Common use of REPRESENTATIONS AND WARRANTIES OF SOUTHWEST Clause in Contracts

REPRESENTATIONS AND WARRANTIES OF SOUTHWEST. Southwest represents and warrants to Correspondent that: (i) Southwest is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware and authorized to do business in each state where such authorization is required. (ii) Southwest is registered as a broker-dealer with the SEC and is in compliance with the rules and regulations thereof. (iii) Southwest is a member corporation in good standing of the NASD and is in compliance with the rules and regulations thereof. (iv) Southwest is in compliance with the rules and regulations of each national securities exchange of which it is a member.

REPRESENTATIONS AND WARRANTIES OF SOUTHWEST. Southwest represents and warrants to Correspondent that: (i) Southwest is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware and authorized to do business in each state where such authorization is required. (ii) Southwest is registered as a broker-broker- dealer with the SEC and is in compliance with the rules and regulations thereof. (iii) Southwest is a member corporation in good standing of the NASD and is in compliance with the rules and regulations thereof. (iv) Southwest is in compliance with the rules and regulations of each national securities exchange of which it is a member.