Bankruptcy Remote Entity definition

Bankruptcy Remote Entity means any special or limited purpose corporation, partnership or other entity generally structured in accordance with the guidelines of one or more nationally recognized statistical rating organizations for such entities, whose certificate of incorporation, partnership agreement or other governing document includes limitations on purpose; limitations on amendments to the certificate of incorporation and bylaws, partnership agreement or other governing documents; limitations on ability to incur debt; limitations on liquidation, consolidation and merger or the sale of all or a substantial part of its assets; covenants to maintain separateness from affiliates; a special purpose bankruptcy remote equity owner, in the case of a partnership; and at least two independent directors (of such corporation or of the corporate partner of such partnership).

Bankruptcy Remote Entity means a special purpose entity formed under the laws of one of the States of the United States or the District of Columbia which is organized and operated in a manner designed to insulate it from the risk of becoming the subject of bankruptcy, reorganization, liquidation or other similar proceedings under any bankruptcy or insolvency law.

Bankruptcy Remote Entity means each of the Borrower and the Pledgor.

Examples of Bankruptcy Remote Entity in a sentence

Borrower shall at all times be a Special Purpose Bankruptcy Remote Entity.
Borrower shall not directly or indirectly make any change, amendment or modification to its organizational documents, or otherwise take any action which could result in Borrower not being a Special Purpose Bankruptcy Remote Entity.
Each Loan Party and each SPC Party is a Special Purpose Bankruptcy Remote Entity.
Without in any way limiting the provisions of this Article 4, Borrower shall at all times be a Special Purpose Bankruptcy Remote Entity.
Borrower shall not and shall cause each other Loan Party and each SPC Party not to directly or indirectly make any change, amendment or modification to its Constituent Documents, or otherwise take any action, which will result in Borrower or any other Loan Party or SPC Party not being a Special Purpose Bankruptcy Remote Entity.

Bankruptcy Remote Entity means a Consolidated Entity (i) one hundred percent of the Capital Stock of which is owned, directly or indirectly, by the Borrower or the REIT and (ii) which is a so-called "bankruptcy remote special purpose vehicle" or "bankruptcy remote SPV" that meets, or at the time such Consolidated Entity first added the applicable provisions to its organizational documents met, the published criteria in effect from time to time of S&P, Moody's, Duff & Phelps Credit Rating Co. or Fitch Investors Service Inc.

Bankruptcy Remote Entity has the meaning assigned thereto in the Pooling and Servicing Agreement.

Bankruptcy Remote Entity means a special purpose entity formed under the laws of one of the states of the United States or the District of Columbia which is organized and operated in a manner designed to insulate it from the risk of becoming the subject of reorganization or liquidation under the Bankruptcy Code and that satisfies substantially all of the published criteria of S&P relating to special purpose, bankruptcy remote entities.

Bankruptcy Remote Entity means an entity whose organizational documents (i) allow Manager to appoint a member of the Board of Directors, (ii) requires unanimous approval of all members of the Board of Directors to file voluntary bankruptcy, (iii) state that no Board member shall be guilty of breaching its fiduciary duties to owners of the entity by virtue of voting to prevent the entity from voluntarily filing bankruptcy, and (iv) state that the Board members shall not solicit creditors to force the entity into bankruptcy. Owner and Lessee hereby represent that Westboy LLC is a Bankruptcy Remote entity.

Bankruptcy Remote Entity means a Consolidated Entity (i) one hundred percent of the Capital Stock of which is owned, directly or indirectly, by the Borrower or the REIT and (ii) which is a so-called "bankruptcy remote special purpose vehicle" or "bankruptcy remote SPV" that meets, or at the time such Consolidated Entity first added the applicable provisions to its organizational documents met, the published criteria in effect from time to time of S&P, Xxxxx'x, Xxxx & Xxxxxx Credit Rating Co. or Fitch Investors Service Inc.