SPE Equity Owner definition

SPE Equity Owner is not applicable. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect.

SPE Equity Owner means ________________ [list any entity required to be a single purpose entity pursuant to the terms of the Senior Loan Documents. If not applicable, delete references throughout Agreement]]

SPE Equity Owner if applicable, means the Person identified as such in the Summary. If an SPE Equity Owner is not identified in the Summary then Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Continuing Covenant Agreement and in the Project Note will be of no force or effect.

Examples of SPE Equity Owner in a sentence

• The SPE Equity Owner, if applicable, will at all times since its formation and thereafter comply in its own right (subject to the modifications set forth below), and will cause Borrower to comply, with each of the requirements of a Single Purpose Entity.

• Following any Transfer pursuant to this Article VII, Borrower must satisfy the applicable conditions regarding an SPE Equity Owner set forth in Section 6.13(a)(xxvi) of this Loan Agreement.

• Upon the withdrawal or the disassociation of an SPE Equity Owner from Borrower, Borrower will immediately appoint a new SPE Equity Owner, whose organizational documents are substantially similar to those of the withdrawn or disassociated SPE Equity Owner, and deliver a new nonconsolidation opinion to Lender in form and substance satisfactory to Lender with regard to nonconsolidation by a bankruptcy court of the assets of each of Borrower and SPE Equity Owner with those of its Affiliates.

• A natural person having authority to bind Borrower (or the SPE Equity Owner or Guarantor, as applicable) will certify each of the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) to be complete and accurate.

• A natural person having authority to bind Borrower (or the SPE Equity Owner or Guarantor, as applicable), acting in his or her capacity as a manager, general partner or an officer of Borrower, SPE Equity Owner, or Guarantor and not in his or her individual capacity, will certify each of the statements, schedules and reports required by Sections 6.07(b), 6.07(c) and 6.07(f) to be complete and accurate.

More Definitions of SPE Equity Owner

SPE Equity Owner means, with respect to each Borrower, individually or collectively, as the context may require, Ashford Senior General Partner II LLC, New Clear Lake GP LLC, New Indianapolis Downtown GP LLC, Palm Beach GP LLC and St. Petersburg GP LLC.

SPE Equity Owner means Ashford Philly GP LLC, Ashford Anchorage GP LLC, Ashford Minneapolis Airport GP LLC, Xxxxxxx XX San Diego LLC, Ashford Walnut Creek GP LLC, Ashford Xxxxxxxx XX LLC, and Ashford Iowa City GP LLC, each a Delaware limited liability company.

SPE Equity Owner is not applicable for so long as Borrower remains a single-member Delaware limited liability company. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect for so long as Borrower remains a single-member Delaware limited liability company. If at any time Borrower ceases to be a single-member Delaware limited liability company, an SPE Equity Owner shall be required and “SPE Equity Owner” shall mean a then-newly formed single member Delaware limited liability company or a corporation 100% of the membership interests or corporate stock, as applicable, of which are owned by Preferred Apartment Communities Operating Partnership, L.P., (or another entity approved by Lender in its sole discretion) and the SPE Equity Owner must be the sole manager of Borrower with not less than a 0.5% membership interest in Borrower. Erosion repair $8,000 $10,000 Remove dead trees $1,000 $1,250 Concrete repairs $4,100 $4,100 Fence repairs $3,350 $3,350 Roof leak at #814 $2,500 $3,125 Exterior repairs - closet doors, wood & stucco repairs $9,850 $9,850 Repair minor plumbing leaks $1,000 $1,250 The undersigned hereby requests from ______________________________, a _____________________________ (“Lender”) the disbursement of funds in the amount of $_________________ (“Disbursement Request”) from the Repair Reserve Fund established pursuant to the Multifamily Loan and Security Agreement dated , 20 by and between Lender and the undersigned ( “Loan Agreement”) to pay for repairs to the multifamily apartment project known as ______________________________ and located in _____________________. The undersigned hereby represents and warrants to Lender that the following information and certifications provided in connection with this Disbursement Request are true and correct as of the date hereof:

SPE Equity Owner means, with respect to each Borrower, Ruby Senior General Partner III LLC, a Delaware limited liability company.

SPE Equity Owner means, with respect to each limited partnership Borrower, Ashford Senior General Partner III LLC, a Delaware limited liability company.

SPE Equity Owner means _______, a [Delaware limited liability company] [OR] [__________ corporation].

SPE Equity Owner means, (i) with respect to any Person that is a partnership, the general partner of such partnership, (ii) with respect to any Person that is a trust, the beneficial owner(s) of such trust, unless such trust is a Delaware Business Trust, and (iii) with respect to any Person that is a limited liability company, the managing member thereof.