Common use of Status and Power Clause in Contracts

Status and Power. Each Obligor: (i) and each Specified Entity is a corporation duly incorporated and organized and, where legally applicable, validly subsisting in good standing under the laws of its governing jurisdiction (except as otherwise permitted by a Permitted Corporate Reorganization); (ii) and each Specified Entity is duly qualified, registered or licensed in all jurisdictions where the nature of its business makes such qualification, registration or licensing necessary and where the failure to do so would reasonably be expected to have a Material Adverse Effect; (iii) and each Specified Entity has all requisite corporate capacity, power and authority to own, hold under licence or lease its properties, and to carry on its business as now conducted; and (iv) has all necessary corporate capacity to enter into, and carry out the transactions contemplated by, the Finance Documents to which it is a party.