Common use of Good Standing and Power Clause in Contracts

Good Standing and Power. The Borrower and each Subsidiary is a limited partnership or corporation, duly organized and validly existing in good standing under the laws of the jurisdiction of its organization; each has the power to own its property and to carry on its business as now being conducted; and each is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it therein or in which the transaction of its business makes such qualification necessary, except where the failure to be so qualified, or to be in good standing, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

Good Standing and Power. The Borrower and each Subsidiary of its Subsidiaries is a limited partnership or corporation, duly organized incorporated and validly existing in good standing under the laws of the jurisdiction of its organizationincorporation; each has the corporate power to own its property and to carry on its business as now being conducted; and each is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it therein or in which the transaction of its business makes such qualification necessary, except where the failure to be so qualified, or to be in good standing, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.