Please extract entities and their types from the input sentence, entity types should be chosen from {person/organization/location}.
Text: Borrower and each of its Subsidiaries , if any , are duly existing and in good standing , as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business and are in good standing in any jurisdiction in which the conduct of their business or their ownership of property requires that they be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower ' s business or operations .
user
Borrower is a person, Borrower is a person.
assistant