Common use of SEPARATENESS/OPERATIONS MATTERS Clause in Contracts

SEPARATENESS/OPERATIONS MATTERS. The Company shall conduct its business and operations in accordance with the following provisions: (i) except as contemplated in Section 2.04, the Company shall not guarantee any debts of Enron, the Sponsor, their respective Affiliates or any other person and the Company shall not acquire obligations of or securities of or make any loans or advances to Enron, the Sponsor, or their respective Affiliates or any other person other than the Bora Bora Note, the Bali Note and similar promissory notes acquired in exchange for the conveyance of Subsequent Assets; (ii) except as contemplated in Section 2.04, the Company shall not become subject to, or a party to, any contracts, agreements, indentures, loan or credit agreements, receivable sales or financing agreements, capital notes, mortgages, security agreements, bonds, or notes (or any guarantees of any of the foregoing obligations) other than the Fiji Note; (iii) the Company shall hold regular meetings, as appropriate to conduct the business of the Company, and observe all customary regulational and operational formalities; (iv) the Company shall maintain books and records and bank accounts separate from those of any other person; (v) the Company shall be disclosed as a separate subsidiary in public filings of Enron; (vi) the Company shall transact all business with affiliates on an arm=s‑length basis and pursuant to enforceable agreements; (vii) the Company shall maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (viii) the Company shall allocate and charge fairly and reasonably any common employee or overhead shared with affiliates; (ix) the Company shall conduct business in its own name, and use separate stationary, invoices and checks; (x) the Company shall not commingle its assets or funds with those of any other person; and (xi) the Company shall correct any known misunderstanding as to its separate identity.

SEPARATENESS/OPERATIONS MATTERS. The Company shall conduct its business and operations in accordance with the following provisions: (ia) except as contemplated in Section 2.04, the Company shall not guarantee any debts of Enron, the Sponsor, their respective Affiliates or any other person and the Company shall not acquire obligations of or securities of or make any loans or advances to Enron, the Sponsor, or their respective Affiliates or any other person other than the Bora Bora Note, the Bali Note and similar promissory notes acquired in exchange for the conveyance of Subsequent Assetsperson; (iib) except as contemplated in Section 2.04, the Company shall not become subject to, or a party to, any contracts, agreements, indentures, loan or credit agreements, receivable sales or financing agreements, capital notes, mortgages, security agreements, bonds, or notes (or any guarantees of any of the foregoing obligations) ); provided that the Company shall have the right to enter into the Operative Documents to which it is a party (and any other than the Fiji Noteagreements or transactions contemplated thereby); (iiic) the Company shall hold regular meetings, as appropriate to conduct the business of the Company, and observe all customary regulational and operational formalities; (ivd) the Company shall maintain books and records and bank accounts separate from those of any other person; (ve) the Company shall be disclosed as a separate subsidiary in public filings of Enron; (vif) the Company shall transact all business with affiliates Affiliates on an arm=s‑length basis and pursuant to enforceable agreements; (viig) the Company shall maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (viiih) the Company shall allocate and charge fairly and reasonably any common employee or overhead shared with affiliatesAffiliates; (ixi) the Company shall conduct business in its own name, and use separate stationary, invoices and checks; (xj) the Company shall not commingle its assets or funds with those of any other person; and (xik) the Company shall correct any known misunderstanding as to its separate identity.

SEPARATENESS/OPERATIONS MATTERS. The Company shall conduct its business and operations in accordance with the following provisions: (i) except as contemplated in Section 2.04, the Company shall not guarantee any debts of Enron, the Sponsor, [the Permitted Swap Party], their respective Affiliates or any other person and the Company shall not acquire obligations of or securities of or make any loans or advances to Enron, the Sponsor, [the Permitted Swap Party], or their respective Affiliates or any other person [other than the Bora Bora Note, the Bali Note and similar promissory notes acquired in exchange for the conveyance of Subsequent AssetsAsset]. [delete if not applicable]; (ii) except as contemplated in Section 2.04, the Company shall not become subject to, or a party to, any contracts, agreements, indentures, loan or credit agreements, receivable sales or financing agreements, capital notes, mortgages, security agreements, bonds, or notes (or any guarantees of any of the foregoing obligations) ); provided that the Company shall have the right to enter into the Operative Documents to which it is a party (and any other than the Fiji Noteagreements or transactions contemplated thereby); (iii) the Company shall hold regular meetings, as appropriate to conduct the business of the Company, and observe all customary regulational and operational formalities; (iv) the Company shall maintain books and records and bank accounts separate from those of any other person; (v) the Company shall be disclosed as a separate subsidiary in public filings of Enron; (vi) the Company shall transact all business with affiliates on an arm=s‑length basis and pursuant to enforceable agreements; (vii) the Company shall maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (viii) the Company shall allocate and charge fairly and reasonably any common employee or overhead shared with affiliates; (ix) the Company shall conduct business in its own name, and use separate stationary, invoices and checks; (x) the Company shall not commingle its assets or funds with those of any other person; and (xi) the Company shall correct any known misunderstanding as to its separate identity.

