Common use of Due Organisation Clause in Contracts

Due Organisation. Each of the Borrower and its Significant Subsidiaries has been duly organised, is validly existing as a legal entity properly organised, registered and existing, in the case of the Borrower, under the laws of Russia, and in the case of each Significant Subsidiary, under the laws of its jurisdiction of organization or incorporation; each of the Borrower and its Significant Subsidiaries has the corporate power and authority to own, lease and operate its property and to conduct its business as it is currently being conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except where any failure to do so would not have any material adverse effect on the business, financial position or results of operations of the Borrower and its Subsidiaries taken as a whole (“Material Adverse Effect”).

Due Organisation. Each of the Borrower and its Significant Subsidiaries has been duly organised, is validly existing as a legal entity properly organised, registered and existing, in the case of the Borrower, under the laws of Russia, and in the case of each Significant Subsidiary, under the laws of its jurisdiction of organization or incorporation; each of the Borrower and its Significant Subsidiaries has the corporate power and authority to own, lease and operate its property and to conduct its business as it is currently being conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except where any failure to do so would have not have any material adverse effect on the business, financial position or results of operations of the Borrower and its Subsidiaries taken as a whole (“Material Adverse Effect”).