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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 office space separate and clearly delineated from the office space of any Affiliate;\n(b) 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(c) maintain a separate telephone number;\n(d) conduct all transactions with Affiliates on an arm\u2019s-length basis;\n(e) 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(f) 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(g) maintain separate deposit and other bank accounts and funds (separately identifiable from those of the Member or any other Person) to which no Affiliate 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(h) 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 shall provide such audit to the Indenture Trustee;\n(i) 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 any Servicing Agreement;\n(j) 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(k) allocate fairly and reasonably the salaries of and the expenses related to providing the benefits of officers shared with the Member, any Special Member or any Manager;\n(l) allocate fairly and reasonably any overhead shared with the Member, any Special Member or any Manager;\n(m) 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(n) 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(o) 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(p) 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(q) otherwise practice and adhere to all limited liability company procedures and formalities to the extent required by this Agreement or all other appropriate constituent documents and the laws of its state of formation and all other appropriate jurisdictions;\n(r) 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(s) 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 (other than the Company);\n(t) 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 Agreement and the Basic Documents, indemnify any Person for losses resulting therefrom;\n(u) maintain separate minutes of the actions of the Member and the Managers, in their capacities as such, including actions with respect to the transactions contemplated by the Basic Documents;\n(v) 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(w) 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(x) 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(y) 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 Storm Recovery 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(z) treat and cause the Member to treat the transfer of Storm Recovery Property from the Member to the Company as a sale under the Storm Recovery Law;\n(aa) 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 other Person;\n(bb) so long as any of the Storm Recovery Bonds are outstanding, treat the Storm Recovery 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(cc) solely for purposes of federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for purposes of state, local and other taxes, so long as any of the Storm Recovery Bonds are outstanding, treat the Storm Recovery Bonds as indebtedness of the Member secured by the Storm Recovery Bond Collateral unless otherwise required by 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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.", "hash": "de294a6b83ae3e865e71e49a7f4f9fd9", "id": 3}, {"snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [4, 22]}, {"key": "authorized-officers", "type": "definition", "offset": [84, 103]}, {"key": "the-entity", "type": "clause", "offset": [164, 174]}, {"key": "best-efforts", "type": "definition", "offset": [232, 244]}, {"key": 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{"key": "contributions-to", "type": "clause", "offset": [7302, 7318]}, {"key": "any-action", "type": "definition", "offset": [7377, 7387]}, {"key": "contrary-to", "type": "definition", "offset": [7388, 7399]}, {"key": "date-hereof", "type": "clause", "offset": [7487, 7498]}, {"key": "relating-to", "type": "definition", "offset": [7500, 7511]}, {"key": "consolidation-matters", "type": "clause", "offset": [7524, 7545]}], "samples": [{"hash": "dzCf0BNNZIr", "uri": "/contracts/dzCf0BNNZIr#separate-existence", "label": "Receivables Financing Agreement (TriplePoint Venture Growth BDC Corp.)", "score": 29.0766601562, "published": true}, {"hash": "h8gAA1XN7mi", "uri": "/contracts/h8gAA1XN7mi#separate-existence", "label": "Receivables Financing Agreement (TriplePoint Venture Growth BDC Corp.)", "score": 25.4380569458, "published": true}, {"hash": "32YojhEkivi", "uri": "/contracts/32YojhEkivi#separate-existence", "label": "Receivables Financing Agreement (TriplePoint Venture Growth BDC Corp.)", "score": 25.1670093536, "published": true}], "size": 66, "snippet": "(a) The Borrower shall conduct its business solely in its own name through its duly authorized officers or agents so as not to mislead others as to the identity of the entity with which such persons are concerned, and shall use its best efforts to avoid the appearance that it is conducting business on behalf of any Affiliate thereof or that the assets of the Borrower are available to pay the creditors of TPVG or any Affiliate thereof.