Common use of Maintenance of Separateness Clause in Contracts

Maintenance of Separateness. Fail at any time to satisfy customary corporate formalities, including the holding of regular board of directors' and shareholders' meetings and the maintenance of corporate records, or take any action or conduct its affairs in any manner which is likely to result in the corporate existence of the Parent Company being ignored, or in the assets and liabilities of the Borrower or of any of its Subsidiaries being substantively consolidated with those of the Parent Company in any Insolvency Proceeding.

Maintenance of Separateness. Fail at any time to satisfy customary corporate formalities, including the holding of regular board of directors' ’ and shareholders' ’ meetings and the maintenance of corporate records, or take any action or conduct its affairs in any manner which is likely to result in the corporate existence of the Parent Company being ignored, or in the assets and liabilities of the Borrower or of any of its Subsidiaries being substantively consolidated with those of the Parent Company in any Insolvency Proceeding.