In the sentences extracted from financial agreements in U.S. SEC filings, identify the named entities that represent a person ('PER'), an organization ('ORG'), or a location ('LOC'). The required answer format is: 'entity name, entity type'. For instance, in 'Elon Musk, CEO of SpaceX, announced the launch from Cape Canaveral.', the entities would be: 'Elon Musk, PER; SpaceX, ORG; Cape Canaveral, LOC'
Borrower and each Subsidiary is duly existing and in good standing in its state of formation and qualified and licensed to do business in , and in good standing in , any state in which the conduct of its business or its ownership of property requires that it be qualified . Borrower, PER