{"component": "clause", "props": {"groups": [{"samples": [{"hash": "jIyaGechgCj", "uri": "/contracts/jIyaGechgCj#separate-existence", "label": "Receivables Purchase Agreement (Vistra Corp.)", "score": 35.2696800232, "published": true}, {"hash": "ce2CyIsisPG", "uri": "/contracts/ce2CyIsisPG#separate-existence", "label": "Receivables Purchase Agreement (Vistra Corp.)", "score": 32.5345649719, "published": true}, {"hash": "3uKOzQGHbRQ", "uri": "/contracts/3uKOzQGHbRQ#separate-existence", "label": "Receivables Purchase Agreement (Vistra Corp.)", "score": 31.9897327423, "published": true}], "size": 275, "snippet": "Each of the Seller and the Servicer hereby acknowledges that the Purchasers, the Purchaser Agents and the Administrator are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Seller\u2019s identity as a legal entity separate from the Servicer, each Originator, Vistra and their respective other Affiliates. Therefore, from and after the date hereof, each of the Seller and the Servicer shall take all steps specifically required by this Agreement to continue the Seller\u2019s identity as a separate legal entity and to make it apparent to third Persons that the Seller is an entity with assets and liabilities distinct from those of Vistra, the Servicer, each Originator, and any other Person, and is not a division of Vistra, the Servicer, the Originators, its or their respective other Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Seller and the Servicer shall take such actions as shall be required in order to ensure each of the following until the Final Termination Date:\n(a) The Seller will be a limited liability company whose primary activities are restricted in its limited liability company agreement to (i) purchasing or otherwise acquiring from any Originator, owning, holding, granting security interests or selling interests in Pool Assets; (ii) entering into agreements for the selling and servicing of the Receivables Pool; and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities.\n(b) The Seller shall not engage in any business or activity, or incur any indebtedness or liability, other than as expressly permitted by the Transaction Documents.\n(c) Not less than one independent manager (the \u201cIndependent Manager\u201d) shall be an individual who (i) is not, and has not at any time during the five-year period prior to his or her appointment as Independent Manager been, a direct, indirect or beneficial owner, officer, director, employee, affiliate, associate or supplier of Vistra, the Servicer or any of its or their Affiliates (other than his or her service as an independent manager or in a similar capacity of any such Person); and (ii) has at least three years of employment experience with one or more entities that provide, in the ordinary course of its businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities. The limited liability company agreement of the Seller shall at all times provide that (i) the Seller\u2019s Manager (as defined in its limited liability company agreement) shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Seller unless the Manager and the Independent Manager shall approve the taking of such action in writing before the taking of such action; and (ii) such provision cannot be amended without the prior written consent of the Independent Manager.\n(d) The Independent Manager shall not at any time serve as a trustee in bankruptcy for the Seller, Vistra, the Servicer or any Originator or any of their respective other Affiliates.\n(e) Any employee, consultant or agent of the Seller will be compensated from the Seller\u2019s funds for services provided to the Seller. The Seller will not engage any agents other than its attorneys, auditors, other professionals, a servicer and any other agent contemplated by the Transaction Documents for the Receivables Pool.\n(f) The Seller will contract with the Servicer, to perform for the Seller all operations required on a daily basis to service the Receivables Pool. The Seller will pay the Servicer the Servicing Fee pursuant to the Transaction Documents. Except as otherwise permitted by this Agreement, the Seller will not incur any material indirect or overhead expenses for items shared with Vistra or the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Seller (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee or the manager\u2019s fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered; provided, that the Servicer may pay all (or any portion of) the expenses relating to the preparation, negotiation, execution and delivery of the Transaction Documents, including legal, agency and other fees.\n(g) The Seller\u2019s operating expenses will not be paid by Vistra, the Servicer, any Originator or any other Affiliate thereof.\n(h) The Seller\u2019s books and records will be maintained separately from those of Vistra, the Servicer or any Originator or any of their respective other Affiliates.\n(i) The Seller\u2019s assets shall not be included in the consolidated financial statements of Vistra, the Servicer or any Originator or any of their respective other Affiliates unless required in accordance with GAAP and any such consolidated financial statements shall contain detailed notes clearly stating that (i) such Affiliates are separate legal entities and the Seller\u2019s assets and credit are not available to satisfy the debts and obligations of such Affiliates or any other Person and (ii) the Seller\u2019s assets shall be listed on the Seller\u2019s own separate balance sheet.\n(j) The Seller\u2019s assets will be maintained in a manner that facilitates their identification and segregation from those of Vistra, the Servicer or any Originator or any of their respective other Affiliates.\n(k) The Seller will strictly observe corporate formalities in its dealings with Vistra, the Servicer or any Originator or any of their respective other Affiliates, and ensure that funds or other assets of the Seller are not commingled with those of Vistra, the Servicer or any Originator or any of their respective other Affiliates except as permitted by this Agreement. The Seller shall not maintain joint bank accounts or other depository accounts to which Vistra, the Servicer or any Originator or any of their respective other Affiliates has independent access.\n(l) The Seller will maintain arm\u2019s-length relationships with each of Vistra, the Servicer or any Originator (and any of their other Affiliates). Any Person that renders or otherwise furnishes services to the Seller will be compensated by the Seller at market rates for such services it renders or otherwise furnishes to the Seller. Neither the Seller, on the one hand, nor the Servicer or any Originator, on the other, will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other. The Seller and the Servicer will immediately correct any known misunderstanding with respect to the foregoing, and they will not operate or purport to operate as an integrated economic unit with respect to each other or in their dealing with any other entity.\n(m) None of Vistra, the Servicer or other Originator shall pay the salaries of Seller\u2019s employees, if any.\n(n) No Affiliate of the Seller shall advance funds to, or guaranty debts of, the Seller, except as otherwise provided herein or in the other Transaction Documents; provided, that an Affiliate of the Seller may provide funds to the Seller in connection with its capitalization.\n(o) The Seller shall not guarantee, and shall not otherwise be liable, with respect to any obligation of any of its Affiliates.\n(p) The Seller shall be, at all times, adequately capitalized to engage in the transactions contemplated in its limited liability company agreement.