Foreign Qualified Clause Samples
The 'Foreign Qualified' clause establishes that a company is authorized to conduct business in jurisdictions outside its state or country of incorporation. In practice, this means the company has taken the necessary legal steps, such as registering with local authorities and obtaining required licenses, to operate lawfully in those other locations. This clause ensures that the company is compliant with local laws wherever it does business, thereby reducing legal risks and potential penalties associated with unauthorized operations.
Foreign Qualified. Each of the Company and the Manager is duly qualified or licensed by, and is in good standing in, each jurisdiction in which it conducts its business, or in which it owns or leases property or maintains an office and in which such qualification or licensing is necessary and in which the failure, individually or in the aggregate, to be so qualified or licensed could reasonably be expected to have a Material Adverse Effect.