Common use of Corporate Formalities Clause in Contracts

Corporate Formalities. The Seller will strictly observe limited liability company formalities in its dealings with the Master Servicer, the Parent, the Indemnification Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Seller will not be commingled with those of the Master Servicer, the Parent, the Indemnification Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Indemnification Guarantor, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Indemnification Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller and such Affiliate.

Corporate Formalities. The Seller Borrower will strictly observe limited liability company corporate formalities in its dealings with the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Originators Originators, the Transferor or any Affiliates thereof, and funds or other assets of the Seller Borrower will not be commingled with those of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Transferor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller Borrower shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Transferor, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Transferor, the Originators or any Subsidiaries or other Affiliates thereof. The Seller Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller Borrower and such Affiliate.

Corporate Formalities. The Seller Borrower will strictly observe limited liability company formalities in its dealings with the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Sub-Originator, the Originators or any Affiliates thereof, and funds or other assets of the Seller Borrower will not be commingled with those of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Sub-Originator, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller Borrower shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Sub-Originator, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Sub-Originator, the Originators or any Subsidiaries or other Affiliates thereof. The Seller Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller Borrower and such Affiliate.

Corporate Formalities. The Seller will strictly observe limited liability company formalities in its dealings with the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Pledgor, the Originators or any Affiliates thereof, and funds or other assets of the Seller will not be commingled with those of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Pledgor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool ReceivablesAgreement. The Seller shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Pledgor, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Pledgor, the Originators or any Subsidiaries or other Affiliates thereof. The Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller and such Affiliate.

Corporate Formalities. The Seller will strictly observe limited liability company formalities in its dealings with the Master Servicer, the ParentStarTek, the Indemnification Guarantor, the Originators any Originator or any Affiliates thereof, and funds or other assets of the Seller will not be commingled with those of the Master Servicer, the ParentStarTek, the Indemnification Guarantor, the Originators any Originator or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the ParentStarTek, the Indemnification Guarantor, the Originators any Originator or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the ParentStarTek, the Indemnification Guarantor, the Originators any Originator or any Subsidiaries or other Affiliates thereof. The Seller will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller and such Affiliate.

Corporate Formalities. The Seller Borrower will strictly observe limited liability company formalities in its dealings with the Master Servicer, the Parent, the Indemnification Performance Guarantor, the 749336112 22708133 Originators or any Affiliates thereof, and funds or other assets of the Seller Borrower will not be commingled with those of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Seller Borrower shall not maintain joint bank accounts or other depository accounts to which the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Originators or any Affiliate thereof (other than the Master Servicer solely in its capacity as such) has independent access. The Seller Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Master Servicer, the Parent, the Indemnification Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof. The Seller Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller Borrower and such Affiliate.