Common use of Good Standing of Borrower Clause in Contracts

Good Standing of Borrower. Authorization. If not an individual, Borrower is a _ corporation partnership _ sole proprietorship _ limited liability company _ limited liability partnership, duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, is duly qualified and is in good standing under the laws of each jurisdiction in which it is required to be qualified, and has the necessary power and authority to enter into and perform its obligations under the Loan Documents. If an individual, Borrower is an adult and is legally competent. The execution and performance of the Loan Documents have been duly authorized by all necessary proceedings on the part of Borrower, and, upon their execution and delivery, the Loan Documents will be valid, binding, and enforceable in accordance with their terms. Borrowers execution and performance of the Loan Documents will not violate any orders, laws or regulations applicable to Borrower, any organizational documents of Borrower, or any instruments, indentures or agreements to which Borrower is a party or by which Borrower or any of its properties are bound; and all consents and approvals required in connection with this Agreement, the other Loan Documents have been obtained and are in full force and effect. Borrowers subsidiaries and affiliates, if any, are duly organized, validly existing, and in good standing under the laws of the jurisdictions of their organization.