Common use of Creation and Existence Clause in Contracts

Creation and Existence. Borrower is a company duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. ▇▇▇▇▇▇ is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Deep Seas is a limited partnership duly formed, validly existing and in good standing under the laws of the state of its formation and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. The Borrower and the Guarantors each have all power and authority to own their respective properties and assets and to transact the business in which it is engaged.

Creation and Existence. Borrower is a company duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. ▇A▇▇▇▇▇ is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Deep Seas is a limited partnership duly formed, validly existing and in good standing under the laws of the state of its formation and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. The Borrower and the Guarantors each have all power and authority to own their respective properties and assets and to transact the business in which it is engaged.