Common use of Due Organization and Qualification Clause in Contracts

Due Organization and Qualification. The Trust is duly formed and validly existing as a Delaware statutory business trust and is in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business and had at all relevant times, and has, power, authority, and legal right to acquire the Contracts; the Trust 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 described in the Prospectus and the performance of its obligations under the Transaction Agreements, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render the Contracts in such jurisdiction or any Transaction Agreement unenforceable in any respect or would otherwise have a material adverse effect upon the Trust; the Trust holds all material licenses, certificates and permits from all governmental authorities necessary for the conduct of its business as presently conducted.