Common use of Entity Organization Clause in Contracts

Entity Organization. Each Credit Party which is an entity will (i) remain (A) validly existing and in good standing in the state of its organization and (B) qualified to do business and in good standing in each other state where the nature of its business or the property owned by it make such qualification necessary and the failure to do so materially adversely affects MLC’s interest in the Collateral or its ability to enforce the terms of the Loan Documents or exercise any remedies thereunder or under applicable law, as reasonably determined by MLC, and (ii) maintain all governmental permits, licenses and authorizations where the failure to do so would and the failure to do so materially adversely affects MLC’s interest in the Collateral or its ability to enforce the terms of the Loan Documents or exercise any remedies thereunder or under applicable law, as reasonably determined by MLC. Customer shall give MLC not less than 30 days prior written notice of any change in name (including any fictitious name) or chief executive office, place of business, or as applicable, the jurisdiction of organization or principal residence.

Entity Organization. Each Credit Party which is an entity will (i) remain (A) validly existing and in good standing in the state of its organization and (B) qualified to do business and in good standing in each other state where the nature of its business or the property owned by it make such qualification necessary and the failure to do so materially adversely affects MLC’s 's interest in the Collateral or its ability to enforce the terms of the Loan Documents or exercise any remedies thereunder or under applicable law, as reasonably determined by MLC, and (ii) maintain all governmental permits, licenses and authorizations where the failure to do so would and the failure to do so materially adversely affects MLC’s 's interest in the Collateral or its ability to enforce the terms of the Loan Documents or exercise any remedies thereunder or under applicable law, as reasonably determined by MLC. Customer shall give MLC not less than 30 days prior written notice of any change in name (including any fictitious name) or chief executive office, place of business, or as applicable, the jurisdiction of organization or principal residence.