Separateness Covenants. The Trust shall: (a) maintain the Trust’s books and records separate from any other person or entity; (b) maintain the Trust’s bank accounts separate from any other person or entity; (c) not commingle the Trust’s assets with those of any other person or entity; (d) conduct the Trust’s own business in its own name; (e) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s own liabilities and expenses only out of its own funds; (f) observe all formalities required under the Delaware Trust Statute; (g) enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s length transaction with a person or entity that is not an Affiliate; (h) not guarantee or become obligated for the debts of any other entity or person; (i) not hold out the Trust’s credit as being available to satisfy the obligation of any other person or entity; (j) not acquire the obligations or securities of the Trust’s Affiliates or the Depositor; (k) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity; (l) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s assets for the benefit of any other person or entity; (m) hold the Trust out as a separate entity and conduct any business only in its own name; (n) correct any known misunderstanding regarding the Trust’s separate identity; (o) not identify the Trust as a division of any other person or entity; (p) maintain appropriate minutes or other records of appropriate actions and shall maintain its office separate from the office of the Depositor, the Sponsor, the Servicer and the Subservicer.
Appears in 5 contracts
Samples: Trust Agreement (American Home Mortgage Investment Trust 2007-2), Trust Agreement (American Home Mortgage Investment Trust 2006-1), Trust Agreement (American Home Mortgage Investment Trust 2006-3)
Separateness Covenants. The Trust shall:
(a) maintain the Trust’s 's books and records separate from any other person or entity;
(b) maintain the Trust’s 's bank accounts separate from any other person or entity;
(c) not commingle the Trust’s 's assets with those of any other person or entity;
(d) conduct the Trust’s 's own business in its own name;
(e) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s 's own liabilities and expenses only out of its own funds;
(f) observe all formalities required under the Delaware Trust Statute;
(g) enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s 's length transaction with a person or entity that is not an Affiliate;
(h) not guarantee or become obligated for the debts of any other entity or person;
(i) not hold out the Trust’s 's credit as being available to satisfy the obligation of any other person or entity;
(j) not acquire the obligations or securities of the Trust’s 's Affiliates or the Depositor;
(k) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity;
(l) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s 's assets for the benefit of any other person or entity;
(m) hold the Trust out as a separate entity and conduct any business only in its own name;
(n) correct any known misunderstanding regarding the Trust’s 's separate identity;
(o) not identify the Trust as a division of any other person or entity;
(p) maintain appropriate minutes or other records of appropriate actions and shall maintain its office separate from the office of the Depositor, the SponsorSeller, the Servicer and the Subservicer.
Appears in 5 contracts
Samples: Trust Agreement (American Home Mortgage Investment Trust 2005-1), Trust Agreement (American Home Mortgage Investment Trust 2004-4), Trust Agreement (American Home Mortgage Investment Trust 2005-2)
Separateness Covenants. The Trust shall:
(a) maintain the Trust’s books and records separate from any other person or entity;
(b) maintain the Trust’s bank accounts separate from any other person or entity;
(c) not commingle the Trust’s assets with those of any other person or entity;
(d) conduct the Trust’s own business in its own name;
(e) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s own liabilities and expenses only out of its own funds;
(f) observe all formalities required under the Delaware Trust Statute;
(g) enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s length transaction with a person or entity that is not an Affiliate;
(h) not guarantee or become obligated for the debts of any other entity or person;
(i) not hold out the Trust’s credit as being available to satisfy the obligation of any other person or entity;
(j) not acquire the obligations or securities of the Trust’s Affiliates or the Depositor;
(k) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity;
(l) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s assets for the benefit of any other person or entity;
(m) hold the Trust out as a separate entity and conduct any business only in its own name;
(n) correct any known misunderstanding regarding the Trust’s separate identity;
(o) not identify the Trust as a division of any other person or entity;
(p) maintain appropriate minutes or other records of appropriate actions and shall maintain its office separate from the office of the Depositor, the SponsorSeller, the Servicer and the Subservicer.
