Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree to use their best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith): (i) The Trust will observe all procedures required by this Deposit Trust Agreement. (ii) Subject to Sections 5.1 and 5.4, the business and affairs of the Trust will be managed by or under the direction of the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust. (iii) The Trust will keep correct and complete books and records of accounts and minutes of the meetings and other proceedings of its trustees, separate from those of the Depositor or any subsidiary, affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained as official records by the Trust. (iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust. (v) The Trust will conduct its business under names or trade names so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms. (vi) There will be no guarantees made by the Trust with respect to obligations of the Depositor. There will not be any indebtedness relating to borrowings or loans between the Trust and the Depositor. (vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (c) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity. (viii) The Trust will maintain its principal place of business in the State of ____________________. (ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof. (x) If and to the extent applicable, the Trust shall cause the preparation of financial statements that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements may be presented as part of the consolidated financial statements of an Affiliate). (xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
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Samples: Deposit Trust Agreement (Criimi Mae CMBS Corp), Deposit Trust Agreement (Imperial Credit Commercial Mortgage Acceptance Corp), Deposit Trust Agreement (Criimi Mae CMBS Corp)
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes as specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree to use their best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Sections 5.1 and 5.4, the The business and affairs of the Trust will be managed by or under the direction of the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust.
(iii) The Trust will keep correct and complete books and records of accounts and minutes of the meetings and other proceedings of its trusteesthe Owner Trustee and any Agents, separate from those of the Depositor or any subsidiary, affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained as official records by the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, and applications will be made solely in the name of the Trust (or addressed to the Trust, as applicable) if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There will be no guarantees made by the Trust with respect to obligations of the Depositor. There will not be any indebtedness relating to borrowings or loans between the Trust and the Depositor.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents Agents in the conduct of its business. The Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (c) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place . [End of business in the State of ____________________.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of financial statements that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.Article II]
Appears in 1 contract
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree agrees to use their its best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 and 5.4, the business and affairs of the Trust will be managed by or under the direction of the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust. The Administrators may act on behalf of the Owner Trustee solely as provided in the Administration Agreement (which Administration Agreement may not be amended except with consent of the Collateral Agent.)
(iii) The Trust will keep correct and complete Any books and records of accounts and minutes of the meetings and other proceedings of its trusteesthe trustees of the Trust shall be kept by the Owner Trustee or the Administrators, as the case may be, separate from those of the Depositor or any subsidiary, affiliate Affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained by the Administrators as official records by of the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, statements and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There Other than the Subsidiary Guarantees, the Trust shall not assume or incur any liability for borrowed money, there will be no guarantees made by the Trust, and the Trust shall not permit, suffer to exist or incur any liens on the Trust Estate (other than as provided in Section 7.2(d)), with respect to obligations of the DepositorDepositor or its Affiliates or any Person. There will The Trust shall not be engage in any indebtedness relating to respect in either borrowings or loans between the Trust and the Depositor.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (c) induce any such third party to reasonably rely on the creditworthiness of the Depositor its Affiliates or any other affiliated or unaffiliated entityPerson.
(viii) The Trust will maintain its principal place of business in the State of ____________________.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of financial statements that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
Appears in 1 contract
Samples: Indenture (Delta Financial Corp)
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree to use their best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 and 5.4, the business and affairs of the Trust will be managed by or under the direction of the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust.
(iii) The Trust will keep correct and complete books and records of accounts and minutes of the meetings and other proceedings of its trustees, separate from those of the Depositor or any subsidiary, affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained as official records by the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There will be no guarantees made by the Trust with respect to obligations of the Depositor. There will not be any indebtedness relating to borrowings or loans between the Trust and the Depositor.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (c) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place of business in the State of ____________________Delaware.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of financial statements that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements it may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
Appears in 1 contract
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree agrees to use their its best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 and 5.45.4 and the Administration Agreement, the business and affairs of the Trust will be managed by or under the direction of the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust.
(iii) The Trust will keep correct and complete books and records of accounts and minutes of the meetings and other proceedings of its trusteesthe trustees of the Trust, separate from those of the Depositor or any subsidiary, affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained by the Administrator as official records by of the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, statements and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There will be no guarantees made by the Trust with respect to obligations of the Depositor. There will not be any indebtedness relating to borrowings or loans between the Trust and the Depositor.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (aA) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (bB) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (cC) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place of business in the State of ____________________Delaware.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of prepare financial statements of the Trust that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements it may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
Appears in 1 contract
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the each Depositor hereby agree agrees to use their its best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 4.1 and 5.44.3, the business and affairs of the Trust will be managed by or under the direction of the Administrator or the Owner Trustee. Except as otherwise expressly provided in this Deposit Trust AgreementAgreement and in the case of MortgageIT acting as the Administrator, the Depositor neither Depositor, in such capacity, will have no any authority to act for, or to assume any obligation or responsibility on behalf of, the Trust.
(iii) The Trust Administrator will keep for each Sub-Trust correct and complete books and records of accounts and minutes of the meetings and other proceedings of its trusteessuch Sub-Trust, separate from those of the other Sub-Trust, each Depositor or any subsidiary, affiliate or separate account of the each Depositor. Any such resolutions, agreements and other instruments will be continuously maintained by the Administrator as official records by of the Trust.
(iv) Each of the Depositor Depositors and the each Sub-Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the each Sub-Trust will not be charged or otherwise allocated to the either Depositor (except indirectly, insofar as the such Depositor owns the respective Owner Trust CertificatesCertificate) or the other Sub-Trust and such expenses of the either Depositor will not be charged or otherwise allocated to the Trust or either Sub-Trust.
(v) The Each Sub-Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust and each Sub-Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, and applications will be made solely in the name of the applicable Sub-Trust if related to the a Sub-Trust. The Depositor and Depositors, the Trust and each Sub-Trust will have separate stationery stationary and other business forms.
(vi) There will be no guarantees made by the Trust or either Sub-Trust with respect to obligations of the either Depositor. There will not be any indebtedness relating to borrowings or loans between the Trust or either Sub-Trust and the either Depositor.
(vii) The TRS Sub-Trust will act solely in its name and through its or the Owner Trustee's ’s duly authorized officers or agents in the conduct of its business. The TRS Sub-Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to the Depositor MortgageIT or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of the DepositorMortgageIT; or (c) induce any such third party to reasonably rely on the creditworthiness of MortgageIT or any other affiliated or unaffiliated entity. The REIT Sub-Trust will act solely in its name and through its or the Depositor Owner Trustee’s duly authorized officers or agents in the conduct of its business. The REIT Sub-Trust will not: (a) operate or purport to operate as an integrated, single economic unit with respect to MortgageIT Holdings or any other affiliated or unaffiliated entity; (b) seek or obtain credit or incur any obligation to any third party based upon the assets of MortgageIT Holdings; or (c) induce any such third party to reasonably rely on the creditworthiness of MortgageIT Holdings or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place of business in the State of ____________________Delaware.
(ix) The Trust, each Sub-Trust and the each Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust Administrator shall cause the preparation of financial statements of each Sub-Trust that are separate from those of the each Depositor and any other Affiliates (although the Trust's financial statements it may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm'sarm’s-length transaction with a non-Affiliate.
Appears in 1 contract
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree agrees to use their its best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 and 5.4, the business and affairs of the Trust will be managed by or under the direction of the Owner TrusteeTrustee or the Administrators as provided hereunder. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust. The Administrators may act on behalf of the Trust and/or Owner Trustee solely as provided in the Administration Agreement (which Administration Agreement may not be amended except with consent of the Collateral Agent.)
