Common use of Good Standing and Corporate Power Clause in Contracts

Good Standing and Corporate Power. The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the state of California, and is qualified to transact business as a foreign corporation in good standing in each other jurisdiction where the failure to be so qualified would have a material adverse effect on it, its assets or properties, or the conduct of its business. The Borrower has the right, power and authority to own its properties and assets and to transact the business in which it is engaged and proposes to engage.