LLC Status Sample Clauses
The LLC Status clause formally establishes that a party to the agreement is organized and operates as a limited liability company (LLC). It typically requires the party to confirm its legal existence, good standing, and authority to enter into the contract as an LLC, sometimes including details such as the state of formation or registration. This clause ensures that the other party can rely on the LLC's legal status, which is important for determining liability, authority, and the enforceability of the agreement.
LLC Status. At all times prior to the LLC Conversion Date, ---------- (i) GPS is and will be a validly existing limited liability company not subject to federal income tax at the entity level, (ii) no event described in Section 23.1 ("Dissolving Events") of the LLC Operating Agreement has occurred, and (iii) no action has been taken by GPS or its members that would render inaccurate the matters stated in the preceding clauses (i) and (ii).
LLC Status. Sparta is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. Sparta has filed an application for authority in the State of New York and knows of no other state in which the nature of its business or the character or ownership of its properties makes such licensing or qualification necessary in such state.
LLC Status. Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware; and has the power as a limited liability company to own and operate its properties, to carry on its business as now conducted and to enter into and to perform its obligations under this Agreement and the other Loan Documents to which it is a party. Borrower is duly qualified to do business and in good standing in each state in which a failure to be so qualified would have a material adverse effect on Borrower's financial condition or its ability to conduct its business in the manner now conducted.
LLC Status. To the knowledge of Buyer as of the date of this Agreement, the representation and warranty set forth in the first and second sentences of Section 4.28(c) is true and correct.