Common use of Corporate Existence and Good Standing Clause in Contracts

Corporate Existence and Good Standing. Each Obligor is a corporation, a limited liability company or other legal entity duly and validly incorporated or formed, and existing under the laws of the jurisdiction of its incorporation or formation. Each Obligor has the legal capacity and right to own its property and assets and to carry on its business in each jurisdiction in which it owns property or assets or carries on business where the failure to have such legal capacity or right would have a Material Adverse Effect.

Corporate Existence and Good Standing. Each Obligor is a corporation, corporation or a limited liability company or other legal entity duly and validly incorporated or formed, and existing under the laws of the jurisdiction of its incorporation or formation. Each Obligor has the legal capacity and right to own its property and assets and to carry on its business in each jurisdiction in which it owns property or assets or carries on business where the failure to have such legal capacity or right would have a Material Adverse Effect.