Certain Obligations and Restrictions. The Company shall maintain its separate legal existence and hold itself out to the public as a separate legal entity, distinct from its Members or from any other Person and conduct its business solely in its own name and correct any known misunderstanding regarding its separate identity. In addition, the Company: (a) shall not, without the Independent Manager Consent, (i) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute; (ii) seek or consent to the appointment of a receiver, liquidator or any similar official; or (iii) make an assignment for the benefit of creditors; (b) shall maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate and apart from those of any other Person; (c) shall continue to be duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business; and (d) shall observe all organizational formalities required under the Act.
Appears in 2 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement