Common use of Single Purpose Covenants Clause in Contracts

Single Purpose Covenants. (a) Each Borrower shall at all times be a Single Purpose Entity. For the purpose of this Agreement a “Single Purpose Entity” means a Person which shall at all times: (i) exist solely for the purpose of, and not engage in any business or activity other than, the owning, operating, financing, leasing and otherwise dealing with the Project and activities incidental thereto; (ii) not acquire or own any assets other than the Project and such incidental personal property as may be necessary for the ownership and operation thereof; (iii) not incur any indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation) other than as expressly permitted by this Agreement; (iv) maintain its books and records separate from any other Person; (v) maintain its bank accounts separate from any other Person; (vi) conduct business in its own name; (vii) hold all of its assets in its own name and not commingle its assets with those of any other Person; (viii) maintain its financial statements, accounting records and other entity documents separate from any other Person; provided, however, that the assets of any Borrower may be included in a consolidated financial statement of its Affiliate (such assets shall also be listed on Borrower’s

Single Purpose Covenants. (a) Each Borrower shall at all times be a Single Purpose Entity. For the purpose of this Agreement a “Single Purpose Entity” means a Person which shall at all times: (i) exist solely for the purpose of, and not engage in any business or activity other than, the owning, operating, financing, leasing and otherwise dealing with the Project Project, the Development Project, and activities incidental thereto; (ii) not acquire or own any assets other than the Project and such incidental personal property as may be necessary for the ownership and operation thereof; (iii) not incur any indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation) other than as expressly permitted by this Agreement; (iv) maintain its books and records separate from any other Person; (v) maintain its bank accounts separate from any other Person; (vi) conduct business in its own name; (vii) hold all of its assets in its own name and not commingle its assets with those of any other PersonPerson and not permit any Affiliate or constituent party independent access to its bank accounts; (viii) maintain its financial statements, accounting records and other entity documents separate from any other Person; (ix) intend to remain solvent or pay its own liabilities and expenses (including, without limitation, salaries of its own employees) only out of its own funds; provided, however, that the assets of any Borrower may be included in a consolidated financial statement of its Affiliate (such assets foregoing shall also be listed on Borrower’snot require