Common use of Existence, Power and Qualification Clause in Contracts

Existence, Power and Qualification. Each of the Borrower and the Guarantors (a) is duly incorporated or otherwise formed, organized and validly existing under the laws of its jurisdiction of incorporation, formation or organization, (b) is up to date in all material filings required under those laws, (c) has the requisite corporate, partnership or trust power and authority to own, operate and lease its properties and assets and to conduct the businesses in which it is presently engaged, and (d) is duly qualified under the laws of each jurisdiction where its ownership, lease or operation of properties or assets or the conduct of its business requires qualification (except where the failure to be so qualified would not have a Material Adverse Effect).