Common use of Creation and Existence Clause in Contracts

Creation and Existence. Borrower is a corporation duly organized and validly existing under the laws of Alberta, Canada and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Each of the Guarantors is a corporation duly organized and validly existing under the laws of the jurisdiction in which it was formed and is duly qualified in all jurisdictions wherein failure to qualify may result in a Material Adverse Effect. Borrower and each Guarantor has all corporate power and authority to own their respective properties and assets and to transact the business in which they are engaged.