\n(q) Each of the Seller and the Servicer will take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion issued by Sidley Austin LLP, as counsel for the Seller, in connection with this Agreement relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and correct in all material respects at all times.", "snippet_links": [{"key": "the-seller-and-the-servicer", "type": "clause", "offset": [8, 35]}, {"key": "the-purchasers", "type": "definition", "offset": [61, 75]}, {"key": "the-purchaser-agents", "type": "clause", "offset": [77, 97]}, {"key": "the-administrator", "type": "clause", "offset": [102, 119]}, {"key": "entering-into", "type": "clause", "offset": [124, 137]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [138, 185]}, {"key": "other-transaction-documents", "type": "clause", "offset": [194, 221]}, {"key": "other-affiliates", "type": "clause", "offset": [352, 368]}, {"key": "date-hereof", "type": 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"to-the-seller", "type": "definition", "offset": [2845, 2858]}, {"key": "the-manager", "type": "definition", "offset": [2866, 2877]}, {"key": "the-independent", "type": "clause", "offset": [2882, 2897]}, {"key": "action-in-writing", "type": "clause", "offset": [2939, 2956]}, {"key": "consent-of-the", "type": "clause", "offset": [3059, 3073]}, {"key": "trustee-in-bankruptcy", "type": "clause", "offset": [3156, 3177]}, {"key": "any-employee", "type": "clause", "offset": [3282, 3294]}, {"key": "services-provided", "type": "definition", "offset": [3378, 3395]}, {"key": "other-professionals", "type": "definition", "offset": [3485, 3504]}, {"key": "other-agent", "type": "definition", "offset": [3525, 3536]}, {"key": "daily-basis", "type": "definition", "offset": [3708, 3719]}, {"key": "servicing-fee", "type": "clause", "offset": [3790, 3803]}, {"key": "pursuant-to-the", "type": "definition", "offset": [3804, 3819]}, {"key": "overhead-expenses", "type": "definition", "offset": [3943, 3960]}, 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"in-accordance-with", "type": "definition", "offset": [5189, 5207]}, {"key": "separate-legal-entities", "type": "clause", "offset": [5334, 5357]}, {"key": "available-to", "type": "definition", "offset": [5401, 5413]}, {"key": "obligations-of", "type": "clause", "offset": [5436, 5450]}, {"key": "balance-sheet", "type": "definition", "offset": [5561, 5574]}, {"key": "corporate-formalities", "type": "clause", "offset": [5820, 5841]}, {"key": "other-assets", "type": "definition", "offset": [5972, 5984]}, {"key": "bank-accounts", "type": "definition", "offset": [6190, 6203]}, {"key": "depository-accounts", "type": "clause", "offset": [6213, 6232]}, {"key": "independent-access", "type": "clause", "offset": [6329, 6347]}, {"key": "any-person", "type": "clause", "offset": [6494, 6504]}, {"key": "services-to-the", "type": "clause", "offset": [6541, 6556]}, {"key": "by-the-seller", "type": "clause", "offset": [6584, 6597]}, {"key": "market-rates", "type": "clause", "offset": [6601, 6613]}, {"key": "hold-itself-out", "type": "definition", "offset": [6784, 6799]}, {"key": "responsible-for", "type": "clause", "offset": [6806, 6821]}, {"key": "the-daily", "type": "clause", "offset": [6884, 6893]}, {"key": "business-and-affairs", "type": "clause", "offset": [6894, 6914]}, {"key": "to-operate", "type": "definition", "offset": [7077, 7087]}, {"key": "economic-unit", "type": "definition", "offset": [7105, 7118]}, {"key": "dealing-with", "type": "clause", "offset": [7158, 7170]}, {"key": "other-entity", "type": "clause", "offset": [7175, 7187]}, {"key": "other-originator", "type": "definition", "offset": [7225, 7241]}, {"key": "of-seller", "type": "clause", "offset": [7265, 7274]}, {"key": "affiliate-of", "type": "definition", "offset": [7303, 7315]}, {"key": "advance-funds", "type": "definition", "offset": [7333, 7346]}, {"key": "except-as-otherwise-provided", "type": "clause", "offset": [7385, 7413]}, {"key": "an-affiliate", "type": "clause", "offset": [7475, 7487]}, {"key": "provide-funds", "type": "clause", "offset": [7506, 7519]}, {"key": "in-connection-with", "type": "clause", "offset": [7534, 7552]}, {"key": "adequately-capitalized", "type": "definition", "offset": [7740, 7762]}, {"key": "other-actions", "type": "clause", "offset": [7905, 7918]}, {"key": "facts-and-assumptions", "type": "clause", "offset": [7967, 7988]}, {"key": "issued-by", "type": "clause", "offset": [8014, 8023]}, {"key": "counsel-for-the-seller", "type": "definition", "offset": [8046, 8068]}, {"key": "substantive-consolidation", "type": "definition", "offset": [8116, 8141]}, {"key": "the-certificates", "type": "clause", "offset": [8157, 8173]}, {"key": "true-and-correct", "type": "clause", "offset": [8208, 8224]}, {"key": "in-all-material-respects", "type": "definition", "offset": [8225, 8249]}], "hash": "60460e4256ac7432946b89e77bf2240c", "id": 1}, {"samples": [{"hash": "bXqTf8CLHAo", "uri": "/contracts/bXqTf8CLHAo#separate-existence", "label": "Fifth Amended and Restated Credit Agreement (Gladstone Investment Corporation\\de)", "score": 33.0971946716, "published": true}, {"hash": "aSQXdkSw9D", "uri": "/contracts/aSQXdkSw9D#separate-existence", "label": "Credit Agreement (Gladstone Investment Corporation\\de)", "score": 32.8288841248, "published": true}, {"hash": "amEw1hfLsNM", "uri": "/contracts/amEw1hfLsNM#separate-existence", "label": "Credit Agreement (Gladstone Investment Corporation\\de)", "score": 30.1813831329, "published": true}], "size": 80, "snippet": "The Borrower shall:\n(i) Maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions. The funds of the Borrower will not be diverted to any other Person or for other than corporate uses of the Borrower.\n(ii) Ensure that, to the extent that it shares the same persons as officers or other employees as any of its Affiliates, the salaries of and the expenses related to providing benefits to such officers or employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and employees.\n(iii) Ensure that, to the extent that it jointly contracts with any of its Affiliates to do business with vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that the Borrower contracts or does business with vendors or service providers when the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each such entity shall bear its fair share of such costs. All material transactions between Borrower and any of its Affiliates shall be only on an arm\u2019s length basis.\n(iv) Maintain a principal executive and administrative office through which its business is conducted separate from those of its Affiliates. To the extent that Borrower and any of its Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses.\n(v) Conduct its affairs strictly in accordance with its limited liability company agreement and observe all necessary, appropriate and customary legal formalities, including, but not limited to, holding all regular and special director\u2019s meetings appropriate to authorize all action, keeping separate and accurate records of such meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and transaction accounts.\n(vi) Take or refrain from taking, as applicable, each of the activities specified or assumed in the \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 Opinion, upon which the conclusions expressed therein are based.