Corporate separateness clause samples
Section5.15 Maintenance of Corporate Separateness. The Borrower shall, and shall cause each of its Subsidiaries to, satisfy customary corporate formalities, including the holding of regular board of directors’ and shareholders’ meetings or action by directors or shareholders without a meeting and the maintenance of corporate records. None of the Borrower or any of its Subsidiaries shall conduct its or their affairs in a manner which is reasonably likely to result in the corporate or other existence of the Borrower or any of its Subsidiaries being ignored, or in the assets and liabilities of the Borrower or any of its Subsidiaries being substantively consolidated with those of any other such Person in a bankruptcy, reorganization or other insolvency proceeding.
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