Common use of Organization; Power; Qualification Clause in Contracts

Organization; Power; Qualification. The Borrowing Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, has the power and authority to own or lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing as a foreign corporation, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business require such qualification or authorization.

Organization; Power; Qualification. The Borrowing Company is a corporation or life insurance company, as the case may be, duly organized, validly existing and in good standing under the laws of the state of its incorporationorganization, has the power and authority to own or lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing as a foreign corporationstanding, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business require such qualification or authorization.