SEPARATENESS/OPERATIONS MATTERS. The Company shall conduct its business and operations in accordance with the following provisions: (ia) except as contemplated in Section 2.04, the Company shall not guarantee any debts of Enron, the Sponsor, [the Permitted Swap Party,] their respective Affiliates or any other person and the Company shall not acquire obligations of or securities of or make any loans or advances to Enron, the Sponsor, [the Permitted Swap Party,] or their respective Affiliates or any other person other than the Bora Bora Note, the Bali Note and similar promissory notes acquired in exchange for the conveyance of Subsequent Assetsperson; (iib) except as contemplated in Section 2.04, the Company shall not become subject to, or a party to, any contracts, agreements, indentures, loan or credit agreements, receivable sales or financing agreements, capital notes, mortgages, security agreements, bonds, or notes (or any guarantees of any of the foregoing obligations) ); provided that the Company shall have the right to enter into the Operative Documents to which it is a party (and any other than the Fiji Noteagreements or transactions contemplated thereby); (iiic) the Company shall hold regular meetings, as appropriate to conduct the business of the Company, and observe all customary regulational and operational formalities; (ivd) the Company shall maintain books and records and bank accounts separate from those of any other person; (ve) the Company shall be disclosed as a separate subsidiary in public filings of Enron; (vif) the Company shall transact all business with affiliates Affiliates on an arm=s‑length arm’s-length basis and pursuant to enforceable agreements; (viig) the Company shall maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (viiih) the Company shall allocate and charge fairly and reasonably any common employee or overhead shared with affiliatesAffiliates; (ixi) the Company shall conduct business in its own name, and use separate stationary, invoices and checks; (xj) the Company shall not commingle its assets or funds with those of any other person; and (xik) the Company shall correct any known misunderstanding as to its separate identity.

SEPARATENESS/OPERATIONS MATTERS. The Company shall conduct its business and operations in accordance with the following provisions: (ia) except as contemplated in Section 2.04, the Company shall not guarantee any debts of Enron, the Sponsor, [the Permitted Swap Party,] their respective Affiliates or any other person and the Company shall not acquire obligations of or securities of or make any loans or advances to Enron, the Sponsor, or their respective Affiliates or any other person other than the Bora Bora Note, the Bali Note and similar promissory notes acquired in exchange for the conveyance of Subsequent Assetsperson; (iib) except as contemplated in Section 2.04, the Company shall not become subject to, or a party to, any contracts, agreements, indentures, loan or credit agreements, receivable sales or financing agreements, capital notes, mortgages, security agreements, bonds, or notes (or any guarantees of any of the foregoing obligations) ); provided that the Company shall have the right to enter into the Operative Documents to which it is a party (and any other than the Fiji Noteagreements or transactions contemplated thereby); (iiic) the Company shall hold regular meetings, as appropriate to conduct the business of the Company, and observe all customary regulational and operational formalities; (ivd) the Company shall maintain books and records and bank accounts separate from those of any other person; (ve) the Company shall be disclosed as a separate subsidiary in public filings of Enron; (vif) the Company shall transact all business with affiliates Affiliates on an arm=s‑length basis and pursuant to enforceable agreements; (viig) the Company shall maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (viiih) the Company shall allocate and charge fairly and reasonably any common employee or overhead shared with affiliatesAffiliates; (ixi) the Company shall conduct business in its own name, and use separate stationary, invoices and checks; (xj) the Company shall not commingle its assets or funds with those of any other person; and (xik) the Company shall correct any known misunderstanding as to its separate identity.