Common use of Purchaser Subsidiaries Clause in Contracts

Purchaser Subsidiaries. Except as would not reasonably be expected to have a Purchaser Material Adverse Effect, each Purchaser Subsidiary that is a corporation: (i) is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, (ii) has all necessary power and authority to own, operate or lease the properties and assets owned, operated or leased by such Purchaser Subsidiary and to carry on its business as it has been and is currently conducted by such Purchaser Subsidiary and (iii) is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary or desirable.