Common use of Organization; Good Standing; Licenses Clause in Contracts

Organization; Good Standing; Licenses. Member (i) is a Special Purpose Entity duly organized, validly existing and in good standing under the laws of the state of its organization, (ii) has qualified or will qualify to do business as a foreign corporation, partnership or other entity and will remain so qualified, and is and will remain in good standing, in each jurisdiction in which the character of its properties or the nature of its activities makes such qualification necessary and in which failure to so qualify would have a material adverse effect upon Member or its ability to perform its obligations hereunder, (iii) has full power to own its property, to carry on its business as presently conducted, and to enter into and perform its obligations under this Agreement, (iv) has all licenses or other governmental approvals necessary to perform its obligations hereunder; and (v) has a net worth calculated in accordance with GAAP of not less than $5,000,000.

Organization; Good Standing; Licenses. Member (i) is a Special Purpose Entity duly organized, validly existing and in good standing under the laws of the state of its organization, (ii) has qualified or will qualify to do business as a foreign corporation, partnership or other entity and will remain so qualified, and is and will remain in good standing, in each jurisdiction in which the character of its properties or the nature of its activities makes such qualification necessary and in which failure to so qualify would have a material adverse effect upon Member or its ability to perform its obligations hereunder, (iii) has and will have full power to own its property, to carry on its business as presently conducted, and to enter into and perform its obligations under this Agreement, (iv) has and will have all licenses or other governmental approvals necessary to perform its obligations hereunder; and (v) has a net worth calculated in accordance with GAAP of not less than $5,000,000.