Common use of Organization and Good Standing; Licensing Clause in Contracts

Organization and Good Standing; Licensing. Vanderbilt is a corporation duly organized, validly existing and in good standing under the laws of the State of Tennessee and has the corporate power to own its assets and to transact the business in which it is currently engaged. Vanderbilt is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business transacted by it or properties owned or leased by it requires such qualification and in which the failure so to qualify would have a material adverse effect on the business, properties, assets, or condition (financial or other) of Vanderbilt. Vanderbilt was properly licensed in each jurisdiction at the time of its purchase or origination, as applicable, of each Contract in such jurisdiction to the extent required by the laws of such jurisdiction as applied to the purchase or origination, as applicable, and servicing of such Contract.