Common use of Company Matters Clause in Contracts

Company Matters. Borrower, Pledgor, Allseas, Phoenix, and Holding Company are each an exempted company incorporated under the laws of Bermuda, and possesses the capacity to sxx and be sued in its own name and is in good standing under the laws of Bermuda. Charterer is an exempted company incorporated under the laws of the British Virgin Islands, and possesses the capacity to sxx and be sued in its own name and is in good standing under the laws of the British Virgin Islands. Each Credit Party, and each of Allseas and Phoenix possesses all requisite power and authority to enter into, execute, deliver, and perform its obligations under this Agreement and the other Loan Documents to which it is or is to become party pursuant to this Agreement and to take all action as may be necessary to consummate the contractions contemplated thereby. The entry into, execution, delivery, and performance by each Credit Party, and each of Allseas and Phoenix, of the Loan Documents to which it is, or, pursuant to this Agreement is to be a party, and the transactions contemplated thereby, have been duly authorized by all necessary corporate action. This Agreement and the Loan Documents which this Agreement contemplates that the Credit Parties, Allseas and Phoenix will execute have been duly executed by such Persons and constitute (or shall constitute when executed and delivered) legal, valid, and binding obligations of such Persons, enforceable against them in accordance with their terms.