Common use of Sole Purpose Clause in Contracts

Sole Purpose. Such Loan Party has been formed solely for the purpose of engaging in transactions of the types contemplated by this Agreement, and has not engaged in any business activity other than the negotiation, execution and to the extent applicable, performance of this Agreement and the transactions contemplated by the Transaction Documents; provided that, any Securitization Subsidiary may enter into any agreements or letters (including, but not limited to, engagement letters, term sheets and agreements with rating agencies), so long as any Lien created thereunder is expressly subordinated to the Liens created hereunder, as is customary for an issuer prior to and in contemplation of a Securitization.