Common use of DCFS Clause in Contracts

DCFS. as Servicer, hereby makes, and any Successor Servicer by its appointment hereunder shall make, on the Effective Date and each subsequent Closing Date (and on the date of any such appointment) the following representations, warranties and covenants: (i) Organization and Good Standing. Such party is a limited liability company duly organized, validly existing and in good standing under the applicable laws of the state of its formation and has, in all material respects, full corporate power, authority and legal rights to own its properties and conduct its wholesale receivable servicing business as such properties are presently owned and as such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement.