Status and Authority Clause Samples
The "Status and Authority" clause establishes the legal standing and capacity of the parties entering into an agreement. It typically requires each party to confirm that they are duly organized, validly existing, and have the necessary power and authority to enter into and perform their obligations under the contract. For example, a corporation would affirm that it is properly incorporated and that the person signing has the authority to bind the company. This clause ensures that all parties are legally capable of entering the agreement, thereby reducing the risk of future disputes over enforceability or unauthorized commitments.
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Status and Authority. (i) The Borrower is a non-profit corporation duly organized, existing and in good standing under the laws of North Carolina, (ii) its articles of incorporation and any certificates of assumed or business name have been delivered to the City and are in full force and effect and have not been amended or changed, (iii) no proceeding is pending, planned or threatened for the dissolution, termination or annulment of it, (iv) all articles of incorporation and of assumed or business name required to be filed have been duly filed and it has complied with all other conditions prerequisite to its doing business in North Carolina, (v) it has the power, authority and legal right to carry on the business now being conducted by it and to engage in transactions contemplated by the Loan Documents, and (vi) all necessary corporate actions of it have been duly taken.
Status and Authority. Instinet is a company duly organized, validly existing and in good standing under the laws of Delaware. The execution and delivery by Instinet of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate action on the part of Instinet (except as contemplated by the Merger Agreement), and this Agreement has been duly executed and delivered by the duly authorized officers of Instinet and constitutes the valid, legal and binding obligation of Instinet.
Status and Authority. (i) The Borrower is a for-profit limited partnership duly organized, existing under the laws of Missouri and in good standing under the laws of North Carolina, (ii) its articles of organization, certificate of limited partnership and any certificates of assumed or business name have been delivered to the City and are in full force and effect and have not been amended or changed, (iii) no proceeding is pending, planned or threatened for the dissolution, termination or annulment of it, (iv) the Borrower’s articles of organization, certificate of limited partnership, application for registration as a foreign limited partnership and all assumed or business name filings required to be filed have been duly filed and it has complied with all other conditions prerequisite to its doing business in North Carolina, (v) it has the power, authority and legal right to carry on the business now being conducted by it and to engage in transactions contemplated by the Loan Documents, and (vi) all necessary corporate actions of it have been duly taken.
Status and Authority. Reuters is a company duly organized and validly existing under the laws of England and Wales. The execution and delivery by Reuters of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate action on the part of Reuters, and this Agreement has been duly executed and delivered by the duly authorized officers of Reuters and constitutes the valid, legal and binding obligation of Reuters.
Status and Authority. Seller is a limited liability company duly formed, validly existing and in good standing under the laws of its state of formation, and has all requisite power and authority under the laws of such state and its charter documents to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby and thereby. Existing Operator is a corporation duly formed, validly existing and in good standing under the laws of its state of formation, and has all requisite power and authority under the laws of such state and its charter documents to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby and thereby.
Status and Authority. It is a [corporation duly incorporated and] OR [INSERT OTHER APPROPRIATE DESCRIPTION, AS APPLICABLE] existing under the laws of [●] and has all authority, capacity and powers and all material Governmental Authorizations required to carry on its business as now conducted.
Status and Authority. (i) The Developer is a for profit corporation duly organized, existing and in good standing under the laws of Missouri, (ii) its articles of incorporation and any certificates of partnership or of assumed or business name have been delivered to the City and are in full force and effect and have not been amended or changed, (iii) no proceeding is pending, planned or threatened for the dissolution, termination or annulment of it, (iv) all articles of incorporation and of assumed or business name required to be filed have been duly filed and it has complied with all other conditions prerequisite to its doing business in North Carolina, (v) it has the power, authority and legal right to carry on the business now being conducted by it and to engage in transactions contemplated by this Agreement, and (vi) all necessary corporate actions of it have been duly taken.
Status and Authority. Seller is a publicly traded corporation duly formed, validly existing and in good standing under the laws of its state of formation, and has all requisite power and authority under the laws of such state and their charter documents to enter into and perform their obligations under this Agreement to consummate the transactions contemplated hereby and thereby.
Status and Authority. It is a corporation duly incorporated and existing under the laws of the Province of Alberta and has all authority, capacity and powers and all material Governmental Authorizations required to carry on its business as now conducted.
Status and Authority. Seller is a limited liability company duly formed, validly existing and in good standing under the laws of its state of formation, and has all requisite power and authority under the laws of such state and their charter documents to enter into and perform their obligations under this Agreement and the OTA and to consummate the transactions contemplated hereby and thereby.