Due Obligation. Seller is duly qualified to do business and is in good standing as a foreign corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Receivable unenforceable by Seller, HARC or any Trust and (ii) have a material adverse effect on any Secured Parties.
Appears in 14 contracts
Samples: Master Receivables Purchase Agreement (HSBC Auto Receivables Corp), Master Receivables Purchase Agreement (HSBC Automotive Trust 2005-3), Master Receivables Purchase Agreement (Household Auto Receivables Corp)
Due Obligation. Seller is duly qualified to do business and is in good standing as a foreign corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Receivable unenforceable by Seller, HARC or any the Trust and (ii) have a material adverse effect on any the Secured Parties.
Appears in 13 contracts
Samples: Master Receivables Purchase Agreement (Household Automotive Trust 2004-1), Master Receivables Purchase Agreement (HSBC Automotive Trust 2005-1), Master Receivables Purchase Agreement (Household Auto Receivables Corp)
Due Obligation. The Seller is duly qualified to do business and is in good standing as a foreign corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Receivable unenforceable by the Seller, HARC or any the Trust and (ii) have a material adverse effect on any Secured Parties.the Noteholders. (d)
Appears in 2 contracts
Samples: Master Receivables Purchase Agreement (Household Automotive Trust v Series 2000 2), Master Receivables Purchase Agreement (Household Automotive Trust Vi Series 2000 3)
Due Obligation. The Seller is duly qualified to do business and is in good standing as a foreign corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Receivable unenforceable by the Seller, HARC or any the Trust and (ii) have a material adverse effect on any the related Series Secured Parties.
Appears in 1 contract
Samples: Master Receivables Purchase Agreement (Household Auto Receivables Corp)
