Common use of The Borrower and Subsidiaries Clause in Contracts

The Borrower and Subsidiaries. The Borrower and the Subsidiaries are duly organized or incorporated and validly existing under and by virtue of their respective states of existence. Each is duly licensed and qualified in all other states and jurisdictions wherein the nature of the business transacted by it or the ownership of its properties makes such licensing or qualification as a foreign corporation necessary, if any, except where the failure to be so qualified would not have a Material Adverse Effect. Each of the Borrower and its Subsidiaries: (a) holds in full force and effect all material permits, licenses and franchises necessary for it to carry out its operations in conformity with all applicable laws and regulations; and (b) has full and adequate power to own its Property and conduct its business as now conducted.

The Borrower and Subsidiaries. The Borrower and the Subsidiaries are corporations duly organized or incorporated and validly existing under and by virtue of their respective states of existenceincorporation. Each is duly licensed and qualified in all other states and jurisdictions wherein the nature of the business transacted by it or the ownership of its properties makes such licensing or qualification as a foreign corporation necessary, if any, any except where the failure to be so qualified would not have a Material Adverse Effectmaterial adverse effect on the Borrower and its Subsidiaries taken as a whole. Each of the Borrower and its Subsidiaries: (a) Subsidiaries holds in full force and effect all material permits, licenses and franchises necessary for it to carry out its operations in conformity with all applicable laws and regulations; and (b) has full and adequate power to own its Property and conduct its business as now conducted.