Maintenance of Separate Existence. The Trust shall at all times hold itself out to the public, including the Company, WFS and the Bank, under the Trust's own name and as a separate and distinct entity from the Company, WFS and the Bank. The Trust shall maintain trust records and books of account separate 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 obtain proper authorization from its equity owners of all trust action in accordance with applicable law. The Trust shall maintain an arm's-length relationship with the Bank, the Company and WSF and each Affiliate of any of them.
Appears in 9 contracts
Samples: Insurance, Indemnity and Pledge Agreement (WFS Financial 1996-D Owner Trust), Indemnity and Pledge Agreement (WFS Financial Auto Loans Inc), Indemnity and Pledge Agreement (WFS Financial Auto Loans Inc)
Maintenance of Separate Existence. The Trust shall at all times hold itself out to the public, including the CompanySeller, WFS and the Bank, under the Trust's own name and as a separate and distinct entity from the CompanySeller, WFS and the Bank. The Trust shall maintain trust records and books of account separate 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 obtain proper authorization from its equity owners of all trust action in accordance with applicable law. The Trust shall maintain an arm's-length relationship with the Bank, the Company Seller and WSF WFS and each Affiliate of any of them.
Appears in 5 contracts
Samples: Indemnity and Pledge Agreement (WFS Receivables Corp), Indemnity and Pledge Agreement (WFS Receivables Corp), Insurance, Indemnity and Pledge Agreement (WFS Receivables Corp)
Maintenance of Separate Existence. The Trust shall at all times hold itself out to the public, including the Company, WFS and the Bank, under the Trust's own name and as a separate and distinct entity from the Company, WFS and the Bank. The Trust shall maintain trust records and books of account separate 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 obtain proper authorization from its equity owners of all trust action in accordance with applicable law. The Trust shall maintain an arm's-arm's- length relationship with the Bank, the Company and WSF and each Affiliate of any of them.
Appears in 1 contract
Samples: Indemnity and Pledge Agreement (WFS Financial 1997-a Owners Trust)
