Common use of Maintenance of Separate Corporate Existence Clause in Contracts

Maintenance of Separate Corporate Existence. WII shall at all times hold itself out to the public, including the Company, WFS and the Bank, under WII's own name and as a separate and distinct entity from the Company, WFS and the Bank. At all times at least one director and one executive officer of WII (or one individual serving in both capacities) shall be a Person who is not a director, officer or employee of any Person owning beneficially more than 10% of the outstanding common stock of WII. WII shall maintain separate corporate records and books of account from those of the Company, WFS and the Bank, shall not commingle its assets with any other Person (except to the limited extent (if any) permitted by the approval of Financial Security) and shall authorize its corporate actions in accordance with applicable law. WII shall not engage in business transactions with any of its Affiliates on terms and conditions less favorable to WII than those available to WII for comparable transactions from Persons who are not Affiliates of WII. WII shall maintain its chief executive office, principal place of business and the office where it keeps its records in the State of California and separate and apart from any office of the Company, the Bank, the Master Servicer or any Affiliate of any of them.

Maintenance of Separate Corporate Existence. WII shall at all times hold itself out to the public, including the CompanySeller, WFS and the Bank, under WII's own name and as a separate and distinct entity from the CompanySeller, WFS and the Bank. At all times at least one director and one executive officer of WII (or one individual serving in both capacities) shall be a Person who is not a director, officer or employee of any Person owning beneficially more than 10% of the outstanding common stock of WII. WII shall maintain separate corporate records and books of account from those of the CompanySeller, WFS and the Bank, shall not commingle its assets with any other Person (except to the limited extent (if any) permitted by the approval of Financial Security) and shall authorize its corporate actions in accordance with applicable law. WII shall not engage in business transactions with any of its Affiliates on terms and conditions less favorable to WII than those available to WII for comparable transactions from Persons who are not Affiliates of WII. WII shall maintain its chief executive office, principal place of business and the office where it keeps its records in the State of California and separate and apart from any office of the CompanySeller, the Bank, the Master Servicer or any Affiliate of any of them.