Project Sponsor Representative. − The Project Sponsor represents and warrants to the Bank and the Member, as of the effective date hereof, on each funding date of the subsidy, and as of the dates that the Project Sponsor provides monitoring information and certifications to the Member and the Bank as set forth in this Agreement, and the AHP regulations, the following: • Existence − The Project Sponsor is a sponsor as such term is defined in Section 1291.1 of the AHP regulations, and is in good standing in the state of its organization. The Project Sponsor is duly qualified to do business in each state in which the ownership of its respective property or the nature of its respective business makes such qualification necessary and where the failure to so qualify would reasonably be expected to have a materially adverse effect on the business and operations of the Project Sponsor. The Project Sponsor has all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except for such matters, the failure of which to so maintain, would not reasonably be expected to have a material adverse effect on the operations or financial condition of the Project Sponsor.
Project Sponsor Representative. − The Project Sponsor represents and warrants to the Bank and the Member, as of the effective date hereof, on each funding date of the subsidy, and as of the dates that the Project Sponsor provides monitoring information and certifications to the Member and the Bank as set forth in this Agreement, and the AHP regulations that it has not engaged in, and is not engaging in, covered misconduct as defined in FHFA's Suspended Counterparty Program regulation (12 CFR part 1227), and the following: • Existence − The Project Sponsor is a sponsor as such term is defined in Section 1291.1 of the AHP regulations and is in good standing in the state of its organization. The Project Sponsor is duly qualified to do business in each state in which the ownership of its respective property or the nature of its respective business makes such qualification necessary and where the failure to so qualify would reasonably be expected to have a materially adverse effect on the business and operations of the Project Sponsor. The Project Sponsor has all powers and all material governmental licenses, authorizations, consents, and approvals required to carry on its business as now conducted, except for such matters, the failure of which to so maintain, would not reasonably be expected to have a material adverse effect on the operations or financial condition of the Project Sponsor.