(iii) The Trust will keep correct and complete To the extent prepared, any books and records of accounts and minutes of the meetings and other proceedings of its trusteesthe trustees of the Trust shall be kept by the Owner Trustee or the Administrators, as the case may be, separate from those of the Depositor or any subsidiary, affiliate Affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained by the Administrators as official records by of the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, statements and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There Other than the Subsidiary Guarantees, the Trust shall not assume or incur any liability for borrowed money, there will be no guarantees made by the Trust, and the Trust shall not permit, suffer to exist or incur any liens on the Trust Estate (other than as provided in Section 7.2(d)), with respect to obligations of the DepositorDepositor or its Affiliates or any Person. There will The Trust shall not be engage in any indebtedness relating to respect in either borrowings or loans between the Trust and the DepositorDepositor or its Affiliates or any Person.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (aA) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (bB) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (cC) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place of business in the State of ____________________Delaware.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of will prepare financial statements of the Trust that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements it may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
Appears in 1 contract
Activities of the Trust. It is the intention of the parties hereto that the Trust shall not engage in any business or activities other than in connection with, or relating to, the purposes specified in Section 2.3. The operations of the Trust will be conducted in accordance with the following standards (and the Owner Trustee and the Depositor hereby agree agrees to use their its best reasonable efforts to cause the operations of the Trust to be conducted in accordance herewith):
(i) The Trust will observe all procedures required by this Deposit Trust Agreement.
(ii) Subject to Except as otherwise provided in Sections 5.1 and 5.4, the business and affairs of the Trust will be managed by or under the direction of the Owner TrusteeTrustee or the Administrators as provided hereunder. Except as otherwise expressly provided in this Deposit Trust Agreement, the Depositor will have no authority to act for, or to assume any obligation or responsibility on behalf of, the Trust. The Administrators may act on behalf of the Trust and/or the Owner Trustee solely as provided in the Administration Agreement (which Administration Agreement may not be amended except with consent of the Collateral Agent.)
(iii) The Trust will keep correct and complete To the extent prepared, any books and records of accounts and minutes of the meetings and other proceedings of its trusteesthe trustees of the Trust shall be kept by the Owner Trustee or the Administrators, as the case may be, separate from those of the Depositor or any subsidiary, affiliate Affiliate or separate account of the Depositor. Any such resolutions, agreements and other instruments will be continuously maintained by the Administrators as official records by of the Trust.
(iv) Each of the Depositor and the Trust will provide for its own operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Trust will not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns the Owner Trust Certificates) and such expenses of the Depositor will not be charged or otherwise allocated to the Trust.
(v) The Trust will conduct its business under names or trade names tradenames so as not to mislead others as to the identity of the Trust. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts, statements, statements and applications will be made solely in the name of the Trust if related to the Trust. The Depositor and the Trust each will have separate stationery and other business forms.
(vi) There Other than the Subsidiary Guarantees, the Trust shall not assume or incur any liability for borrowed money, there will be no guarantees made by the Trust, and the Trust shall not permit, suffer to exist or incur any liens on the Trust Estate (other than as provided in Section 7.2(d)), with respect to obligations of the DepositorDepositor or its Affiliates or any Person. There will The Trust shall not be engage in any indebtedness relating to respect in either borrowings or loans between the Trust and the DepositorDepositor or its Affiliates or any Person.
(vii) The Trust will act solely in its name and through its or the Owner Trustee's duly authorized officers or agents in the conduct of its business. The Trust will not: (aA) operate or purport to operate as an integrated, single economic unit with respect to the Depositor or any other affiliated or unaffiliated entity; (bB) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor; or (cC) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity.
(viii) The Trust will maintain its principal place of business in the State of ____________________Delaware.
(ix) The Trust and the Depositor shall keep separate their respective funds and other assets and shall not commingle such funds and other assets with those of any other Affiliates thereof.
(x) If and to the extent applicable, the Trust shall cause the preparation of will prepare financial statements of the Trust that are separate from those of the Depositor and any other Affiliates (although the Trust's financial statements it may be presented as part of the consolidated financial statements of an Affiliate).
(xi) The Trust will not engage in any transaction with an Affiliate on any terms other than would be obtained in an arm's-length transaction with a non-Affiliate.
Appears in 1 contract