Common use of Separate Formalities Clause in Contracts

Separate Formalities. The Company shall, and shall cause EPE to, (i) observe all limited liability company or partnership formalities and other formalities required by their respective organizational documents, the laws of the jurisdiction of their respective formation, or other laws, rules, regulations and orders of governmental authorities exercising jurisdiction over it, (ii) engage in transactions with EPCO and its Affiliates (other than the Company or EPE) in conformity with the requirements of Section 7.9 of the EPE Agreement, and (iii) subject to the terms of the Administrative Services Agreement, promptly pay, from their respective own funds and on a timely basis, their respective allocable shares of general and administrative expenses, capital expenditures, and costs for shared services performed by EPCO or Affiliates of EPCO (other than the Company or EPE). Each material contract between the Company or EPE, on the one hand, and EPCO or Affiliates of EPCO (other than the Company or EPE), on the other hand, shall be subject to the requirements of Section 7.9 of the EPE Agreement, and must be (x) approved by Special Approval or (y) on terms objectively demonstrable to be no less favorable to EPE than those generally being provided to or available from unrelated third parties, and in any event must be in writing.

Separate Formalities. The Company shall, and shall cause EPE the MLP to, (i) observe all limited liability company or partnership formalities and other formalities required by their respective its organizational documents, the laws of the jurisdiction of their respective its formation, or other laws, rules, regulations and orders of governmental authorities exercising jurisdiction over it, (ii) engage in transactions with EPCO and its Affiliates (other than the Company or EPEthe MLP) in conformity with the requirements of Section 7.9 of the EPE EPD Agreement, and (iii) subject to the terms of the Administrative Services Agreement, promptly pay, from their respective its own funds and on a timely basis, their respective its allocable shares of general and administrative expenses, capital expenditures, and costs for shared services performed by EPCO or Affiliates of EPCO (other than the Company or EPEthe MLP). Each material contract between the Company or EPEthe MLP, on the one hand, and EPCO or Affiliates of EPCO (other than the Company or EPEthe MLP), on the other hand, shall be subject to the requirements of Section 7.9 of the EPE EPD Agreement, and must be (x) approved by Special Approval or (y) on terms objectively demonstrable to be no less favorable to EPE the MLP than those generally being provided to or available from unrelated third parties, and in any event must be in writing.