Common use of Single Purpose Entity Provisions Clause in Contracts

Single Purpose Entity Provisions. The business and purposes of each Borrower is and will continue to be limited to the following: (i) to acquire, own, hold, lease, operate, manage, maintain, develop and/or improve the applicable Real Property; (ii) to enter into and perform its obligations under the Financing Agreements; (iii) to sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance or otherwise deal with the Real Property to the extent permitted hereunder and under the Financing Agreements; (iv) to lease the applicable Real Property to the applicable Operating Company; and (v) to engage in any lawful act or activity and to exercise any powers permitted to entities of its type pursuant to the laws of its state of organization that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. Each Borrower agrees and covenants that it shall: (i) not own any asset or property other than (A) a fee interest in the applicable Real Property, and (B) incidental personal property necessary for the ownership or operation of such Real Property; (ii) remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets, as the same shall become due; (iii) do or cause to be done all things necessary or desirable to observe organizational formalities of such Borrower and preserve its existence; and (iv) to the extent of cash flow available from operations, maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations.

Single Purpose Entity Provisions. The business and purposes of each Borrower is the Real Estate Company are and will continue to be limited to the following: (i) to acquire, own, hold, lease, operate, manage, maintain, develop and/or improve the applicable Real PropertyEstate; (ii) to enter into and perform its obligations under the Financing Agreements; (iii) to sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance or otherwise deal with the Real Property Estate to the extent permitted hereunder and under the Financing Agreements; (iv) to lease the applicable Real Property Estate to the applicable Operating CompanyOperator; and (v) to engage in any lawful act or activity and to exercise any powers permitted to entities of its type pursuant to the laws of its state of organization that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above above-mentioned purposes. Each Borrower agrees and covenants that it shallThe Real Estate Company shall do all of the following: (i) not own any asset or property other than (A) a fee interest in the applicable Real PropertyEstate, and (B) incidental personal property necessary for the ownership or operation of such the Real PropertyEstate; (ii) maintain its intention to remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets, as the same shall become due; (iii) do or cause to be done all things necessary or desirable to observe organizational formalities of such Borrower the Real Estate Company and preserve its existence; andor (iv) to the extent of cash flow available from operations, intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. The Borrower and the Operator shall remain separate entities.

Single Purpose Entity Provisions. The business and purposes of each the Borrower is and will continue to be limited to the following: (i) to acquire, own, hold, lease, operate, manage, maintain, develop and/or improve the applicable Real Property; (ii) to enter into and perform its obligations under the Financing Agreements; (iii) to sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance or otherwise deal with the Real Property to the extent permitted hereunder and under the Financing Agreements; (iv) to lease the applicable Real Property to the applicable Operating Company; and (v) to engage in any lawful act or activity and to exercise any powers permitted to entities of its type pursuant to the laws of its state of organization that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. Each The Borrower agrees and covenants that it shall: (i) not own any asset or property other than (A) a fee interest in the applicable Real Property, and (B) incidental personal property necessary for the ownership or operation of such Real the Property; (ii) remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets, as the same shall become due; (iii) do or cause to be done all things necessary or desirable to observe organizational formalities of such the Borrower and preserve its existence; and (iv) to the extent of cash flow available from operations, maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations.