Common use of Partnership or Corporate Existence and Power Clause in Contracts

Partnership or Corporate Existence and Power. The Borrower is a limited partnership duly created and validly existing under the laws of Delaware, GBP is a trust duly created, validly existing and in good standing under the laws of Maryland, the General Partner is a corporation duly organized, validly existing and in good standing under the laws of Texas, and each of the foregoing is duly qualified to transact business in every jurisdiction where, by the nature of its business, such qualification is necessary, and has all partnership powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except where any such failure does not have and is not reasonably expected to cause a Material Adverse Effect.

Partnership or Corporate Existence and Power. The Borrower is a limited partnership duly created and validly existing under the laws of Delaware, GBP is a trust duly created, validly existing and in good standing under the laws of Maryland, the General Partner is a corporation duly organized, validly existing and in good standing under the laws of Texas, and each of the Initial Property Partnerships is a general partnership duly created and validly existing under the laws of Texas, and each of the foregoing is duly qualified to transact business in every jurisdiction where, by the nature of its business, such qualification is necessary, and has all partnership powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except where any such failure does not have and is not reasonably expected to cause a Material Adverse Effect.