Common use of Due Organization, Good Standing and Power Clause in Contracts

Due Organization, Good Standing and Power. The Buyer is a corporation duly organized, validly existing and in good standing under the laws of the state of Texas. The Buyer has the corporate power and authority to own, lease and operate the Assets and to conduct the Business. The Buyer is duly authorized, qualified or licensed to do business as a foreign corporation and is in good standing in each jurisdiction in which its right, title or interest in or to any of the assets, or the conduct of the business, requires such authorization, qualification or licensing, except where the failure to so qualify or to be in good standing in such other jurisdictions would not have a material adverse effect on any of its assets, business or the results of operations of the Buyer. No actions or proceedings to dissolve the Buyer are pending.