\n(b) It shall maintain records and books of account separate from those of TPVG and any other Affiliate thereof.\n(c) It shall obtain proper authorization for all action requiring such authorization.\n(d) It shall pay its own operating expenses and liabilities from its own funds.\n(e) It will insure that the annual financial statements of TPVG shall disclose the effects of the transactions contemplated in the Transaction Documents in accordance with GAAP.\n(f) It will maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however that the Borrower\u2019s assets may be included in a consolidated financial statement of TPVG provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from TPVG and to indicate that the Borrower\u2019s assets and credit are not available to satisfy the debts and other obligations of TPVG or any other Person and (ii) such assets shall also be listed on the Borrower\u2019s own separate balance sheet.\n(g) It will continuously maintain the resolutions, agreements and other instruments of the Borrower underlying the transactions described in the Transaction Documents as official records of the Borrower.\n(h) It shall maintain an arm\u2019s-length relationship with TPVG and its Affiliates, and shall not hold itself out or its credit or assets as being liable for the debts and obligations of TPVG or any of its Affiliates.\n(i) It shall keep its assets and liabilities separate from those of all other entities.\n(j) It shall maintain the books and records of the Borrower at the principal business office of the Borrower, unless the Borrower shall otherwise advise the parties hereto in writing.\n(k) It shall not maintain bank accounts or other depository accounts to which any Affiliate is an account party, into which any Affiliate makes deposits or from which any Affiliate has the power to make withdrawals, except that the Collateral Manager and the Equityholder may make deposits in such accounts if they receive funds of the Borrower in accordance with the Transaction Documents.\n(l) It shall insure that any consolidated financial statements of TPVG have notes to the effect that the Borrower is a separate entity whose creditors have a claim on its assets prior to those assets becoming available to its equity holders.\n(m) It shall not become involved in the day-to-day management of any other Person.\n(n) It shall not permit any Person other than TPVG to become involved in the day-to-day management of the Borrower, except that the Collateral Manager is permitted to manage the assets of the Borrower pursuant to Article VII.\n(o) It shall not engage in transactions with any other Person other than those activities permitted by the Transaction Documents.\n(p) It shall observe all formalities required of a limited liability borrower under the laws of the State of Delaware.\n(q) It shall allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates.\n(r) It shall not assume, pay or guarantee any other Person\u2019s obligations or advance funds to any other Person for the payment of expenses or otherwise or hold out its credit or assets as being available to satisfy the obligations of others.\n(s) It shall not act as an agent of any other Person in any capacity.\n(t) It shall not act as agent of TPVG or any other Person nor permit TPVG or any other Person to act as its agent, except to the limited extent permitted under the Transaction Documents.\n(u) It shall correct any known misunderstanding regarding its separate identity from TPVG or any other Person.\n(v) It shall not permit any Affiliate to guarantee or pay its obligations other than customary indemnities in connection with one or more Transaction Documents.\n(w) It shall compensate its employees, consultants or agents, if any, from its own funds, and maintain a sufficient number of employees in light of its contemplated business operations.\n(x) It shall not engage in interaffiliate transactions except to the extent permitted by the Transaction Documents.\n(y) It shall not permit TPVG or any other Person to (i) advance or contribute property to it by way of capital contribution, or (ii) cause to be made, any transfer or distribution of the Borrower\u2019s assets, except, in each case, as may be made pursuant to the Transaction Documents or other duly authorized and legal actions of TPVG and the Borrower.\n(z) It will not engage, directly or indirectly, in any business other than (i) acquiring, owning, holding and otherwise each Contract and the Contract Collateral, (ii) entering into and performing its obligations under this Agreement, and (iii) activities incidental thereto.\n(aa) It will not own any asset or property other than each Contract, the Contract Collateral associated therewith and incidental personal property necessary for the ownership or operation of the foregoing.\n(bb) It will not incur, create or assume any indebtedness or liabilities except as expressly permitted hereunder.\n(cc) It will at all times comply with the provisions of its limited liability company agreement.\n(dd) It will at all times be a limited liability company formed under Delaware which has at least (i) two independent directors and (ii) two springing members (as set forth in the Borrower\u2019s limited liability company agreement).