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Common use of Corporate Formalities Clause in Contracts

Corporate Formalities. The Borrower will strictly observe corporate formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the 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.

Appears in 4 contracts

Samples: Receivables Financing Agreement (Alliance Resource Partners Lp), Receivables Financing Agreement (Alliance Resource Partners Lp), Receivables Financing Agreement (Alliance Holdings GP, L.P.)

Corporate Formalities. The Borrower Seller will strictly observe corporate limited liability company formalities in its dealings with the Master Servicer, the Parent, the Performance Indemnification Guarantor, the Originators, the Transferor 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 Indemnification Guarantor, the Transferor, 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 Indemnification Guarantor, the Transferor, 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 Indemnification Guarantor, the Transferor, 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.

Appears in 4 contracts

Samples: Receivables Purchase Agreement (Nabors Industries LTD), Receivables Purchase Agreement (Nabors Industries LTD), Receivables Purchase Agreement (Nabors Industries LTD)

Corporate Formalities. The Borrower will strictly observe corporate limited liability company formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the OriginatorsSub-Originator, the Transferor 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 TransferorSub-Originator, 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 TransferorSub-Originator, 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 TransferorSub-Originator, 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.

Appears in 3 contracts

Samples: Receivables Financing Agreement (CONSOL Energy Inc.), Receivables Financing Agreement, Sub Originator Sale Agreement, Purchase and Sale Agreement (CONSOL Energy Inc.), Receivables Financing Agreement (CONSOL Energy Inc.)

Corporate Formalities. The Borrower Seller will strictly observe corporate limited liability company formalities in its dealings with the Master Servicer, the ParentStarTek, the Performance Indemnification Guarantor, the Originators, the Transferor any Originator or any Affiliates thereof, and funds or other assets of the Borrower Seller will not be commingled with those of the Master Servicer, the ParentStarTek, the Performance Indemnification Guarantor, the Transferor, the Originators any Originator 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 ParentStarTek, the Performance Indemnification Guarantor, the Transferor, the Originators any Originator 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 ParentStarTek, the Performance Indemnification Guarantor, the Transferor, the Originators any Originator 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.

Appears in 1 contract

Samples: Receivables Purchase Agreement (StarTek, Inc.)

Corporate Formalities. The Borrower will strictly observe corporate limited liability company formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the Originators, the Transferor 749336112 22708133 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 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.

Appears in 1 contract

Samples: Receivables Financing Agreement (Worthington Industries Inc)

Corporate Formalities. The Borrower Seller will strictly observe corporate limited liability company formalities in its dealings with the Servicer, the Parent, the Performance Guarantor, the OriginatorsPledgor, the Transferor 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 TransferorPledgor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool ReceivablesAgreement. The Borrower Seller shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the TransferorPledgor, 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 TransferorPledgor, 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.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Warner Bros. Discovery, Inc.)