Examples of Equity Owner in a sentence
Borrower shall not, and shall cause Equity Owner not to, directly or indirectly make any change, amendment or modification to its governing documents, or otherwise take any action, which could result in Borrower or Equity Owner not being a Special Purpose Entity.
The sole business of Borrower has been and is the acquisition, renovation, rehabilitation, ownership, holding, sale, lease, transfer, exchange, management and operation of the Properties and, solely for periods prior to the Closing Date, any Previously-Owned Properties; and the sole business of Equity Owner has been and is to act as the Sole Member of Borrower, including, providing the Equity Owner Guaranty and the Equity Owner Security Agreement.
Borrower shall not, and shall cause Equity Owner not to, cause or suffer to occur any Transfer other than the following Transfers (“Permitted Transfers”): (a) an Eligible Lease entered into in accordance with the Loan Documents; (b) a Permitted Lien; (c) a Transfer of a Property in accordance with Section 2.5; (d) Transfers that would not result in a Change of Control and (e) with the prior written consent of Required Lenders, any other Transfer of any direct interest in Equity Owner.
Borrower shall not, and shall cause Equity Owner and their respective ERISA Affiliates not to, establish or be a party to any employee benefit plan within the meaning of Section 3(2) of ERISA that is a defined benefit pension plan that is subject to Section 412 or Part III of Subchapter D, Chapter 1, Subtitle A of the Code.
Borrower shall, and shall cause Equity Owner to, keep and maintain on a calendar year basis, in accordance with GAAP complete and accurate books and records of all transactions, revenues, income, costs and expenses in connection with the ownership and operation of the Properties, including all information reasonably necessary for the collection of Rents and other Collections and payment of its obligations.