Common use of Maintenance of Independence Clause in Contracts

Maintenance of Independence. Each Borrower shall at all times (i) conduct and present itself as a separate entity and maintain all business organization formalities, (ii) maintain separate books and records, (iii) conduct all transactions with Affiliates (x) in accordance with its Constituent Documents or (y) otherwise on an arm’s length basis, and (iv) not commingle its funds with funds of other Persons, including Affiliates, except for related Investor Capital Contributions deposited directly or indirectly into the related Borrower Collateral Account (which shall include any deposit into an account of any intermediate fund prior to depositing into the Borrower Collateral Account).

Maintenance of Independence. Each The Borrower shall at all times (i) conduct and present itself as a separate entity and maintain all business organization formalities, (ii) maintain separate books and records, (iii) conduct all transactions with Affiliates (x) in accordance with its Constituent Documents or (y) otherwise on an arm’s length basis, and (iv) not commingle its funds with funds of other Persons, including Affiliates, except for related Investor Capital Contributions of Related Parties with respect to the Investor deposited directly or indirectly into the related Borrower Collateral Account (which shall include any deposit into an account of any intermediate fund prior to depositing into the Borrower Collateral Account).