Common use of Organization and Good Standing; Licensing Clause in Contracts

Organization and Good Standing; Licensing. The Special Servicer is a limited partnership, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all licenses necessary to carry out its business as now being conducted, and is licensed and qualified to transact business in and is in good standing under the laws of each state in which any Contract serviced by it is located or is otherwise exempt under applicable law from such licensing or qualification or is otherwise not required under applicable law to effect such licensing or qualification and no demand for such licensing or qualification has been made upon the Special Servicer by any such state, and in any event the Special Servicer is in compliance with the laws of any such state to the extent necessary to ensure the enforceability of the servicing of the Contracts in accordance with the terms of this Agreement;