Common use of Franchises and Permits Clause in Contracts

Franchises and Permits. (a) Each Obligor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. As of the Closing Date, each Borrower is Wholly-Owned by the Guarantor. Each Obligor has all requisite corporate power and authority (i) to carry on its business as now conducted, and (ii) to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby.