Common use of Incorporation, Capacity and Authorisation Clause in Contracts

Incorporation, Capacity and Authorisation. Each is duly incorporated and validly existing under the laws of Jersey, Channel Islands and Funding has lawfully constituted a branch office in Great Britain in accordance with Ch. I of Part XXIII of the Companies Act of 1985, as amended, with full power and authority to conduct its business as described in the Prospectus, is lawfully qualified to do business in Jersey and has full power and capacity to execute this Agreement and the Legal Agreements to which each is respectively a party, and to undertake and perform the obligations expressed to be assumed by each herein and therein; and each has taken all necessary action to approve and authorise the same. Neither Funding nor the Mortgages Trustee has taken any corporate action nor (to the best of its knowledge and belief) have any other steps been taken or legal proceedings been started or threatened against it for its winding-up, dissolution or reorganisation or for the appointment of a receiver, administrator, administrative receiver or similar officer of it or of any or all of its assets or revenues;

Incorporation, Capacity and Authorisation. Each is duly incorporated and validly existing under the laws of Jersey, Channel Islands and Funding has lawfully constituted a branch office in Great Britain in accordance with Ch. I of Part XXIII of the Companies Act of 1985, as amended, with full power and authority to conduct its business as described in the Prospectus, is lawfully qualified to do business in Jersey and has full power and capacity to execute ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ this Agreement and the Legal Agreements to which each is respectively a party, and to undertake and perform the obligations expressed to be assumed by each herein and therein; and each has taken all necessary action to approve and authorise the same. Neither Funding nor the Mortgages Trustee has taken any corporate action nor (to the best of its knowledge and belief) have any other steps been taken or legal proceedings been started or threatened against it for its winding-up, dissolution or reorganisation or for the appointment of a receiver, administrator, administrative receiver or similar officer of it or of any or all of its assets or revenues;