Ownership Entity definition

Ownership Entity shall have the meaning provided in Section 15.2(a).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Ownership Entity means a Single Purpose Entity that is a Subsidiary of the Company, whether contributed by the Initial Member on the Closing Date or formed or acquired by the Company thereafter; provided, that, with respect to any entity transferred to the Company on the Closing Date pursuant to the Contribution Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity; provided, further, that, the Company and the Manager shall take all necessary and appropriate actions to cause such entity to become a Single Purpose Entity as promptly as possible after the Closing.

Ownership Entity shall have the meaning given in Section 6.02. “Participant” shall have the meaning given in the preamble. “Participant’s Share” shall have the meaning given in Section 2.02.

Examples of Ownership Entity in a sentence

The Non-Initiating Member shall pay the Company cash for each Ownership Entity or the Initiating Member cash for its Interest, as the case may be.
Each policy shall provide that such policy may not be cancelled or materially changed except upon thirty (30) days’ prior written notice to the Company and to the Collateral Agent, and shall further provide that no act or thing done by the applicable Ownership Entity shall invalidate any policy as against the Collateral Agent.
The Servicer and each Subservicer must maintain (and, to the extent the Manager performs any Servicing functions pursuant to Section 12.3(b), the Manager must, at its sole cost and expense, itself maintain) applicable insurance as required pursuant to (and the Manager must otherwise comply, and cause the Company, each Ownership Entity, each Servicer and each Subservicer to comply, with applicable obligations set forth in) the Insurance Schedule (attached hereto as Annex III).
Without limiting the generality of Section 5.1 or Section 5.8, the Transferor makes no warranties or representations of any kind or nature as to the assets or Liabilities of any Ownership Entity included in the Assets.
If not included in any such audited financial statements, the Manager must, together with the delivery of such audited financial statements, deliver to the Initial Member a separate schedule setting forth (separately) the value of each Loan and Acquired REO Property held by the Company or any Ownership Entity as of the end of the relevant Fiscal Year, in each case as reflected in (or otherwise consistent with) such audited financial statements.

More Definitions of Ownership Entity

Ownership Entity means any direct wholly-owned subsidiary of the Company satisfying the requirements of an “Ownership Entity” as such term is defined in the LLC Operating Agreement, whether contributed or sold by the Initial Member to the Company on the Closing Date or formed or acquired by the Company thereafter.

Ownership Entity means a Single Purpose Entity that is a Subsidiary (as defined in the LLC Operating Agreement) of Debtor, whether contributed by the Initial Member on the Closing Date or formed or acquired by Debtor thereafter; provided, however, that, with respect to any entity transferred to Debtor on the Closing Date pursuant to the Contribution Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity; provided further, however, that, Debtor shall take all necessary and appropriate actions to cause such entity to become a Single Purpose Entity as promptly as possible after the Closing.

Ownership Entity means a Single Purpose Entity that is a subsidiary of the Company, whether contributed by the Initial Member on the Closing Date (if any) or formed or acquired by the Company thereafter; provided, however, that, with respect to any entity transferred to the Company on the Closing Date pursuant to this Agreement that is not a Single Purpose Entity as of such date, any such entity shall be deemed to be an Ownership Entity.

Ownership Entity means a Special Purpose Entity that is a direct, wholly owned subsidiary of the Company (or, for purposes of the Transfer Agreement, an entity that is identified as an Ownership Entity on the Ownership Entity and Receiver Acquired Property Schedule), whether contributed by the Transferor on the Closing Date or formed or acquired by the Company thereafter; provided, however, that any entity transferred to the Company on the Closing Date pursuant to the Transfer Agreement (or otherwise identified as an Ownership Entity in the Ownership Entity and Receiver Acquired Property Schedule) that is not a Special Purpose Entity as of the Closing Date will be deemed to be an Ownership Entity, but the Company and the Manager are to take all necessary and appropriate actions to cause any such entity to become a Special Purpose Entity as promptly as possible after the Closing.

Ownership Entity means a Private Entity or Private Entities anticipated to have an ownership interest in the Bridge Project of at least 25% or that are the managing partners of an ownership group anticipated to have an ownership interest in the Bridge Project of at least 25%

Ownership Entity has the meaning given in the LLC Operating Agreement. “Paying Agent” means the Bank or any successor paying agent that satisfies the requirements set forth in Section 10.1(d) of this Agreement.

Ownership Entity has the meaning as set forth in Section 4.3.

Filter & Search

Related Definitions