Common use of Organization Powers Qualification Good Standing Business and Subsidiaries Clause in Contracts

Organization Powers Qualification Good Standing Business and Subsidiaries. (a) Organization and Powers. Each Principal Company and each of its Subsidiaries is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or incorporation, as applicable, as specified in Schedule 5.1. Each Principal Company and its Subsidiaries has all requisite power and authority to own and operate its Properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby.