Common use of Authority to Conduct Business Clause in Contracts

Authority to Conduct Business. The TRS Entity is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required. The TRS Entity has full power and authority and all material licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and to own and use the properties owned and used by it. Ashford Trust TRS has delivered to Ashford Prime TRS correct and complete copies of the governing documents of the TRS Entity, as amended to date. The TRS Entity is not in default under or in violation of any provision of its governing documents.

Authority to Conduct Business. The Each TRS Entity is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required. The Each TRS Entity has full power and authority and all material licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and to own and use the properties owned and used by it. Ashford Trust TRS has delivered to Ashford Prime TRS correct and complete copies of the governing documents of the each TRS Entity, as amended to date. The No TRS Entity is not in default under or in violation of any provision of its governing documents.