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 the Trust and (ii) have a material adverse effect on the Noteholders.
Appears in 7 contracts
Samples: Master Receivables Purchase Agreement (Household Automotive Trust 2001-1), Master Receivables Purchase Agreement (Household Auto Receivables Corp), Master Receivables Purchase Agreement (Household Auto Receivables Corp)
