Common use of Organization; Compliance Clause in Contracts

Organization; Compliance. Each of the Company and each of the Subsidiaries is a corporation duly organized, validly existing and in good standing under the laws of Nevada. Each of the Company and each of the Subsidiaries is: (a) entitled to own or lease its properties and to carry on its business as and in the places where such business is now conducted, and (b) duly licensed, in good standing and qualified in all jurisdictions where the character of the property owned by it or the nature of the business transacted by it makes such license or qualification necessary, except where the failure to do so would not result in a material adverse effect on the Company or the subsidiaries. Schedule 3.1 lists all locations where the Company and each Subsidiary has an office or place of business and the nature of the ownership interest in such property (fee, lease, or other).