Common use of Organization; Compliance Clause in Contracts

Organization; Compliance. The Company and each Subsidiary (as defined below) is a corporation or limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Company and each Subsidiary is: (a) entitled to own or lease its properties and to carry on its business in all material respects as and in the places where such business is now conducted, and (b) duly licensed and qualified in all jurisdictions where the character of the property owned by it or the nature of the business transacted by it makes such license or qualification necessary.