Common use of Organization of the Subsidiary Clause in Contracts

Organization of the Subsidiary. The Subsidiary is a corporation duly incorporated and existing in good standing under the laws of the State of Delaware and has all requisite corporate authority to own its properties and to carry on its business as now being conducted. The Subsidiary is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, other than those (individually or in the aggregate) in which the failure so to qualify would not reasonably be expected to have a Material Adverse Effect. The Subsidiary is not in violation of any material terms of its Articles of Incorporation or Bylaws.