Special Purpose Entity Covenants. The failure of Borrower to comply with the provisions of Section 22.
Special Purpose Entity Covenants. (a) Until the Debt has been paid in full, each Loan Party shall remain a Special Purpose Entity.
Special Purpose Entity Covenants. (a) Until the Debt has been in paid in full, Borrower, Mezzanine A Borrower, Mortgage Borrower, Operating Lessee, Operating Lessee GP and North Beach Company shall each remain a Special Purpose Entity.
Special Purpose Entity Covenants. Borrower represents to Lender and agrees that Borrower shall be and must remain during the term of the Loan a “single purpose entity” as follows:
Special Purpose Entity Covenants. (a) Borrower shall not engage in any business other than acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents with Lender, refinancing the Property in connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing. Operating Lessee shall not engage in any business other than leasing the Leased Property pursuant to the Operating Lease, owning personal property related thereto, managing and operating the Leased Property or engaging an “eligible independent contractor” to manage and operate the Leased Property, entering into and performing its obligations under the Loan Documents with Lender and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing. Principal shall not engage in any business other than acting as a general partner of the limited partnership that owns the Property or as member of the limited liability company that owns the Property and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing.
Special Purpose Entity Covenants. Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Company to the contrary, the following shall govern: For so long as any mortgage lien exists on the Property, in order to preserve and ensure its separate and distinct identity, in addition to the other provisions set forth in this Agreement, the Company shall conduct its affairs in accordance with the following provisions:
Special Purpose Entity Covenants. The covenants of the Borrowers and the Borrower Representative set forth in Exhibit F hereto.
Special Purpose Entity Covenants. Such Borrower shall comply with each of the Special Purpose Entity Covenants.
Special Purpose Entity Covenants. (a) None of Borrower, Principal or Operating Lessee shall engage in any business other than as set forth in clause (i) of the definition of “Special Purpose Entity.”
Special Purpose Entity Covenants. (a) Until the Debt has been paid in full, (i) Borrower and each other Loan Party hereby warrants and covenants that Borrower and each other Loan Party shall be and shall continue to be a Special Purpose Entity, (ii) Borrower shall cause Mortgage Borrower, Operating Lessee and each other Mortgage Loan Party to be and to continue to be a Special Purpose Entity (as defined in the Mortgage Loan Agreement) and (iii) Borrower shall cause Mezzanine A Borrower and each other Mezzanine A Loan Party to be and continue to be a Special Purpose Entity (as defined in the Mezzanine A Loan Agreement).
