Common use of Existence and Power Clause in Contracts

Existence and Power. The Administrator is a corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it is a party. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Collateral.

Appears in 126 contracts

Samples: Administration Agreement (Santander Drive Auto Receivables Trust 2023-1), Administration Agreement (Santander Drive Auto Receivables Trust 2024-1), Administration Agreement (Santander Drive Auto Receivables LLC)

AutoNDA by SimpleDocs

Existence and Power. The Administrator is a corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it is a party. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectability collectibility of the Receivables or any other part of the Collateral.

Appears in 31 contracts

Samples: Administration Agreement (Santander Drive Auto Receivables Trust 2012-1), Administration Agreement (Santander Drive Auto Receivables Trust 2012-6), Administration Agreement (Santander Drive Auto Receivables Trust 2010-3)

AutoNDA by SimpleDocs

Existence and Power. The Administrator is a corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it is a party. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Collateral.

Appears in 12 contracts

Samples: Administration Agreement (Santander Drive Auto Receivables LLC), Administration Agreement (Santander Drive Auto Receivables Trust 2013-3), Administration Agreement (Santander Drive Auto Receivables Trust 2013-3)

Time is Money Join Law Insider Premium to draft better contracts faster.