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

Organization and Good Standing; Licensing. Each Owner is a corporation or insurance corporation, as the case may be, duly organized, validly existing and in good standing under the laws of the state of its organization and has the power and authority to own its assets and to transact the business in which it is currently engaged. Each Owner is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification (except where there is an appropriate statutory exemption applicable to an Owner or the failure so to qualify would not have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of such Owner or the Servicer).

Organization and Good Standing; Licensing. Each Owner is either a ----------------------------------------- federal savings bank or a corporation or insurance corporation, as the case may be, duly organized, validly existing and in good standing under the laws of the state State of its organization California and has the power and authority to own its assets and to transact the business in which it is currently engaged. Each Owner is duly qualified to do business as a foreign corporation entity and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification (except where there is an appropriate statutory exemption applicable to an Owner or the failure so to qualify would not have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of such Owner or the Servicer).

Organization and Good Standing; Licensing. Each Owner is a corporation or insurance corporation, as the case may be, duly organized, validly existing and in good standing under the laws of the state of its organization and has the power and authority to own its assets and to transact the business in which it is currently engaged. Each Owner is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification (except where there is an appropriate statutory exemption applicable to an Owner or the failure so to qualify would not have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of such Owner or the ServicerSubservicer).