Common use of Existence and Rights Clause in Contracts

Existence and Rights. The Corporation is a corporation duly organized, validly existing and in good standing under the laws of the state of Minnesota. The Corporation has all requisite corporate power and authority, to carry on its business and to own and use the properties owned and used by it. True and correct copies of the Corporation's Articles of Incorporation and Bylaws, as amended to date, have been delivered to Holder. The Corporation is qualified to conduct business and is in good standing under the laws of each jurisdiction wherein the nature of its business or its ownership of property requires it to be so qualified, except where the failure to be so qualified, would not individually or in the aggregate, have a material adverse effect on the assets or business of the Corporation. The Corporation has no Subsidiaries.