Common use of Corporate Formalities Clause in Contracts

Corporate Formalities. The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

Corporate Formalities. The Borrower will strictly observe limited liability company corporate formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators Originators, the Transferor or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Transferor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

Corporate Formalities. The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

Corporate Formalities. The Borrower Seller will strictly observe limited liability company formalities in its dealings with the Master Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower Seller will not be commingled with those of the Master Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Seller shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Borrower Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Seller and such Affiliate.

Corporate Formalities. The Borrower will strictly observe limited liability company corporate formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

Corporate Formalities. The Borrower Seller will strictly observe limited liability company formalities in its dealings with the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliates thereof, and funds or other assets of the Borrower Seller will not be commingled with those of the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Seller shall not maintain joint bank accounts or other depository accounts to 748740795 18564151 which the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance GuarantorGuarantors, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Seller and such Affiliate.

Corporate Formalities. The Borrower Issuer will strictly observe limited liability company corporate formalities in its dealings with the Servicer, the Parent, the Performance GuarantorOriginators, the Originators Sub-Originator or any Affiliates thereof, and funds or other assets of the Borrower Issuer will not be commingled with those of the Servicer, the Parent, the Performance GuarantorOriginators, the Originators Sub-Originator or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Issuer shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance GuarantorOriginators, the Originators Sub-Originator or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower Issuer is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance GuarantorOriginators, the Originators Sub-Originator or any Subsidiaries or other Affiliates thereof. The Borrower Issuer will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Issuer and such Affiliate.

Corporate Formalities. The Borrower Seller will strictly observe limited liability company formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower Seller will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators 751200428 16518096 or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Seller shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Seller and such Affiliate.

Corporate Formalities. The Borrower Issuer will strictly observe limited liability company corporate formalities in its dealings with the Servicer, the Parent, the Performance GuarantorOriginators, the Sub-Originators or any Affiliates thereof, and funds or other assets of the Borrower Issuer will not be commingled with those of the Servicer, the Parent, the Performance GuarantorOriginators, the Sub-Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Issuer shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance GuarantorOriginators, the Sub-Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower Issuer is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance GuarantorOriginators, the Sub-Originators or any Subsidiaries or other Affiliates thereof. The Borrower Issuer will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Issuer and such Affiliate.

Corporate Formalities. The Borrower Seller will strictly observe limited liability company corporate formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators or and any Affiliates thereof, and funds or other assets of the Borrower Seller will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or and any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower Seller shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or and any Affiliate Affiliates thereof (other than the Servicer solely in its capacity as such) has independent access, other than the Servicer’s right to access the Lock-Box Accounts in accordance with this Agreement. The Borrower Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Borrower Seller will pay to the appropriate Affiliate (or will provide in the allocation of overhead described below) the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower Seller and such Affiliate.