Common use of Maintenance of Separate Corporate Existence Clause in Contracts

Maintenance of Separate Corporate Existence. The Company shall at all times hold itself out to the public, including WFS and the Bank, under the Company's own name and as a separate and distinct entity from WFS and the Bank. At all times at least one director and one executive officer of the Company (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 the Company. The Company shall maintain separate corporate records and books of account from those of 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. The Company shall not engage in business transactions with any of its Affiliates on terms and conditions less favorable to the Company than those available to the Company for comparable transactions from Persons who are not Affiliates of the Company. The Company 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 Master Servicer.

Maintenance of Separate Corporate Existence. The Company shall at all times hold itself out to the public, including WFS and the Bank, under the Company's own name and as a separate and distinct entity from WFS and the Bank. At all times at least one director and one executive officer of the Company (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 the Company. The Company shall maintain separate corporate records and books of account from those of 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. The Company shall not engage in business transactions with any of its Affiliates on terms and conditions less favorable to the Company than those available to the Company for comparable transactions from Persons who are not Affiliates of the Company. The Company 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 Master Servicer.the