Common use of Company Status; Licensing Clause in Contracts

Company Status; Licensing. The Company shall, at all times, be a single member limited liability company organized under the laws of the State of Delaware and a Single Purpose Entity. As soon as reasonably practical after the Effective Date the Company shall apply for and, thereafter, use its reasonable best efforts to obtain, as quickly as possible, and maintain all such licenses as are required to conduct its business, including qualifications to conduct business in jurisdictions other than Delaware and licenses to purchase, own or service the Loans, if the failure to so obtain such licenses would reasonably be expected to result in the imposition of fines, penalties or other liabilities on the Company, claims and defenses being asserted against the Company (including counterclaims and defense asserted by Borrowers), or materially adversely affect the Company or the Company’s ability to foreclose on the Collateral securing or otherwise realize the full value of any Loan or Acquired Collateral.

Appears in 2 contracts

Samples: Participation and Servicing Agreement, Participation and Servicing Agreement

AutoNDA by SimpleDocs

Company Status; Licensing. The Company shall, at all times, be a single member limited liability company organized under the laws of the State of Delaware and a Single Purpose Entity. As soon as reasonably practical after the Effective Date Closing Date, the Company shall apply for and, thereafter, use its reasonable best efforts to obtain, as quickly as possible, and maintain all such licenses as are required to conduct its business, including qualifications to conduct business in jurisdictions other than Delaware and licenses to purchase, own or service the Loans, Loans if the failure to so obtain such licenses would reasonably be expected to result in the imposition of fines, penalties or other liabilities on the Company, claims and defenses being asserted against the Company (including counterclaims and defense asserted by Borrowers), or materially adversely affect the Company or the Company’s ability to foreclose on the Collateral securing or otherwise realize the full value of any Loan or Acquired Collateral.

Appears in 2 contracts

Samples: Participation and Servicing Agreement, Participation and Servicing Agreement

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!