Common use of Existence, Power and Qualification Clause in Contracts

Existence, Power and Qualification. Each Borrower and each of its Material Subsidiaries (a) is an entity, duly incorporated or otherwise formed, organized and validly existing under the laws of its jurisdiction of incorporation or formation, (b) is up to date in all material respects in the filings of all corporate and similar returns required under those laws, except as specified on Schedule 8.1(1), (c) has the requisite 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 in all material respects under the laws of each jurisdiction where its ownership, lease or operation of properties or assets or the conduct of its business requires qualification.