Common use of Due Organization, Existence and Good Standing Clause in Contracts

Due Organization, Existence and Good Standing. If a corporation, partnership or other entity (i.e., not a natural person), Mortgage Broker/Correspondent: (i) is and shall remain duly organized and a validly existing entity in good standing in the jurisdiction under whose laws Mortgage Broker/Correspondent is formed; and (ii) is and shall be duly qualified to conduct its business in each jurisdiction in which such qualification is required.

Due Organization, Existence and Good Standing. If a corporation, partnership or other entity (i.e., not other than a natural person), Mortgage Broker/Correspondent: (i) is and shall remain duly organized and a validly existing entity in good standing in the jurisdiction under whose laws Mortgage Broker/Correspondent Broker is formed; and (ii) is and shall be duly qualified to conduct its business in each jurisdiction in which such qualification is required.