\n(vii) Maintain the effectiveness of, and continue to perform under the Purchase Agreement and the Performance Guaranty, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Purchase Agreement or the Performance Guaranty, or give any consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the Purchase Agreement or the Performance Guaranty or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrative Agent and each Managing Agent.", "snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [0, 18]}, {"key": "account-or-accounts", "type": "clause", "offset": [49, 68]}, {"key": "commercial-banking", "type": "definition", "offset": [113, 131]}, {"key": "the-funds", "type": "clause", "offset": [146, 155]}, {"key": "borrower-will", "type": "clause", "offset": [163, 176]}, {"key": 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"type": "definition", "offset": [1885, 1920]}, {"key": "legal-formalities", "type": "clause", "offset": [1974, 1991]}, {"key": "not-limited", "type": "clause", "offset": [2008, 2019]}, {"key": "special-director", "type": "definition", "offset": [2048, 2064]}, {"key": "accurate-records", "type": "clause", "offset": [2134, 2150]}, {"key": "actions-taken", "type": "clause", "offset": [2228, 2241]}, {"key": "records-and-accounts", "type": "definition", "offset": [2303, 2323]}, {"key": "transaction-accounts", "type": "clause", "offset": [2368, 2388]}, {"key": "the-activities", "type": "clause", "offset": [2447, 2461]}, {"key": "the-\u2587", "type": "clause", "offset": [2486, 2491]}, {"key": "continue-to-perform", "type": "clause", "offset": [2612, 2631]}, {"key": "the-purchase-agreement", "type": "definition", "offset": [2638, 2660]}, {"key": "performance-guaranty", "type": "definition", "offset": [2669, 2689]}, {"key": "agreement-or", "type": "definition", "offset": [2792, 2804]}, {"key": "each-case", "type": "definition", "offset": [3057, 3066]}, {"key": "consent-of-the-administrative-agent", "type": "clause", "offset": [3086, 3121]}, {"key": "managing-agent", "type": "definition", "offset": [3131, 3145]}], "hash": "de294a6b83ae3e865e71e49a7f4f9fd9", "id": 3}, {"samples": [{"hash": "dnL28S9pWQt", "uri": "/contracts/dnL28S9pWQt#separate-existence", "label": "Loan and Servicing Agreement (Antares Strategic Credit Fund)", "score": 35.7104721069, "published": true}, {"hash": "icfCUxErpLP", "uri": "/contracts/icfCUxErpLP#separate-existence", "label": "Loan and Servicing Agreement (Antares Strategic Credit Fund)", "score": 35.0616035461, "published": true}, {"hash": "517uqGC4Y1", "uri": "/contracts/517uqGC4Y1#separate-existence", "label": "Loan and Servicing Agreement (Antares Strategic Credit Fund)", "score": 34.3839836121, "published": true}], "size": 63, "snippet": "(a) The Borrower shall at all times: (i) maintain at least one Independent Manager; (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person; (iv) [reserved]; (v) file its own Tax returns, except to the extent that the Borrower is treated as a \u201cdisregarded entity\u201d for Tax purposes and is not required to file Taxes under Applicable Law, and pay any Taxes so required to be paid by the Borrower under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings and in respect of which the Borrower has established proper reserves on its books in accordance with Appropriate Accounting Principles; (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; (viii) maintain separate financial statements; provided, however, that the Borrower\u2019s assets may be included in a consolidated financial statement of its Affiliate if (A) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from such Affiliate and to indicate that the Borrower\u2019s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (B) such assets shall also be listed on the Borrower\u2019s own separate balance sheet (if the Borrower prepares its own separate balance sheet); (ix) pay its own liabilities only out of its own funds; (x) maintain an arm\u2019s length relationship with the Equityholder and each of its other Affiliates; (xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including for shared office space; (xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) cause its member or members keep minutes of all meetings and actions by written consent and observe in all respects all other limited liability company formalities; (xviii) not acquire the obligations or any securities of its Affiliates except as otherwise permitted under the Transaction Documents; (xix) [reserved]; (xx) maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Borrower, shall immediately become the member of the Borrower in accordance with its organizational documents; and (xxi) not divide or permit any division of the Borrower under Applicable Law.\n(b) The Borrower shall not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the preceding clause (a) or otherwise contemplated pursuant to the Transaction Documents; (ii) fail to be solvent; (iii) release, sell, transfer, convey or assign any Collateral Obligation unless in accordance with the Transaction Documents; (iv) except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Borrower, enter into any transaction with an Affiliate of the Borrower except on commercially reasonable terms similar to those available to unaffiliated parties in an arm\u2019s-length transaction; (v) identify itself as a department or division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental personal property necessary for the ownership or operation of these assets.", "snippet_links": 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"type": "definition", "offset": [1324, 1336]}, {"key": "debts-and-other-obligations", "type": "clause", "offset": [1349, 1376]}, {"key": "balance-sheet", "type": "definition", "offset": [1487, 1500]}, {"key": "own-funds", "type": "clause", "offset": [1605, 1614]}, {"key": "other-affiliates", "type": "clause", "offset": [1696, 1712]}, {"key": "obligations-of-others", "type": "clause", "offset": [1787, 1808]}, {"key": "overhead-expenses", "type": "definition", "offset": [1851, 1868]}, {"key": "shared-office-space", "type": "clause", "offset": [1918, 1937]}, {"key": "by-this-agreement", "type": "clause", "offset": [2028, 2045]}, {"key": "obligations-of-any-other-person", "type": "clause", "offset": [2089, 2120]}, {"key": "separate-identity", "type": "clause", "offset": [2176, 2193]}, {"key": "adequate-capital", "type": "clause", "offset": [2210, 2226]}, {"key": "business-purpose", "type": "definition", "offset": [2256, 2272]}, {"key": "expenses-and-liabilities", "type": "definition", "offset": [2325, 2349]}, {"key": "own-assets", "type": "definition", "offset": [2359, 2369]}, {"key": "member-or-members", "type": "definition", "offset": [2388, 2405]}, {"key": "actions-by-written-consent", "type": "clause", "offset": [2439, 2465]}, {"key": "in-all-respects", "type": "clause", "offset": [2478, 2493]}, {"key": "limited-liability-company-formalities", "type": "clause", "offset": [2504, 2541]}, {"key": "the-transaction-documents", "type": "clause", "offset": [2651, 2676]}, {"key": "special-member", "type": "definition", "offset": [2723, 2737]}, {"key": "dissolution-of-the", "type": "clause", "offset": [2753, 2771]}, {"key": "sole-member", "type": "clause", "offset": [2772, 2783]}, {"key": "member-of-the", "type": "clause", "offset": [2891, 2904]}, {"key": "organizational-documents", "type": "clause", "offset": [2937, 2961]}, {"key": "division-of-the", "type": "clause", "offset": [2998, 3013]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [3084, 3106]}, {"key": "any-business", "type": "definition", "offset": [3111, 3123]}, {"key": "actions-required", "type": "clause", "offset": [3140, 3156]}, {"key": "pursuant-to-the", "type": "definition", "offset": [3243, 3258]}, {"key": "collateral-obligation", "type": "definition", "offset": [3359, 3380]}, {"key": "capital-contributions", "type": "definition", "offset": [3450, 