\n(ee) It shall not amend, supplement or otherwise modify (i) its organizational documents, except in accordance therewith and with the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned) or (ii) its limited liability company agreement except in accordance therewith.\n(ff) It shall cause the agents, officers and other representatives of the Borrower, if any, to act at all times with respect to the Borrower consistently and in furtherance of the foregoing provisions of this Section 10.5.\n(gg) It shall at all times hold itself out to the public and all other Persons as a legal entity separate from TPVG and from any other Person.\n(hh) It shall not commingle its assets with assets of any other Person.\n(ii) It shall, 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, not 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.\n(jj) It shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however that the foregoing shall not require TPVG to make additional capital contributions to the Borrower. It will insure that it and TPVG do not take any action contrary to the \u201cAssumptions and Facts\u201d section in the opinion of \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587, LLP, dated the date hereof, relating to certain non-consolidation matters.", "hash": "e143589a4acd4b1fac67152b79110ff1", "id": 4}, {"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": "clause", "offset": [191, 200]}, {"key": "franchise-tax", "type": "clause", "offset": [223, 236]}, {"key": "the-managers", "type": "clause", "offset": 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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.", "hash": "f112341d2c9f2117d001727c8e90b144", "id": 2}, {"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": "definition", "offset": [469, 475]}, {"key": "to-pay", "type": "clause", "offset": [582, 588]}, {"key": "balance-sheet", "type": "clause", "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": "clause", "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]}], "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).", "hash": "b454cb2720eb7db3708dc685b386e600", "id": 5}, {"snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [0, 18]}, {"key": "special-purpose-entity-requirements", "type": "clause", "offset": [45, 80]}], "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).", "hash": "86fd4fc7d2e814c1c3d716b68df1b959", "id": 6}, {"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": "clause", "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]}], "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", "hash": "3bceb364cb30742d037eca091ff2591c", "id": 7}, {"snippet_links": [{"key": "assets-and-liabilities", "type": "clause", "offset": [43, 65]}, {"key": "the-collateral-manager", "type": "clause", "offset": [132, 154]}, {"key": "the-borrower-hereby", "type": "clause", "offset": [160, 179]}, {"key": "the-agent", "type": "clause", "offset": [198, 207]}, {"key": "each-of-the-lender-agents", "type": "clause", "offset": [209, 234]}, {"key": "each-of-the-lenders", "type": "clause", "offset": [239, 258]}, {"key": "entering-into", "type": "clause", "offset": [263, 276]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [277, 324]}, {"key": "separate-legal-entity", "type": "definition", "offset": [371, 392]}, {"key": "the-covenants", "type": "clause", "offset": [495, 508]}, {"key": "at-any-time", "type": "clause", "offset": [572, 583]}, {"key": "the-future", "type": "clause", "offset": [587, 597]}, {"key": "agreement-or", "type": "definition", "offset": [603, 615]}, {"key": "the-borrower-and-the", "type": "clause", "offset": [638, 658]}, {"key": "other-transaction-documents", "type": "definition", "offset": [728, 755]}, {"key": "the-allocation", "type": "clause", "offset": [771, 785]}, {"key": "make-payments", "type": "clause", "offset": [815, 828]}, {"key": "in-respect-of", "type": "clause", "offset": [842, 855]}, {"key": "governmental-charges", "type": "definition", "offset": [894, 914]}], "samples": [{"hash": "dMSUZTs233A", "uri": "/contracts/dMSUZTs233A#separate-existence", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp III)", "score": 35.937713623, "published": true}, {"hash": "8YnVyf6lYYS", "uri": "/contracts/8YnVyf6lYYS#separate-existence", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp III)", "score": 35.4996566772, "published": true}, {"hash": "jajEYL1nGKv", "uri": "/contracts/jajEYL1nGKv#separate-existence", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp III)", "score": 34.9493484497, "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 Collateral Manager, and the Borrower hereby acknowledges that the Agent, each of the Lender 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 Collateral Manager (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.", "hash": "cf15ad4b86994d181946d1a052173e17", "id": 8}, {"snippet_links": [{"key": "agrees-to", "type": "clause", "offset": [14, 23]}, {"key": "comply-with-the", "type": "clause", "offset": [24, 39]}, {"key": "separateness-covenants", "type": "definition", "offset": [40, 62]}, {"key": "depositor-llc-agreement", "type": "definition", "offset": [86, 