Common use of Organization and Corporate Powers Clause in Contracts

Organization and Corporate Powers. Such Subsidiary Borrower (i) is a company duly formed and validly existing and in good standing under the laws of its Home Country; (ii) has the requisite power and authority to own its property and assets and to carry on its business substantially as now conducted except where the failure to have such requisite authority would not have a material adverse effect on such Subsidiary Borrower; and (iii) has the requisite power and authority and legal right to execute and deliver each Loan Document to which it is a party and the performance by it of its obligations thereunder have been duly authorized by proper corporate proceedings.

Organization and Corporate Powers. Such Subsidiary Borrower (i) is a company duly formed and validly existing and in good standing under the laws of the state of its Home Countryorganization; (ii) has the requisite power and authority to own its property and assets and to carry on its business substantially as now conducted except where the failure to have such requisite authority would not have a material adverse effect Material Adverse Effect on such Subsidiary Borrower; and (iii) has the requisite power and authority and legal right to execute and deliver each any Loan Document to which it is a party and the performance by it of its obligations thereunder have been duly authorized by proper corporate proceedings.