3471]}, {"key": "capital-distributions", "type": "definition", "offset": [3475, 3496]}, {"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [3517, 3555]}, {"key": "affiliate-of", "type": "definition", "offset": [3656, 3668]}, {"key": "commercially-reasonable-terms", "type": "definition", "offset": [3692, 3721]}, {"key": "similar-to", "type": "definition", "offset": [3722, 3732]}, {"key": "department-or", "type": "definition", "offset": [3830, 3843]}, {"key": "the-collateral", "type": "definition", "offset": [3919, 3933]}, {"key": "related-assets", "type": "clause", "offset": [3942, 3956]}, {"key": "personal-property", "type": "definition", "offset": [3972, 3989]}, {"key": "necessary-for", "type": "definition", "offset": [3990, 4003]}, {"key": "operation-of", "type": "definition", "offset": [4021, 4033]}], "hash": "63f657432ddb8b96ea59e67b4c4215c1", "id": 4}, {"samples": [{"hash": "bG3j4O5QzGP", "uri": "/contracts/bG3j4O5QzGP#separate-existence", "label": "Limited Liability Company Agreement (Centerpoint Energy Houston Electric LLC)", "score": 37.1533203125, "published": true}, {"hash": "dwxWX57VoIL", "uri": "/contracts/dwxWX57VoIL#separate-existence", "label": "Limited Liability Company Agreement (Centerpoint Energy Houston Electric LLC)", "score": 37.1341552734, "published": true}, {"hash": "cagkRFqv4y7", "uri": "/contracts/cagkRFqv4y7#separate-existence", "label": "Limited Liability Company Agreement (Centerpoint Energy Houston Electric LLC)", "score": 37.071182251, "published": true}], "size": 97, "snippet": "Except for financial reporting purposes (to the extent required by generally accepted accounting principles) and for federal income tax purposes and, to the extent consistent with applicable state tax law, state income and franchise tax purposes, the Member and the Managers shall take all steps necessary to continue the identity of the Company as a separate legal entity and to make it apparent to third Persons that the Company is an entity with assets and liabilities distinct from those of the Member, Affiliates of the Member or any other Person, and that the Company is not a division of any of the Affiliates of the Company or any other Person. In that regard, and without limiting the foregoing in any manner, the Company shall:\n(a) maintain the assets of the Company in such a manner that it is not costly or difficult to segregate, identify or ascertain its individual assets from those of any other Person, including any Affiliate;\n(b) conduct all transactions with Affiliates on an arm\u2019s length basis;\n(c) not guarantee, become obligated for or pay the debts of any Affiliate or hold the credit of the Company out as being available to satisfy the obligations of any Affiliate or other Person (nor, except as contemplated in the Basic Documents, indemnify any Person for losses resulting therefrom), nor, except as contemplated in the Basic Documents, have any of its obligations guaranteed by any Affiliate or hold the Company out as responsible for the debts of any Affiliate or other Person or for the decisions or actions with respect to the business and affairs of any Affiliate, nor seek or obtain credit or incur any obligation to any third party based upon the creditworthiness or assets of any Affiliate or any other Person (i.e., other than based on the assets of the Company) nor allow any Affiliate to do such things based on the credit of the Company;\n(d) except as expressly otherwise permitted hereunder or under any of the Basic Documents, not permit the commingling or pooling of the Company\u2019s funds or other assets with the funds or other assets of any Affiliate;\n(e) maintain separate deposit and other bank accounts and funds (separately identifiable from those of the Member or any other Person) to which no Affiliate (except CEHE, in its capacity as Servicer and Administrator) has any access, which accounts shall be maintained in the name and, to the extent not inconsistent with applicable federal tax law, with the tax identification number of the Company;\n(f) maintain full books of accounts and records (financial or other) and financial statements separate from those of its Affiliates or any other Person, prepared and maintained in accordance with generally accepted accounting principles (including, all resolutions, records, agreements or instruments underlying or regarding the transactions contemplated by the Basic Documents or otherwise) and audited annually by an independent accounting firm which, upon written request, shall provide such audit to the Indenture Trustee;\n(g) pay its own liabilities out of its own funds, including fees and expenses of the Administrator pursuant to the Administration Agreement and the Servicer pursuant to the Servicing Agreement;\n(h) not hire or maintain any employees, but shall compensate (either directly or through reimbursement of the Company\u2019s allocable share of any shared expenses) all consultants, agents and Affiliates, to the extent applicable, for services provided to the Company by such consultants, agents or Affiliates, in each case, from the Company\u2019s own funds;\n(i) allocate fairly and reasonably the salaries of and the expenses related to providing the benefits of officers or managers shared with the Member, any Special Member or any Manager;\n(j) allocate fairly and reasonably any overhead shared with the Member, any Special Member or any Manager;\n(k) pay from its own bank accounts for accounting and payroll services, rent, lease and other expenses (or the Company\u2019s allocable share of any such amounts provided by one or more other Affiliates) and not have such operating expenses (or the Company\u2019s allocable share thereof) paid by any Affiliates, provided, that the Member shall be permitted to pay the initial organization expenses of the Company and certain of the expenses related to the transactions contemplated by the Basic Documents as provided therein;\n(l) maintain adequate capitalization to conduct its business and affairs considering the Company\u2019s size and the nature of its business and intended purposes and, after giving effect to the transactions contemplated by the Basic Documents, refrain from engaging in a business for which its remaining property represents an unreasonably small capital;\n(m) conduct all of the Company\u2019s business (whether in writing or orally) solely in the name of the Company through the Member and the Company\u2019s Managers, officers and agents and hold the Company out as an entity separate from any Affiliate;\n(n) not make or declare any distributions of cash or property to the Member except in accordance with appropriate limited liability company formalities and only consistent with sound business judgment to the extent that it is permitted pursuant to the Basic Documents and not violative of any applicable law;\n(o) otherwise practice and adhere to all limited liability company procedures and formalities to the extent required by this LLC Agreement or all other appropriate constituent documents and the laws of its state of formation and all other appropriate jurisdictions;\n(p) not appoint an Affiliate or any employee of an Affiliate as an agent of the Company, except as otherwise permitted in the Basic Documents (although such Persons can qualify as a Manager or as an officer of the Company);\n(q) not acquire obligations or securities of or make loans or advances to or pledge its assets for the benefit of any Affiliate, the Member or any Affiliate of the Member;\n(r) not permit the Member or any Affiliate to acquire obligations of or make loans or advances to the Company;\n(s) except as expressly provided in the Basic Documents, not permit the