Common use of STATUS AND AUTHORITY OF THE SHOLODGE PARTIES Clause in Contracts

STATUS AND AUTHORITY OF THE SHOLODGE PARTIES. Each of the ShoLodge Parties is a corporation duly organized, validly existing and in corporate good standing under the laws of its state of incorporation, and has all requisite power and authority under the laws of such state and its respective charter documents to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. Each of the ShoLodge Parties has duly qualified to transact business in each jurisdiction in which the nature of the business conducted by it requires such qualification, except where failure to do so could not reasonably be expected to have a material adverse effect.