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SWY » Topics » 7.1 Organization, Powers, Qualification, Good Standing and Business .

This excerpt taken from the SWY 8-K filed Jun 7, 2005.

7.1 Organization, Powers, Qualification, Good Standing and Business.

 

A. Organization and Powers. Each of the Loan Parties is a corporation duly incorporated, validly existing and in good standing under the laws of its respective jurisdiction of incorporation. Each of the Loan Parties has all requisite corporate power and authority to own and operate its properties, to carry on its business as now conducted, to enter into each Loan Document to which it is a party and to carry out the transactions contemplated hereby and thereby.

 

B. Qualification and Good Standing. Each Loan Party is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had and will not have a Material Adverse Effect.

 

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