Member or any Affiliate to guarantee, pay or become liable for the debts of the Company nor permit any such Person to hold out its creditworthiness as being available to pay the liabilities and expenses of the Company nor, except for the indemnities in this LLC Agreement and the Basic Documents, indemnify any Person for losses resulting therefrom;\n(t) maintain separate minutes of the actions of the Member and the Managers, including the transactions contemplated by the Basic Documents;\n(u) cause (i) all written and oral communications, including letters, invoices, purchase orders, and contracts, of the Company to be made solely in the name of the Company, (ii) the Company to have its own tax identification number (to the extent not inconsistent with applicable federal tax law), stationery, checks and business forms separate from those of any Affiliate, (iii) all Affiliates not to use the stationery or business forms of the Company, and cause the Company not to use the stationery or business forms of any Affiliate, and (iv) all Affiliates not to conduct business in the name of the Company, and cause the Company not to conduct business in the name of any Affiliate;\n(v) direct creditors of the Company to send invoices and other statements of account of the Company directly to the Company and not to any Affiliate and cause the Affiliates to direct their creditors not to send invoices and other statements of accounts of such Affiliates to the Company;\n(w) cause the Member to maintain as official records all resolutions, agreements, and other instruments underlying or regarding the transactions contemplated by the Basic Documents;\n(x) disclose, and cause the Member to disclose, in its financial statements the effects of all transactions between the Member and the Company in accordance with generally accepted accounting principles, and in a manner which makes it clear that (i) the Company is a separate legal entity, (ii) the assets of the Company (including the System Restoration Property transferred to the Company pursuant to the Sale Agreement) are not assets of any Affiliate and are not available to pay creditors of any Affiliate and (iii) neither the Member nor any other Affiliate is liable or responsible for the debts of the Company;\n(y) treat and cause the Member to treat the transfer of the System Restoration Property from the Member to the Company as a sale under the Securitization Act;\n(z) except as described herein with respect to tax purposes and financial reporting, describe and cause each Affiliate to describe the Company, and hold the Company out as a separate legal entity and not as a division or department of any Affiliate, and promptly correct any known misunderstanding regarding the Company\u2019s identity separate from any Affiliate or any Person;\n(aa) so long as any of the Bonds are Outstanding, treat the Bonds as debt for all purposes and specifically as debt of the Company, other than for financial reporting, state or federal regulatory or tax purposes;\n(bb) solely for purposes of federal income taxes and, to the extent consistent with applicable state, local and other tax law, state, local and other taxes, so long as any of the Bonds are Outstanding, treat the Bonds as indebtedness of Utility Holding secured by the Bond Collateral unless otherwise required by appropriate taxing authorities;\n(cc) file its own tax returns, if any, as may be required under applicable law, to the extent (i) not part of a consolidated group filing a consolidated return or returns or (ii) not treated as a division or disregarded entity for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;\n(dd) maintain its valid existence in good standing under the laws of the State of Delaware and maintain its qualification to do business under the laws of such other jurisdictions as its operations require;\n(ee) not form, or cause to be formed, any subsidiaries;\n(ff) comply with all laws applicable to the transactions contemplated by this LLC Agreement and the Basic Documents; and (gg) cause the Member to observe in all material respects all limited liability company procedures and formalities, if any, required by its constituent documents and the laws of its state of formation and all other appropriate jurisdictions. Failure of the Company, or the Member or any Manager on behalf of the Company, to comply with any of the foregoing covenants or any other covenants contained in this LLC Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of the Member or the Managers.", "snippet_links": [{"key": "reporting-purposes", "type": "clause", "offset": [21, 39]}, {"key": "to-the-extent", "type": "clause", "offset": [41, 54]}, {"key": "required-by", "type": "definition", "offset": [55, 66]}, {"key": "generally-accepted-accounting-principles", "type": "definition", "offset": [67, 107]}, {"key": "federal-income-tax-purposes", "type": "clause", "offset": [117, 144]}, {"key": "consistent-with", "type": "definition", "offset": [164, 179]}, {"key": "state-tax", "type": "definition", "offset": [191, 200]}, {"key": "franchise-tax", "type": "clause", "offset": [223, 236]}, {"key": "the-managers", "type": "clause", "offset": [262, 274]}, {"key": "separate-legal-entity", "type": "clause", "offset": [351, 372]}, {"key": "third-persons", "type": "clause", "offset": [400, 413]}, {"key": "assets-and-liabilities", "type": "definition", "offset": [449, 471]}, {"key": "any-other-person", "type": "definition", "offset": [535, 551]}, {"key": "affiliates-of-the-company", "type": "clause", "offset": [606, 631]}, {"key": "without-limiting-the-foregoing", "type": "clause", "offset": [673, 703]}, {"key": "the-company-shall", "type": "clause", "offset": [719, 736]}, {"key": "company-in", "type": "clause", "offset": [769, 779]}, {"key": "transactions-with-affiliates", "type": "definition", "offset": [960, 988]}, {"key": "the-credit", "type": "definition", "offset": [1097, 1107]}, {"key": "available-to", "type": "definition", "offset": [1136, 1148]}, {"key": "obligations-of", "type": "clause", "offset": [1161, 1175]}, {"key": "basic-documents", "type": "definition", "offset": [1242, 1257]}, {"key": "any-person", "type": "clause", "offset": 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"books-of-accounts-and-records", "type": "clause", "offset": [2514, 2543]}, {"key": "financial-statements", "type": "definition", "offset": [2569, 2589]}, {"key": "in-accordance-with", "type": "definition", "offset": [2673, 2691]}, {"key": "transactions-contemplated", "type": "clause", "offset": [2825, 2850]}, {"key": "independent-accounting-firm", "type": "definition", "offset": [2915, 2942]}, {"key": "written-request", "type": "definition", "offset": [2955, 2970]}, {"key": "the-indenture-trustee", "type": "definition", "offset": [3000, 3021]}, {"key": "own-funds", "type": "clause", "offset": [3062, 3071]}, {"key": "expenses-of-the-administrator", "type": "clause", "offset": [3092, 3121]}, {"key": "administration-agreement", "type": "definition", "offset": [3138, 3162]}, {"key": "the-servicer", "type": "definition", "offset": [3167, 3179]}, {"key": "servicing-agreement", "type": "clause", "offset": [3196, 3215]}, {"key": "reimbursement-of-the-company", "type": "clause", "offset": 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5586]}, {"key": "agent-of-the-company", "type": "clause", "offset": [5609, 5629]}, {"key": "officer-of-the-company", "type": "definition", "offset": [5741, 5763]}, {"key": "loans-or-advances", "type": "clause", "offset": [5819, 5836]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [5861, 5879]}, {"key": "affiliate-of", "type": "definition", "offset": [5913, 