Common use of ORGANIZATION, POWER AND STATUS OF THE OWNER Clause in Contracts

ORGANIZATION, POWER AND STATUS OF THE OWNER. The Owner (a) is a corporation duly formed, validly existing and in good standing under the laws of the Isle of Man and (b) is duly authorized, to the extent necessary, to do business in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary. The Owner has all requisite corporate power and authority to own and operate the property it purports to own and to carry on its business as now being conducted and as proposed to be conducted in respect of the Vessel.

ORGANIZATION, POWER AND STATUS OF THE OWNER. The Owner (a) is a corporation duly formed, validly existing and in good standing under the laws of the Isle of Man The Bahamas and (b) is duly authorized, to the extent necessary, to do business in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary. The Owner has all requisite corporate power and authority to own and operate the property it purports to own and to carry on its business as now being conducted and as proposed to be conducted in respect of the Vessel.