Common use of Separateness Representations Clause in Contracts

Separateness Representations. Borrower represents that from the date of its formation, each of the following is true: (i) Borrower has not entered into any contract or agreement with any Related Party Affiliate, except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party. (ii) Borrower has paid all of its debts and liabilities from its assets. (iii) Borrower has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence. (iv) Except with respect to financial statements which are covered by subsection (v) below, Borrower has maintained all of its books, records, financial statements and bank accounts separate from those of any other person or entity.