Common use of Maintenance of Corporate Separateness Clause in Contracts

Maintenance of Corporate Separateness. Each Parent Guarantor will satisfy customary corporate formalities, including the maintenance of corporate records. Each Parent Guarantor shall not make any payment to a creditor of any other Obligor in respect of any liability of such Obligor (other than pursuant to a Contingent Liability permitted hereunder), and no bank account of such Parent Guarantor shall be commingled with any bank account of any other Obligor. Any financial statements distributed to any creditors of any Parent Guarantor shall, to the extent permitted by GAAP, clearly establish the corporate separateness of such Parent Guarantor from each other Obligor. Finally, each Parent Guarantor shall not take any action, or conduct its affairs in a manner, which is likely to result in the corporate existence of such Parent Guarantor on the one hand and of any other Obligor on the other hand being ignored, or in the assets and liabilities of such other Obligor being substantively consolidated with those of such Parent Guarantor in a bankruptcy, reorganization or other insolvency proceeding.

Maintenance of Corporate Separateness. Each Parent Designated Guarantor will satisfy customary corporate formalities, including the maintenance of corporate records. Each Parent Designated Guarantor shall not make any payment to a creditor of any other Obligor in respect of any liability of such Obligor (other than pursuant to a Contingent Liability permitted hereunder), and no bank account of such Parent Designated Guarantor shall be commingled with any bank account of any other Obligor. Any financial statements distributed to any creditors of any Parent Designated Guarantor shall, to the extent permitted by GAAP, clearly establish the corporate separateness of such Parent Designated Guarantor from each other Obligor. Finally, each Parent Designated Guarantor shall not take any action, or conduct its affairs in a manner, which is likely to result in the corporate existence of such Parent Designated Guarantor on the one hand and of any other Obligor on the other hand being ignored, or in the assets and liabilities of such other Obligor being substantively consolidated with those of such Parent Designated Guarantor in a bankruptcy, reorganization or other insolvency proceeding.