Common use of Creation and Existence Clause in Contracts

Creation and Existence. PPC is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly qualified and in good standing in the State of Texas and in all other jurisdictions wherein failure to qualify may result in a Material Adverse Effect. PLP is a limited partnership duly organized and validly existing under the laws of the State of Texas and is duly qualified in the State of Texas and in all other jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Guarantor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly qualified and in good standing in the State of Nevada and in all other jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Borrowers and Guarantor have all power and authority (corporate or otherwise) to own their respective properties and assets and to transact the business in which they are engaged.