5925]}, {"key": "to-acquire", "type": "definition", "offset": [5981, 5991]}, {"key": "advances-to-the-company", "type": "clause", "offset": [6024, 6047]}, {"key": "except-as-expressly-provided", "type": "clause", "offset": [6053, 6081]}, {"key": "liabilities-and-expenses", "type": "clause", "offset": [6299, 6323]}, {"key": "actions-of-the-member", "type": "clause", "offset": [6508, 6529]}, {"key": "oral-communications", "type": "clause", "offset": [6642, 6661]}, {"key": "purchase-orders", "type": "clause", "offset": [6692, 6707]}, {"key": "business-forms", "type": "clause", "offset": [6933, 6947]}, {"key": "conduct-business", "type": "clause", "offset": [7182, 7198]}, {"key": "creditors-of-the-company", "type": "clause", "offset": [7314, 7338]}, {"key": "statements-of-account", "type": "clause", "offset": [7366, 7387]}, {"key": "to-maintain", "type": "clause", "offset": [7613, 7624]}, {"key": "official-records", "type": "definition", "offset": [7628, 7644]}, {"key": "other-instruments", "type": "definition", "offset": [7678, 7695]}, {"key": "to-disclose", "type": "definition", "offset": [7809, 7820]}, {"key": "property-transferred", "type": "clause", "offset": [8129, 8149]}, {"key": "the-sale-agreement", "type": "clause", "offset": [8177, 8195]}, {"key": "not-available", "type": "definition", "offset": [8237, 8250]}, {"key": "pay-creditors", "type": "clause", "offset": [8254, 8267]}, {"key": "transfer-of-the", "type": "clause", "offset": [8437, 8452]}, {"key": "securitization-act", "type": "definition", "offset": [8532, 8550]}, {"key": "department-of", "type": "clause", "offset": [8773, 8786]}, {"key": "regarding-the-company", "type": "clause", "offset": [8850, 8871]}, {"key": "the-bonds", "type": "definition", "offset": [8949, 8958]}, {"key": "all-purposes", "type": "definition", "offset": [9004, 9016]}, {"key": "debt-of-the-company", "type": "clause", "offset": [9037, 9056]}, {"key": "for-purposes-of", "type": "clause", "offset": [9151, 9166]}, {"key": "taxes-and", "type": "clause", "offset": [9182, 9191]}, {"key": "other-taxes", "type": "clause", "offset": [9283, 9294]}, {"key": "indebtedness-of", "type": "clause", "offset": [9360, 9375]}, {"key": "utility-holding", "type": "definition", "offset": [9376, 9391]}, {"key": "bond-collateral", "type": "definition", "offset": [9407, 9422]}, {"key": "taxing-authorities", "type": "definition", "offset": [9464, 9482]}, {"key": "tax-returns", "type": "definition", "offset": [9502, 9513]}, {"key": "consolidated-group", "type": "definition", "offset": [9596, 9614]}, {"key": "return-or-returns", "type": "definition", "offset": [9637, 9654]}, {"key": "disregarded-entity", "type": "clause", "offset": [9692, 9710]}, {"key": "valid-existence", "type": "clause", "offset": [9830, 9845]}, {"key": "in-good-standing", "type": "definition", "offset": [9846, 9862]}, {"key": "state-of-delaware", "type": "clause", "offset": [9885, 9902]}, {"key": "qualification-to-do-business", "type": "clause", "offset": [9920, 9948]}, {"key": "other-jurisdictions", "type": "clause", "offset": [9972, 9991]}, {"key": "applicable-to", "type": "definition", "offset": [10101, 10114]}, {"key": "in-all-material-respects", "type": "definition", "offset": [10229, 10253]}, {"key": "failure-of-the", "type": "clause", "offset": [10438, 10452]}, {"key": "behalf-of-the-company", "type": "clause", "offset": [10494, 10515]}, {"key": "other-covenants", "type": "clause", "offset": [10570, 10585]}, {"key": "contained-in", "type": "definition", "offset": [10586, 10598]}, {"key": "status-of-the-company", "type": "clause", "offset": [10639, 10660]}, {"key": "limited-liability-of-the-member", "type": "clause", "offset": [10695, 10726]}], "hash": "f112341d2c9f2117d001727c8e90b144", "id": 2}, {"samples": [{"hash": "hSm1MkVuczs", "uri": "/contracts/hSm1MkVuczs#separate-existence", "label": "Credit Agreement (Blue Owl Credit Income Corp.)", "score": 37.3559188843, "published": true}, {"hash": "1k7eSZ2xGyI", "uri": "/contracts/1k7eSZ2xGyI#separate-existence", "label": "Credit Agreement (Blue Owl Credit Income Corp.)", "score": 37.0136909485, "published": true}, {"hash": "3KetBAOcyX3", "uri": "/contracts/3KetBAOcyX3#separate-existence", "label": "Credit Agreement (Blue Owl Technology Income Corp.)", "score": 36.9753608704, "published": true}], "size": 58, "snippet": "(i) At all times since its formation, the Borrower has accurately maintained, and will continue to accurately maintain, in all material respects, its financial statements, accounting records and other corporate documents, as applicable, separate from those of the Services Provider and any other Person; provided, however, that if the Borrower prepares consolidated financial statements with any Affiliates, (y) any such consolidated financial statements shall contain a note indicating the Borrower\u2019s separateness from any such Affiliates and indicate its assets are not available to pay the debts of such Affiliate or any other Person and (z) if the Borrower prepares its own separate balance sheet, such assets shall also be listed on the Borrower\u2019s own separate balance sheet. Subject to Section 5.27, the Borrower has not at any time since its formation commingled, and will not commingle, its assets with those of the Services Provider or any other Person. The Borrower has at all times since its formation accurately maintained, in all material respects, and will continue to accurately maintain in all material respects, its own bank accounts and separate books of account.\n(ii) The Borrower has at all times since its formation paid, and will continue to pay, its own liabilities from its own separate assets.\n(iii) The Borrower has at all times since its formation identified itself, and will continue to identify itself, in all dealings with the public, under its own name and as a separate and distinct entity. The Borrower has not at any time since its formation identified itself, and will not identify itself, as being a division or a part of any other entity (other than for U.S. federal and state tax and consolidated accounting purposes).", "snippet_links": [{"key": "at-all-times", "type": "definition", "offset": [4, 16]}, {"key": "the-borrower", "type": "definition", "offset": [38, 50]}, {"key": "in-all-material-respects", "type": "definition", "offset": [120, 144]}, {"key": "accounting-records", "type": "definition", "offset": [172, 190]}, {"key": "other-corporate-documents", "type": "clause", "offset": [195, 220]}, {"key": "services-provider", "type": "definition", "offset": [264, 281]}, {"key": "any-other-person", "type": "definition", "offset": [286, 302]}, {"key": "consolidated-financial-statements", "type": "definition", "offset": [353, 386]}, {"key": "a-note", "type": "clause", "offset": [469, 475]}, {"key": "to-pay", "type": "clause", "offset": [582, 588]}, {"key": "balance-sheet", "type": "definition", "offset": [687, 700]}, {"key": "subject-to-section", "type": "clause", "offset": [781, 799]}, {"key": "at-any-time", "type": "clause", "offset": [827, 838]}, {"key": "bank-accounts", "type": "definition", "offset": [1137, 1150]}, {"key": "books-of-account", "type": "clause", "offset": [1164, 1180]}, {"key": "separate-assets", "type": "clause", "offset": [1302, 1317]}, {"key": "the-public", "type": "definition", "offset": [1453, 1463]}, {"key": "distinct-entity", "type": "clause", "offset": [1506, 1521]}, {"key": "other-entity", "type": "clause", "offset": [1662, 1674]}, {"key": "for-us", "type": "clause", "offset": [1687, 1694]}, {"key": "federal-and-state-tax", "type": "clause", "offset": [1696, 1717]}], "hash": "b454cb2720eb7db3708dc685b386e600", "id": 5}, {"samples": [{"hash": "gIR8jhxg4Ki", "uri": "/contracts/gIR8jhxg4Ki#separate-existence", "label": "Credit