Common use of Organization, Qualification and Power Clause in Contracts

Organization, Qualification and Power. Target and Nominee are each a limited liability company duly organized, validly existing, and in good standing under the Laws of the jurisdiction of their respective organization. Target and Nominee are each duly authorized to conduct business and are in good standing under the Laws of each jurisdiction where such qualification is required, except where the lack of such qualification would not have a Material Adverse Effect. Target and Nominee each have full limited liability company power and authority to carry on the businesses in which they are engaged and to own and use the properties owned and used by them, including the Properties.