Common use of Status and Power Clause in Contracts

Status and Power. The Borrower is a corporation duly incorporated and organized and validly subsisting in good standing under the laws of Canada. Each of the Material Subsidiaries which is a corporation is a corporation duly incorporated and organized and validly subsisting in good standing under the laws of its jurisdiction of incorporation, and each other Material Subsidiary is validly existing under the laws of its jurisdiction of organization or formation, in each case, as set forth in Schedule I. The Borrower and each of the Material Subsidiaries is duly qualified, registered or licensed in all jurisdictions where such qualification, registration or licensing is required, except where the failure to be so qualified would not have and would not reasonably be expected to have a Material Adverse Effect. The Borrower and each of the Material Subsidiaries has all requisite capacity, power and authority to own, hold under licence or lease its properties necessary for the conduct of its business and to carry on its business, in each case, as currently conducted. The Borrower has all requisite corporate capacity, power and authority to enter into and carry out the transactions contemplated by this Agreement.