Common use of ORGANIZATION STATUS AND AUTHORITY Clause in Contracts

ORGANIZATION STATUS AND AUTHORITY. That the Company (i) is a business corporation duly organized, validly existing and in good standing under the laws of the state in which it was formed; (ii) is duly qualified to do business and is in good standing therein and in the State of New York, (iii) it has the power, authority and legal right to own and operate its properties and assets, carry on the business now being conducted and proposed to be conducted by it, and to engage in the transactions contemplated by the Bank Documents, and (iv) the execution and delivery of the Bank Documents to which it is a party and the performance and observance of the provisions thereof have been duly authorized by all necessary actions of the members and/or managers of the Company.

ORGANIZATION STATUS AND AUTHORITY. That the (a) The Company (i) is a business corporation duly organized, validly existing and in good standing under the laws of the state in which it was formed; is incorporated, (ii) is duly qualified to do business and is in good standing therein and in the State of New York, (iii) it has the corporate power, authority and legal right to own and operate its properties and assets, carry on the business now being conducted and proposed to be conducted by it, and to engage in the transactions contemplated by the Bank Financing Documents, and (iv) the execution and delivery of the Bank Financing Documents to which it is a party and the performance and observance of the provisions thereof have been duly authorized by all necessary actions of the members and/or managers of the Companycorporate actions.