Single-Purpose Requirements. (a) Borrower is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Single-Purpose Requirements. Each Borrower, each Property Owner and their respective Single-Purpose Equityholders, except as disclosed on Exhibit A, is now a Single-Purpose Entity, and has always been a Single-Purpose Entity to the extent relevant to the Nonconsolidation Opinion. All statements of fact contained in the Nonconsolidation Opinion and in the certificates referenced therein and attached thereto are true and correct in all material respects.
Single-Purpose Requirements. (a) Each Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Single-Purpose Requirements. Borrower is now, and has always been since its formation, a Single-Purpose Entity.
Single-Purpose Requirements. (a) Each Required SPE is now, and, other than as reflected in the Exception Report, has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Except as reflected in the Exception Report, Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Single-Purpose Requirements. (a) Each of Borrower and Property Owner has at all times since its formation and at all times thereafter and is now a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents.
Single-Purpose Requirements. (a) Each Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property, other than in connection with Prior Loans for which Borrower and Operating Lessee have no further obligations or liabilities (and from which all assets of Borrower and Operating Lessee have been released). Operating Lessee has never (i) owned any property other than its leasehold interest in the Property and related personal property, (ii) engaged in any business, except the operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property, other than in connection with Prior Loans for which Borrower and Operating Lessee have no further obligations or liabilities (and from which all assets of Borrower and Operating Lessee have been released).
Single-Purpose Requirements. (a) Each of Borrower and Operating Lessee is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Neither Borrower nor Operating Lessee has ever (i) owned any property other than the Property and/or related personal property and, in the case of Borrower, the XXX Xxxxx, (ii) engaged in any business, except the ownership and/or operation of the Property and, in the case of Borrower, the XXX Xxxxx or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Single-Purpose Requirements. (a) Each of Obligor and Operating Lessee is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Neither Obligor nor Operating Lessee has ever (i) owned any property other than the Property and/or related personal property (ii) engaged in any business, except the ownership and/or operation of the or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
Single-Purpose Requirements. (a) Each Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property, the Prior Owned Property (which, for the sake of clarity, Borrower no longer owns and shall not own after the date hereof) and related personal property, (ii) engaged in any business, except the ownership and operation of the Property and the Prior Owned Property (which, for the sake of clarity, Borrower no longer owns and shall not own after the date hereof) or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property.
