Common use of Status of the Manager Clause in Contracts

Status of the Manager. The Manager represents and warrants to each Limited Partner that: (a) it is and shall continue to be a corporation incorporated and in good standing under the laws of Ontario; (b) it has and shall continue to have the requisite capacity and corporate authority to act as Manager for the Partnership and to perform its obligations under this Agreement, and such obligations do not and shall not conflict with or breach its constating documents or any agreement by which it is bound; and (c) it shall carry out its powers and authorities and manage and operate the Partnership and the undertaking, property and assets thereof in a reasonable and prudent manner, in accordance with the Management Agreement and will act honestly, in good faith and in the best interests of the Partnership.