Common use of Observation of Corporate Formalities Clause in Contracts

Observation of Corporate Formalities. Each Company shall at all times observe the applicable legal requirements for the recognition of Company as a corporate entity separate and apart from any other Company, including without limitation the following: (a) Each Company shall maintain corporate records and books of account separate from those of other Companies; (b) Each Company shall not at any time commingle its funds with those of other Companies; (c) Each Company shall hold meetings of its Board of Directors as appropriate to authorize its corporate actions; (d) Each Company shall hold meetings of its shareholder(s) as appropriate and as required by the Corporations Code of the jurisdiction in which organized to authorize its corporate actions; (e) Each Company shall file all reports required by the Secretary of State in all jurisdictions in which Company is licensed or qualified, including the annual statement by whatever name denominated, in a timely manner; and (f) Each Company shall ensure that yearly franchise taxes are paid in a timely manner so as to maintain its corporate existence uninterrupted.

Observation of Corporate Formalities. Each Company shall at all times observe the applicable legal requirements for the recognition of Company as a corporate entity separate and apart from any other Company, including without limitation the following: (a) Each Company shall maintain corporate records and books of account separate from those of other Companies; (b) Each Company shall not at any time commingle its funds with those of other Companies; (c) Each Company shall hold meetings of its Board of Directors as appropriate to authorize its corporate actions;; I (d) Each Company shall hold meetings of its shareholder(s) as appropriate and as required by the Corporations Code of the jurisdiction in which organized to authorize its corporate actions; (e) Each Company shall file all reports required by the Secretary of State in all jurisdictions in which Company is licensed or qualified, including the annual statement by whatever name denominated, in a timely manner; and (f) Each Company Xxxx.Xxxxxxx shall ensure that yearly franchise taxes are paid in a timely manner so as to maintain its corporate existence uninterrupted.

Observation of Corporate Formalities. Each Company shall at all times observe the applicable legal requirements for the recognition of Company as a corporate entity separate and apart from any other Company, including without limitation the following: (a) Each Company shall maintain corporate records and books of account separate from those of other Companies; (b) Each Company shall not at any time commingle its funds with those of other Companies; (c) Each Company shall hold meetings of its Board of Directors as appropriate to authorize its corporate actions; (d) Each Company shall hold meetings of its shareholder(s) as appropriate and as required by the Corporations Code of the jurisdiction in which organized to authorize its corporate actions; (e) Each Company shall file all reports required by the Secretary of State in all jurisdictions in which Company is licensed or qualified, including the annual statement by whatever name denominated, in a timely manner; and (f) Each Company Xxxx.Xxxxxxx shall ensure that yearly franchise taxes are paid in a timely manner so as to maintain its corporate existence uninterrupted.