Common use of Due Organization and Qualification Clause in Contracts

Due Organization and Qualification. The Seller is a corporation duly organized and validly existing and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business. The Seller is duly qualified to do business, is in good standing and has obtained all necessary licenses, permits, charters, registrations and approvals (together, "approvals") necessary for the conduct of its business as currently conducted and as described in the Prospectus and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render the Receivables in such jurisdiction or any Transaction Document unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction.