Common use of Organization, Powers and Qualifications Clause in Contracts

Organization, Powers and Qualifications. (i) Zions Bancorp is a corporation which is duly organized, validly existing, and in good standing under the laws of the State of Utah and has the corporate power and authority to own and operate its properties and assets, to lease properties used in its business, and to carry on its business as now conducted. (ii) Val Cor is a corporation which is duly organized, validly existing, and in good standing under the laws of the State of Colorado and has the corporate power and authority to own and operate its properties and assets, to lease properties used in its business, and to carry on its business as now conducted. (iii) Valley is a national banking association which is duly organized, validly existing, and in good standing under the laws of the United States and has the corporate power and authority to own and operate its properties and assets, to lease properties used in its business, and to carry on its business as now conducted. The deposit accounts of Valley are insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation and, to the best of our knowledge, no proceedings for the termination of such insurance are pending or threatened.