Common use of Corporate Formalities Clause in Contracts

Corporate Formalities. Each Seller will strictly observe corporate formalities in its dealings with the Servicer, the Originators, and any Affiliates thereof (other than any other Seller). The Sellers shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Originators, and any Affiliates (other than any other Seller) thereof has independent access, other than the Servicer’s right to access the Lock-Box Accounts and the Cap Reserve Account in accordance with this Agreement. Each Seller shall maintain its limited liability company agreement and other organizational documents in conformity with this Agreement;

Corporate Formalities. Each Seller will strictly observe corporate formalities in its dealings with the Servicer, the Originators, Originators and any Affiliates thereof (other than any other Seller). The Sellers shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Originators, Originators and any Affiliates (other than any other Seller) thereof has independent access, other than the Servicer’s right to access the Lock-Box Accounts and the Cap Reserve Account in accordance with this Agreement. Each Seller shall maintain its limited liability company agreement and other organizational documents in conformity with this Agreement;

Corporate Formalities. Each Seller will strictly observe corporate formalities in its dealings with the Servicer, the Originators, Originators and any Affiliates thereof (other than any other Seller). The Sellers shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Originators, Originators and any Affiliates (other than any other Seller) thereof has independent access, other than the Servicer’s right to access the Lock-Box Accounts and the Cap Reserve Account in accordance with this Agreement and the Intercreditor Agreement. Each Seller shall maintain its limited liability company agreement and other organizational documents in conformity with this Agreement;

Corporate Formalities. Each Seller will strictly observe corporate formalities in its dealings with the Servicer, the Originators, Originators and any Affiliates thereof (other than any other Seller). The Sellers shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Originators, Originators and any Affiliates (other than any other Seller) thereof has independent access, other than the Servicer’s right to access the Lock-Box Accounts and the ISC Cap Reserve Account in accordance with this Agreement. Each Seller shall maintain its limited liability company agreement and other organizational documents in conformity with this Agreement;