Agreement (Regional Management Corp.)", "score": 37.3367538452, "published": true}, {"hash": "ejbrwp9lyOl", "uri": "/contracts/ejbrwp9lyOl#separate-existence", "label": "Credit Agreement (Regional Management Corp.)", "score": 37.3367538452, "published": true}, {"hash": "cADy4Tw5sL6", "uri": "/contracts/cADy4Tw5sL6#separate-existence", "label": "Credit Agreement (Regional Management Corp.)", "score": 37.3367538452, "published": true}], "size": 53, "snippet": "The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.02(q).", "snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [0, 18]}, {"key": "special-purpose-entity-requirements", "type": "clause", "offset": [45, 80]}], "hash": "86fd4fc7d2e814c1c3d716b68df1b959", "id": 6}, {"samples": [{"hash": "3OFprrIbcBJ", "uri": "/contracts/3OFprrIbcBJ#separate-existence", "label": "Servicing Supplement (ACAR Leasing Ltd.)", "score": 34.3073234558, "published": true}, {"hash": "hSK1RLYwQpJ", "uri": "/contracts/hSK1RLYwQpJ#separate-existence", "label": "Servicing Supplement (ACAR Leasing Ltd.)", "score": 34.175907135, "published": true}, {"hash": "luILEJ5Lktd", "uri": "/contracts/luILEJ5Lktd#separate-existence", "label": "Servicing Supplement (GM Financial Automobile Leasing Trust 2022-1)", "score": 31.1615333557, "published": true}], "size": 50, "snippet": "The Servicer shall take all reasonable steps to maintain the Titling Trust\u2019s, the Settlor\u2019s, the Depositor\u2019s and the Issuer\u2019s identities as separate legal entities, and shall make it manifest to third parties that each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on the one hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other hand, will be conducted on an arm\u2019s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies with Section 2.5(d) of the Exchange Note Transfer Agreement and, to the extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16", "snippet_links": [{"key": "the-servicer", "type": "definition", "offset": [0, 12]}, {"key": "reasonable-steps", "type": "clause", "offset": [28, 44]}, {"key": "to-maintain", "type": "clause", "offset": [45, 56]}, {"key": "the-titling-trust", "type": "clause", "offset": [57, 74]}, {"key": "the-issuer", "type": "clause", "offset": [113, 123]}, {"key": "separate-legal-entities", "type": "clause", "offset": [140, 163]}, {"key": "to-third-parties", "type": "clause", "offset": [192, 208]}, {"key": "the-depositor-and-the", "type": "clause", "offset": [254, 275]}, {"key": "assets-and-liabilities", "type": "definition", "offset": [301, 323]}, {"key": "division-of-the", "type": "clause", "offset": [370, 385]}, {"key": "all-transactions", "type": "clause", "offset": [396, 412]}, {"key": "the-other-hand", "type": "clause", "offset": [534, 548]}, {"key": "other-actions-necessary", "type": "clause", "offset": [622, 645]}, {"key": "to-ensure", "type": "clause", "offset": [658, 667]}, {"key": "exchange-note-transfer-agreement", "type": "definition", "offset": [723, 755]}, {"key": "to-the-extent", "type": "clause", "offset": [761, 774]}], "hash": "3bceb364cb30742d037eca091ff2591c", "id": 7}, {"samples": [{"hash": "aQSOLKnX5AK", "uri": "/contracts/aQSOLKnX5AK#separate-existence", "label": "Loan Financing and Servicing Agreement (BC Partners Lending Corp)", "score": 36.1375770569, "published": true}, {"hash": "6GKt1fy2cqM", "uri": "/contracts/6GKt1fy2cqM#separate-existence", "label": "Loan Financing and Servicing Agreement (Vista Credit Strategic Lending Corp.)", "score": 35.4969215393, "published": true}, {"hash": "e1ZLw7Jn1Jj", "uri": "/contracts/e1ZLw7Jn1Jj#separate-existence", "label": "Loan Financing and Servicing Agreement (MSD Investment Corp.)", "score": 34.2238197327, "published": true}], "size": 38, "snippet": "The Borrower is operated as an entity with assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Equityholder, and the Borrower hereby acknowledges that the Facility Agent, each of the Agents and each of the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower\u2019s identity as a separate legal entity. Since its formation, the Borrower has been (and will be) operated in such a manner as to comply with the covenants set forth in Section 10.5. There is not now, nor will there be at any time in the future, any agreement or understanding between the Borrower and the Equityholder (other than as expressly set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges.", "snippet_links": [{"key": "assets-and-liabilities", "type": "definition", "offset": [43, 65]}, {"key": "the-borrower-hereby", "type": "clause", "offset": [154, 173]}, {"key": "the-facility-agent", "type": "definition", "offset": [192, 210]}, {"key": "the-agents", "type": "clause", "offset": [220, 230]}, {"key": "each-of-the-lenders", "type": "clause", "offset": [235, 254]}, {"key": "entering-into", "type": "clause", "offset": [259, 272]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [273, 320]}, {"key": "separate-legal-entity", "type": "clause", "offset": [367, 388]}, {"key": "the-covenants", "type": "definition", "offset": [491, 504]}, {"key": "at-any-time", "type": "clause", "offset": [568, 579]}, {"key": "the-future", "type": "clause", "offset": [583, 593]}, {"key": "agreement-or", "type": "definition", "offset": [599, 611]}, {"key": "the-borrower-and-the", "type": "clause", "offset": [634, 654]}, {"key": "other-transaction-documents", "type": "clause", "offset": [718, 745]}, {"key": "the-allocation", "type": "clause", "offset": [761, 775]}, {"key": "make-payments", "type": "clause", "offset": [805, 818]}, {"key": "in-respect-of", "type": "definition", "offset": [832, 845]}, {"key": "governmental-charges", "type": "clause", "offset": [884, 904]}], "hash": "d2a0ab6a2a5b588be72d0ea54c60244e", "id": 8}, {"samples": [{"hash": "boCWLPFzEPe", "uri": "/contracts/boCWLPFzEPe#separate-existence", "label": "Receivables Purchase Agreement (Land O Lakes Inc)", "score": 21.0, "published": true}, {"hash": "6qIcM8AgijA", "uri": "/contracts/6qIcM8AgijA#separate-existence", "label": "Receivables Purchase Agreement (Land O Lakes Inc)", "score": 21.0, "published": true}], "size": 18, "snippet": "Each of Seller and Servicer hereby acknowledges and agrees that the Purchasers and the Administrator are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon Seller\u2019s identity as a legal entity separate from Feed and the other Originators. Therefore, from and after the date hereof, each of Seller and LOL shall take all steps specifically required by this Agreement or reasonably required by the Required Purchasers or the Administrator to continue Seller\u2019s identity as a separate legal entity and to make it apparent to third Persons that Seller is an entity with assets and liabilities distinct from those of Feed and the other Originators and any other Person, and is not a division of Feed, any other Originator or any other Person. Without in any way limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, Seller and LOL shall take such actions as shall be required in order that:\n(a) Seller will be a limited purpose limited liability company whose primary activities are restricted in its certificate of formation to purchasing or otherwise acquiring from Originators, owning, holding, granting security interests, or selling interests, in Pool Assets, entering into agreements for the selling and servicing of the Receivables Pool, and conducting such other activities as it deems necessary or appropriate to carry out its primary activities. Seller shall observe all company procedures required by it certificate of organization, its limited liability company agreement and the limited