Common use of Organization and Ownership Clause in Contracts

Organization and Ownership. Each Consolidated Subsidiary is a corporation, partnership or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except where the failure or absence of any of the foregoing would not have a Material Adverse Effect. Each Consolidated Subsidiary has all requisite power and authority to own or hold under lease the property it purports to own or hold under lease, to carry on its business as now conducted and as proposed to be conducted, except where the absence or failure of any of the foregoing would not have a Material Adverse Effect.