
15.1.8. The Company shall not commingle its assets or funds with those of any other person except as required under the Cross-Collateralization Agreements.,
Appears in 1 contract
Samples: Limited Liability Company Agreement (3100 Glendale Joint Venture)
