Organization, Qualification and Authorization. Borrower is a corporation, validly existing and in good standing under the laws of the State of Minnesota; has the power and authority to own its property and to carry on its business as now being conducted; and is duly qualified and licensed to do business, and is in good standing, in every jurisdiction in which the nature of the business in which it is engaged makes such qualification or licensing necessary.
Appears in 3 contracts
Samples: Loan Agreement, Loan Agreement (Wsi Industries, Inc.), Loan Agreement (Wsi Industries, Inc.)
Organization, Qualification and Authorization. The Borrower is a corporationcorporation duly organized, validly existing and in good standing under the laws of the State of Minnesota; has the power and authority to own its property the Collateral and to carry on its business as now being conducted; and is duly qualified and licensed to do business, and is in good standing, in every jurisdiction in which the nature of the business in which it is engaged makes such qualification or licensing necessary.
Appears in 2 contracts
Samples: Revolving Loan Agreement, Revolving Loan Agreement (Pro Dex Inc)
Organization, Qualification and Authorization. The Borrower is a corporationcorporation duly organized, validly existing and in good standing under the laws of the State of Minnesota; has the power and authority to own its property and to carry on its business as now being conducted; and is duly qualified and licensed to do business, and is in good standing, in every jurisdiction in which the nature of the business in which it is engaged makes such qualification or licensing necessary, except for those jurisdictions where its failure to be qualified, licensed or in good standing would not have a material adverse effect on its business or property.
Appears in 1 contract
Samples: Loan Agreement (Clearfield, Inc.)
