Organization of Such Backstop Party. Such Backstop Party is duly incorporated, organized or formed (as applicable), validly existing and in good standing under the Laws of its jurisdiction of incorporation, organization or formation (as applicable), with full corporate, partnership or limited liability company (as applicable) power and authority to conduct its business as it is now conducted.
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Samples: Backstop Purchase Agreement (Hi-Crush Inc.), Backstop Purchase Agreement (Chaparral Energy, Inc.), Restructuring Support Agreement (Chaparral Energy, Inc.)
Organization of Such Backstop Party. Such Backstop Party is duly incorporated, organized or formed (as applicable)organized, validly existing and in good standing under the Laws of its jurisdiction of incorporation, incorporation or organization or formation (as applicable), with full corporate, partnership or limited liability company (as applicable) power and authority to conduct its business as it is now or currently proposed to be conducted, and to own or use the properties and assets that it purports to own or use.
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