Common use of Separateness of Trust Clause in Contracts

Separateness of Trust. The Depositor, the Owner and the Owner Trustee agree and covenant (severally, as applicable) that during the term of this Agreement, and to the fullest extent permitted by applicable law, that: (a) The Trust shall maintain its chief executive office and a telephone number separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office. (b) The Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity. (c) The Trust shall prepare unaudited annual financial statements, and the Trust's financial statements shall comply with generally accepted accounting principles (except as noted in such financial statements). (d) The Trust shall maintain its own separate bank accounts and correct, complete and separate books of account. (e) The Trust shall hold itself out to the public (including any Controlling Entity's creditors) under the Trust's own name and as a separate and distinct corporate entity. The Trust's name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business. The Trust must have a separate telephone number, stationery and other business forms. (f) All customary formalities regarding the existence of the Trust shall be observed. (g) All business transactions entered into by the Trust with any Controlling Entity shall be on such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be approved by the Indenture Trustee. (h) Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity. (i) Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture. (j) Assets of the Trust shall be separately identified, maintained and segregated. The Trust's assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept identifiable (in accordance with customary usages) as assets owned by the Trust.

Separateness of Trust. The Depositor, the Owner and the Owner Trustee agree and covenant (severally, as applicable) that during the term of this Agreement, and to the fullest extent permitted by applicable law, that: (a) The Trust shall maintain its chief executive office and a telephone number separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office. (b) The Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity. (c) The Trust shall prepare unaudited annual financial statements, and the Trust's financial statements shall comply with generally accepted accounting principles (except as noted in such financial statements). (d) The Trust shall maintain its own separate bank accounts and correct, complete and separate books of account. (e) The Trust shall hold itself out to the public (including any Controlling Entity's creditors) under the Trust's own name and as a separate and distinct corporate entity. The Trust's name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business. The Trust must have a separate telephone number, stationery and other business forms. (f) All customary formalities regarding the existence of the Trust shall be observed. (g) All business transactions entered into by the Trust with any Controlling Entity shall be on such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be approved by the Indenture Trustee. (h) Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity. (i) Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture. (j) Assets of the Trust shall be separately identified, maintained and segregated. The Trust's assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept identifiable (in accordance with customary usages) as assets owned by the Trust.

Separateness of Trust. The Depositor, the Owner and the Owner Trustee agree and covenant (severally, as applicable) that during the term of this Agreement, and to the fullest extent permitted by applicable law, that: (a) The Trust shall maintain its chief executive office and a telephone number separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office. (b) The Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity. (c) The Trust shall prepare unaudited annual financial statements, and the Trust's financial statements shall comply with generally accepted accounting principles (except as noted in such financial statements). (d) The Trust shall maintain its own separate bank accounts and correct, complete and separate books of account. (e) The Trust shall hold itself out to the public (including any Controlling Entity's creditors) under the Trust's own name and as a separate and distinct corporate entity. The Trust's name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business. The Trust must have a separate telephone number, stationery and other business forms. (f) All customary formalities regarding the existence of the Trust shall be observed. (g) All business transactions entered into by the Trust with any Controlling Entity shall be on such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be approved by the Indenture Trustee. (h) Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity. (i) Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture. (j) Assets of the Trust shall be separately identified, maintained and segregated. The Trust's assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept identifiable (in accordance with customary usages) as assets owned by the Trust.

Separateness of Trust. The Depositor, the Trust Owner and the Owner Trustee agree and covenant (severally, as applicable) that during the term of this Agreement, and to the fullest extent permitted by applicable law, that: (a) The Trust shall maintain its chief executive office and a telephone number separate from that of any Controlling Entity (as hereinafter defined) and shall conspicuously identify such office as its office. (b) The Trust shall maintain its financial statements, accounting records and other organization documents separate from those of any Controlling Entity or any other person or entity. (c) The Trust shall prepare unaudited annual financial statements, and the Trust's ’s financial statements shall comply with generally accepted accounting principles (except as noted in such financial statements). (d) The Trust shall maintain its own separate bank accounts and correct, complete and separate books of account. (e) The Trust shall hold itself out to the public (including any Controlling Entity's ’s creditors) under the Trust's ’s own name and as a separate and distinct corporate entity. The Trust's ’s name may not be used by any other Controlling Entity in the conduct of its business, nor may the Trust use the name of any other Controlling Entity in the conduct of its business. The Trust must have a separate telephone number, stationery and other business forms. (f) All customary formalities regarding the existence of the Trust shall be observed. (g) All business transactions entered into by the Trust with any Controlling Entity shall be on such terms and conditions (including terms relating to amounts paid under such transactions) as would be generally available in comparable transactions if such business transactions were with an entity that was not a Controlling Entity and shall be approved by the Indenture Trustee. (h) Except as provided in Section 2.03 hereof, the Trust shall not guarantee or assume or hold itself out or permit itself to be held out as having guaranteed or assumed any liabilities or obligations of a Controlling Entity or any other person or entity. (i) Other than organizational expenses, the Trust shall pay its own liabilities, indebtedness and obligations of any kind, including all administrative expenses, from its own separate assets in accordance with the provisions hereunder and in the Indenture. (j) Assets of the Trust shall be separately identified, maintained and segregated. The Trust's ’s assets shall at all times be held by or on behalf of the Trust and, if held on behalf of the Trust by another entity (including any Controlling Entity), shall be kept identifiable (in accordance with customary usages) as assets owned by the Trust.