liability law of the State of Delaware. All distributions of Seller will be paid and declared in accordance with the law of the State of Delaware;\n(b) Seller shall not engage in any business or activity, or incur any indebtedness or liability other than as expressly permitted by the Transaction Documents;\n(c) The business and affairs of Seller are and will be managed by or under the direction of Seller\u2019s Board of Managers. Seller at all times will ensure that the Board of Managers duly authorizes all company actions requiring authorization by its Board of Managers. When necessary, Seller will obtain proper authorization from Feed as its sole member for company action. The officers and managers of Seller shall make decisions with respect to the business and daily operations of Seller independent of and not dictated by Feed or any other Originator. In addition, Seller shall ensure that its officers and managers will adhere to all statutes, rules, by-laws or other obligations regarding conflicts of interest and participation in decision-making by officers and managers who may have a conflict of interest with respect to the subject matter of the decision;\n(d) Not fewer than one (1) member of Seller\u2019s Board of Managers shall be an Independent Manager. The certificate of formation of Seller shall provide that (i) Seller\u2019s Board of Managers shall not approve, nor take any other action to cause the filing of, a voluntary bankruptcy petition or a merger or dissolution with respect to Seller unless the Independent Manager shall approve the taking of such action in writing prior to the taking of such action and (ii) such provision cannot be amended without the prior written consent of the Independent Manager;\n(e) The Independent Manager shall not at any time serve as a trustee in bankruptcy for Seller, Feed, any other Originator or any other Affiliate thereof;\n(f) Any employee, consultant or agent of Seller will be compensated from Seller\u2019s funds for services provided to Seller. Seller will not engage any agents other than its attorneys, auditors and other professionals, and a Servicer as contemplated by this Agreement for the Receivables Pool, which Servicer will be fully compensated for its services by payment of the Servicer\u2019s Fee and a manager, which manager will be fully compensated from Seller\u2019s funds;\n(g) Seller will not incur any material indirect or overhead expenses for items shared with Feed (or any other Originator or Affiliate thereof) which are not reflected in the Servicer\u2019s Fee. To the extent, if any, that Seller (or any other Affiliate thereof) shares items of expenses not reflected in the Servicer\u2019s Fee or the manager\u2019s fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered, it being understood that Feed shall pay all expenses relating to the preparation, negotiation, execution and delivery of the Transaction Documents, including, without limitation, legal and other fees;\n(h) Seller will pay fair market rent for any office space shared with any Originator and a fair share of any overhead costs. Seller\u2019s operating expenses will not be paid by Feed, any other Originator or any Affiliate thereof. Seller shall pay from its own separate assets all material liabilities incurred by it, including the wages and salaries of its officers and all material administrative expenses. Seller will reimburse the applicable Originator for its allocable portions of any shared expenses;\n(i) Seller will have its own stationery and an address and telephone number separate and distinct from the address and telephone number of any of the Originators. Seller will continue to conduct its business solely in its own name so as not to mislead others as to the identity of Seller. All oral and written communications, including without limitation letters, invoices, purchase orders, contracts, statements and applications, shall be made solely in the name of Seller if related to Seller, or an Originator if related to such Originator, and shall not be made in the name of Seller if related to an Originator or the name of an Originator if related to Seller;\n(j) Seller maintains and will maintain separate corporate records, documents and books of accounting from those of Feed, any other Originator or any other entity, and keeps and will keep correct and complete books and records of account and minutes of the meetings and other proceedings of its members and the Board of Managers;\n(k) Seller will maintain separate financial statements from the Originators. All financial statements of LOL, Feed or any Affiliate thereof that are Consolidated to include Seller will contain appropriate footnotes or will otherwise disclose that (A) the Receivables and Related Rights have been sold (or contributed) to Seller pursuant to the Purchase and Sale Agreement, and (B) Seller is a separate entity with creditors who have received security interests in Seller\u2019s assets;\n(l) Seller\u2019s assets will be maintained in a manner that facilitates their identification and segregation from those of Feed, any other Originator or any other Affiliate thereof;\n(m) Seller will strictly observe corporate formalities in its dealings with Feed, the other Originators or any Affiliates thereof, and funds or other assets of Seller will not be commingled with those of Feed, any other Originator or any Affiliate thereof. Seller shall not maintain joint bank accounts or other depository accounts to which Feed, any other Originator or any Affiliate thereof (other than Feed in its capacity as Servicer) has independent access;\n(n) Seller will maintain arms\u2019-length relationships with Feed, each other Originator and any Affiliate thereof. Any Person that renders or otherwise furnishes services to Seller will be compensated by Seller at market rates for such services it renders or otherwise furnishes to Seller. Neither Seller nor Feed will guaranty, assume any obligations of or will hold itself out to be responsible for the debts of or the decisions or actions respecting the daily business and affairs of (i) in the case of Seller, Feed or any other Originator and (ii) in the case of Feed, Seller. Seller and Feed will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity; and\n(o) Seller (i) will act solely in its own name and through its duly authorized officers or agents in the conduct of its businesses, (ii) will take no action which may mislead third parties as to the separate corporate identities and separate assets and liabilities of each Originator and Seller, and (iii) will have and utilize its own invoices and letterhead separate from any Originator. Without limiting the foregoing, LOL and Seller agree to take all actions necessary to ensure that the corporate separateness assumptions, statements and representations set forth in Exhibit 7.4 attached hereto are and shall at all times remain true and correct.", "snippet_links": [{"key": "each-of-seller", "type": "clause", "offset": [0, 14]}, {"key": "the-purchasers", "type": "definition", "offset": [64, 78]}, {"key": "the-administrator", "type": "clause", "offset": [83, 100]}, {"key": "entering-into", "type": "clause", "offset": [105, 118]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [119, 166]}, {"key": "other-transaction-documents", "type": "clause", "offset": [175, 202]}, {"key": "upon-seller", "type": "clause", "offset": [215, 226]}, {"key": "date-hereof", "type": "clause", "offset": [332, 343]}, {"key": "required-by", "type": "definition", "offset": [402, 413]}, {"key": "agreement-or", "type": "definition", "offset": [419, 431]}, 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