Common use of Preservation of Legal Existence Clause in Contracts

Preservation of Legal Existence. Each of Seller and Servicer will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign limited liability company, corporation, or other business entity, as the case may be, in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification could reasonably be expected to have a Material Adverse Effect.