109]}], "samples": [{"hash": "eqgLYUnCgh3", "uri": "/contracts/eqgLYUnCgh3#separate-existence", "label": "Sale and Servicing Agreement (Regional Management Corp.)", "score": 36.8247756958, "published": true}, {"hash": "lJa6JtlXYi6", "uri": 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The Borrower shall operate in such a manner and be constituted so that each of the following statements will be true and correct at all relevant times:\n(i) the Borrower maintains and shall maintain separate records, books of account and financial statements from those of the Transaction Parties;\n(ii) the Borrower shall at all times maintain all of its liabilities and tangible and intangible assets, separate and readily identifiable, from those of each Transaction Party and, except to the extent permitted pursuant to the Facility Documents, the Borrower does not and shall not commingle any of its assets or funds with those of any Transaction Party;\n(iii) the Borrower maintains and shall maintain an office separate from that of any other entity and a separate board of directors and observes all separate limited liability company formalities, and all decisions with respect to the Borrower\u2019s business and daily operations have been and shall be independently made by the officers of the Borrower pursuant to authority granted by its limited liability company agreement and by resolutions of its board of directors;\n(iv) other than contributions of capital, distributions of funds and return of capital, no transactions have been or will be entered into between the Borrower and the Seller or between the Borrower and any Transaction Parties except such transactions as are contemplated by this Agreement and the other Facility Documents, or as permitted by the Borrower\u2019s organizational documents, and the Borrower shall not enter into or permit to exist any transaction (including any purchase, lease or exchange of property or the rendering of any service) with any Transaction Party other than those described in Section 5.04(j);\n(v) the Borrower acts solely in its own name and through its own authorized officers and agents and the Borrower does not and will not act as agent of any Transaction Party or any other Person in any capacity;\n(vi) except for any funds received from the Seller as a capital contribution or as otherwise permitted in this Agreement or any other Facility Document, the Borrower shall not accept for its own account funds from any Transaction Party; and the Borrower shall not allow any Transaction Party otherwise to supply funds to, or guarantee any obligation of, the Borrower;\n(vii) the Borrower shall not guarantee, or otherwise become liable with respect to, any obligation of any Transaction Party;\n(viii) the Borrower shall at all times hold itself out to the public under the Borrower\u2019s own name as a legal entity separate and distinct from the Seller and the other Transaction Parties, and not hold itself out as a \u201cdivision\u201d of the Seller or any other Transaction Party;\n(ix) the Borrower is a company with limited purposes (as specified in its limited liability company agreement) and has not engaged, and does not presently engage and shall not engage, in any activity other than the activities undertaken pursuant to this Agreement and the Facility Documents and activities ancillary or incidental thereto and transactions permitted pursuant to its organizational documents, and has no Indebtedness other than as created by, or set forth in, this Agreement or the other Facility Documents;\n(x) all of the issued and outstanding membership interests of the Borrower are owned by the Seller, and all distributions by the Borrower to the Seller shall be properly reflected as distributions on the books and records of the Seller;\n(xi) the execution and delivery of this Agreement and the Facility Documents and the consummation of the transactions contemplated hereby and thereby were not made in contemplation of the insolvency of the Borrower or after the commission of any act of insolvency by the Borrower. The Borrower does not believe, nor does it have any reasonable cause to believe, that it cannot perform its covenants contained in this Agreement and the other Facility Documents to which it is a party. The transactions contemplated by this Agreement and the Facility Documents are being consummated by the Borrower in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its present or future creditors and with no view to preferring one creditor over another or to preventing the application of the Borrower\u2019s assets in the manner required by applicable law or regulations; and\n(xii) both immediately before and after the transactions contemplated by this Agreement and the other Facility Documents (y) the present fair salable value of the Borrower\u2019s assets in the normal course of its business operations was or will be in excess of the amount that will be required to pay its probable liabilities as they then exist and as they become absolute and matured; and (z) the sum of the Borrower\u2019s assets was and will be greater than the sum of its debts, valuing its assets at a fair salable value. 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