Common use of Special Purpose Subsidiary Clause in Contracts

Special Purpose Subsidiary. Any Subsidiary of the REIT and/or any Borrower which was formed and continues to be maintained (a) solely for the purpose of incurring Non-recourse Indebtedness and owning properties financed thereby or (b) solely for the purpose of acting as general partner or managing member of one or more entities described in clause (a).

Special Purpose Subsidiary. Any Subsidiary of the REIT and/or any Borrower which was formed and continues to be maintained (a) solely for the purpose of incurring Non-recourse Indebtedness and owning properties financed thereby or (b) solely for the purpose of acting as general partner or managing member of one or more entities described in clause (a). STATE. A state or commonwealth of the United States of America. SUBORDINATED NOTE AGENT. Fleet and any successor in such capacity under the REIT Subordinated Term Loan Agreement.