Common use of Existence; Maintenance of Properties Clause in Contracts

Existence; Maintenance of Properties. (a) Each Credit Party will preserve and keep in full force and effect its legal existence in the jurisdiction of its incorporation or formation. Each Credit Party will preserve and keep in full force all of their rights and franchises, the preservation of which is necessary to the conduct of its business, to the extent that the failure to do so could reasonably be expected to result in a Material Adverse Effect. In the event the Borrower or any Guarantor is a limited liability company, such Person shall not, nor shall any of its members or managers, take any action in furtherance of, or consummate, an LLC Division with respect to such Person.

Existence; Maintenance of Properties. (a) Each Credit Party will preserve and keep in full force and effect its their legal existence in the jurisdiction of its incorporation or formation. Each Credit Party will preserve and keep in full force all of their rights and franchises, the preservation of which is necessary to the conduct of its their business, to the extent that the failure to do so could reasonably be expected to result in a Material Adverse Effect. In the event the Borrower or any Guarantor is a limited liability company, such Person shall not, nor shall any of its members or managers, take any action in furtherance of, or consummate, an LLC Division with respect to such Person.