Appears in 2 contracts
Samples: Trust Agreement (American Home Mortgage Investment Trust 2005-4), Trust Agreement (American Home Mortgage Investment Trust 2005-3)
Separateness Covenants. The Trust Notwithstanding anything to the contrary contained herein, at all times until each of the Notes has been satisfied and performed in full, the Lessor shall:
(a) maintain the Trust’s books and records separate from any other person or entityPerson;
(b) maintain the Trust’s its bank accounts separate from any other person or entityPerson;
(c) not commingle the Trust’s its assets with those of any other person or entityPerson and hold all of its assets in its own name;
(d) conduct the Trust’s its own business in its own name;
(e) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other than as contemplated by the Basic Documents and related documentation, Person;
(f) pay the Trust’s its own liabilities and expenses only out of its own funds;
(fg) observe all corporate and other organizational formalities required under appropriate for the Delaware Trust Statuteorganizational structure of the Lessor;
(gh) enter into transactions with Affiliates or the Depositor only if each when such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s an arms' length transaction with a person or entity Person that is not an Affiliate;
(hi) pay the salaries of its own employees, if any, from its own funds;
(j) maintain a sufficient number of employees in light of its contemplated business operations[, which number may be zero if no employees are needed in light of its contemplated business operations];
(k) not guarantee or become obligated for the debts of any other entity or personPerson;
(il) not hold out the Trust’s its credit as being available to satisfy the obligation obligations of any other person or entityPerson;
(jm) not acquire the obligations or securities of the Trust’s its Affiliates or the Depositorowners, including members or shareholders, as appropriate;
(kn) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity Person or buy or hold evidence of indebtedness issued by any other person or entityPerson (except for cash and investment-grade securities);
(lo) other than as contemplated allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and services performed by the Basic Documents any employee of any Affiliate;
(p) use separate stationery, invoices and related documentation, checks bearing its own name;
(q) not pledge the Trust’s its assets for the benefit of any other person or Person;
(r) hold itself out as a separate entity;
(m) hold the Trust out as a separate entity and conduct any business only in its own name;
(ns) correct any known misunderstanding regarding the Trust’s its separate identity;
(ot) not identify the Trust itself as a division of any other person or entity;Person; and
(pu) maintain appropriate minutes or other records adequate capital in light of appropriate actions and shall maintain its office separate from the office of the Depositor, the Sponsor, the Servicer and the Subservicercontemplated business operations.
Appears in 2 contracts
Samples: Trust Indenture and Security Agreement (Royal Ahold), Trust Indenture and Security Agreement (Royal Ahold)
Separateness Covenants. The Trust shall:
shall (a) maintain the Trust’s books and records separate from any other person or entity;
; (b) maintain the Trust’s bank accounts separate from any other person or entity;
; (c) not commingle the Trust’s assets with those of any other person or entity;
; (d) conduct the Trust’s own business in its own name;
; (e) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s own liabilities and expenses only out of its own funds;
; (f) observe all formalities required under the Delaware Trust Statute;
; (g) enter into transactions with Affiliates or the Depositor Transferor only if each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s length transaction with a person or entity that is not an Affiliate;
; (h) not guarantee or become obligated for the debts of any other entity or person;
; (i) not hold out the Trust’s credit as being available to satisfy the obligation of any other person or entity;
; (j) not acquire the obligations or securities of the Trust’s Affiliates or the Depositor;
Transferor; (k) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity;
; (l) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s assets for the benefit of any other person or entity;
; (m) hold the Trust out as a separate entity and conduct any business only in its own name;
; (n) correct any known misunderstanding regarding the Trust’s separate identity;
; (o) not identify the Trust as a division of any other person or entity;
; (p) maintain appropriate minutes or other records of appropriate actions actions; and shall (q) maintain its office separate from the office of the DepositorTransferor, the SponsorBVAC, the Servicer BVDC and the SubservicerServicer.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Bay View Deposit CORP)
Separateness Covenants. The Trust shallExcept as otherwise expressly required by any Loan Document, Borrower by execution of this Security Instrument represents, warrants, and covenants that it shall at all times:
(ai) not commingle assets with those of any other entity,
(ii) hold its assets in its own name;
(iii) conduct its own business in its own name;
(iv) maintain the Trust’s books its bank accounts, books, records and financial statements in accordance with generally accepted accounting principles, keep such bank accounts, books, records and financial statements separate from those of any other person or entity;
(b) maintain , not permit the Trust’s bank accounts separate from any other person or entity;
(c) not commingle listing of its assets on the Trust’s assets with those financial statement of any other person or entity;
(dv) conduct the Trust’s own business in maintain its own namebooks, records, resolutions and agreements as official records;
(evi) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s its own liabilities and expenses only out of its own funds;
(fvii) maintain adequate capital in light of its contemplated business operations;
(viii) observe all formalities required under the Delaware Trust Statuteorganizational formalities;
(gix) maintain an arm's-length relationship with Affiliates and enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair, on a commercially reasonable, and on the same terms as would be available in the arm’s length transaction with a person or entity that is not an Affiliatereasonable basis;
(hx) pay the salaries of only its own employees and maintain a sufficient number of employees in light of contemplated business operations;
(xi) not guarantee or become obligated for the debts of any other entity or person;
(i) not hold out the Trust’s its credit as being available to satisfy the obligation obligations of others;
(xii) not acquire the obligations or securities of its Affiliates or owners, including partners, members or shareholders;
(xiii) not make loans or advances to any other person or entity;
(jxiv) not acquire the obligations or securities of the Trust’s Affiliates or the Depositorallocate fairly and reasonably any overhead for shared office space;
(kxv) other than as contemplated by the Basic Documents use separate stationery, invoices and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entitychecks;
(lxvi) other than as contemplated file its own tax returns (unless prohibited by the Basic Documents and related documentation, applicable laws from doing so);
(xvii) not pledge the Trust’s its assets for the benefit of any other person or entity;
(mxviii) hold the Trust itself out as a separate entity entity, and conduct any business only in its own name;
(n) not fail to correct any known misunderstanding regarding the Trust’s its separate identity;
(oxix) not identify the Trust itself as a division of any other person or entity;
(pxx) maintain appropriate minutes or other records of appropriate actions and shall not maintain its office separate assets in such a manner that will be costly or difficult to segregate, ascertain or identify its individual assets from those or any other person or entity; and
(xxi) observe the office of the Depositor, the Sponsor, the Servicer single purpose entity and the Subservicerseparateness covenants and requirements set forth herein.
Appears in 1 contract
Separateness Covenants. The Trust shall:
(a) maintain the Trust’s books and records separate from any other person or entity;
(b) maintain the Trust’s bank accounts separate from any other person or entity;
(c) not commingle the Trust’s assets with those of any other person or entity;
(d) conduct the Trust’s own business in its own name;
(e) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s own liabilities and expenses only out of its own funds;
(f) observe all formalities required under the Delaware Trust Statute;
(g) enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in the arm’s length transaction with a person or entity that is not an Affiliate;
(h) not guarantee or become obligated for the debts of any other entity or person;
(i) not hold out the Trust’s credit as being available to satisfy the obligation of any other person or entity;
(j) not acquire the obligations or securities of the Trust’s Affiliates or the Depositor;
(k) other than as contemplated by the Basic Documents and related documentation,, not make any loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity;
(l) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s assets for the benefit of any other person or entity;
(m) hold the Trust out as a separate entity and conduct any business only in its own name;
(n) correct any known misunderstanding regarding the Trust’s separate identity;
(o) not identify the Trust as a division of any other person or entity;
(p) maintain appropriate minutes or other records of appropriate actions and shall maintain its office separate from the office of the Depositor, the Sponsor, the Servicer Seller and the SubservicerRMBS Servicer.
Appears in 1 contract
Samples: Trust Agreement (American Home Mortgage Investment Trust 2005-4)