Common use of Organization, Power and Qualification Clause in Contracts

Organization, Power and Qualification. Division and Factoring are corporations duly organized, validly existing and in good standing under the laws of the state of Delaware and Nevada, respectively, and have full corporate power and authority to enter into this Agreement and to carry out the provisions of this Agreement. Company is duly qualified and in good standing to do business in all jurisdictions where Company is located, except where the failure to so qualify would not have a material adverse effect on the business of the Company, or where the failure to so qualify would not have a material adverse effect on Company's or Bank's ability to continue operation of the Plan.