Common use of BIF Organization Clause in Contracts

BIF Organization. BIF: (a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is a registered bank holding company under the BHCA; (b) is duly qualified to do business and is in good standing in the states of Delaware and Illinois and in each other jurisdiction in which the nature of the business conducted or the properties or assets owned or leased by it makes such qualification necessary and where failure to be so qualified would reasonably be expected to have a Material Adverse Effect on BIF; and (c) has full power and authority, corporate and otherwise, to own, operate and lease its properties as presently owned, operated and leased, and to carry on its business as it is now being conducted. BIF owns no voting stock or equity securities of any corporation, association, partnership or other entity, other than all of the voting stock of BKI and TIA Corp and as set forth on Schedule 4.1 of the BIF Book of Schedules.