Common use of Subsidiary Organizations Clause in Contracts

Subsidiary Organizations. Each subsidiary of the Company has been duly organized and is validly existing and in good standing under the laws of the State of California, has corporate power and authority to own, lease and operate its properties and to conduct its business as currently being and as proposed to be conducted and is not required to be qualified as a foreign entity to transact business in any jurisdiction. All of the issued and outstanding capital stock of each such subsidiary has been duly authorized and validly issued, is fully paid and nonassessable and is owned directly by the Company.

Subsidiary Organizations. Each subsidiary of the Company has been duly organized and is validly existing and in good standing under the laws of the State of California, has corporate power and authority to own, lease and operate its properties and to conduct its business as currently being and as proposed to be conducted and is not required to be qualified as a foreign entity to transact business in any jurisdiction. All of the issued and outstanding capital stock of each such subsidiary has been duly authorized and validly issued, is fully paid and nonassessable and is owned directly by the Company. 4.6.

Subsidiary Organizations. Each subsidiary of the Company has been duly organized and is validly existing and in good standing under the laws of the State their jurisdictions of Californiaincorporation, has corporate power and authority to own, lease and operate its properties and to conduct its business as currently being and as proposed to be conducted and is not required to be qualified as a foreign entity to transact business in any jurisdictioneach other jurisdiction where the failure to do so would have a Material Adverse Effect. All of the issued and outstanding capital stock of each such subsidiary has been duly authorized and validly issued, is fully paid and nonassessable and is owned directly by the Company.