Common use of Existence; Subsidiaries Clause in Contracts

Existence; Subsidiaries. Each Obligor is duly organized, validly existing and in good standing (if such concept exists under the laws of such Obligor’s jurisdiction of organization) under the laws of its jurisdiction of formation, and qualified to do business in each jurisdiction where its ownership or lease of property or conduct of its business requires such qualification. As at the Closing Date, each Borrower has no Subsidiaries. Schedule IV sets forth the name and jurisdiction of organization of each Obligor and, as to each Obligor that is a Subsidiary of a Borrower, the percentage of each class of Equity Interests owned directly or indirectly by each Borrower.