Separate Existence definition

Separate Existence. MFC shall take all reasonable steps (including, without limitation, all steps that the Agent may from time to time reasonably request) to maintain MFC's identity as a separate legal entity from the Purchaser and to make it manifest to third parties that MFC is an entity with assets and liabilities distinct from those of the Purchaser and each other Affiliate thereof. Without limiting the generality of the foregoing, MFC shall: account for and manage its liabilities separately from those of the Purchaser, including, without limitation, payment of all payroll and other administrative expenses and taxes from its own assets (it being understood, however, that Borrower is a "disregarded entity" for tax purposes); maintain its assets separately from the Purchaser; maintain offices through which its business is conducted separate from those of the Purchaser (provided that, to the extent that the Servicer and any of its Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs and expenses among them, and each such entity shall bear its fair share of such expenses); not commingle its funds with those of the Purchaser except to the extent contemplated herein or in the Receivables Financing Agreement, or use its funds for other than the MFC's uses; and ensure that any financial reports required of MFC shall comply with GAAP and shall be issued separately from, but may be consolidated with, any reports prepared by the Purchaser.
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Examples of Separate Existence in a sentence

  • Separate Existence of the Credit Parties ...............................................

  • Such Borrower is and since the date of its formation has at all times been in compliance with Section 5.01(g) (Separate Existence).

  • Separate Existence of the Company The Company (or any permitted successor thereof under Article V) shall maintain its status as a separate legal entity from AAC and its other Affiliates.

  • Separate Existence of the Borrower 78 ARTICLE VIII ADMINISTRATION AND COLLECTION OF RECEIVABLES 81 SECTION 8.01.

  • Separate Existence; No Commingling.............................................................

  • Deliver to each Funding Agent within one hundred and twenty (120) days after the end of each fiscal year of HVF III, the financial statements required pursuant to Section 8.24(f) (Maintenance of Separate Existence) of the Base Indenture.

  • As such, the purpose for which the Company is formed is limited solely to the following activities:, Separate Existence.

  • Separate Existence of the Borrower 92 ARTICLE IX ADMINISTRATION AND COLLECTION OF RECEIVABLES 97 Section 9.01.

  • Maintenance of Separate Existence; Prohibited Transactions....................................

  • Separate Existence of the Credit Parties 46 ARTICLE IX SECURITY INTEREST 48 SECTION 9.01.