Constitution and Existence Sample Clauses
The 'Constitution and Existence' clause establishes the legal formation and ongoing status of a company or entity as recognized under applicable law. It typically specifies that the entity has been duly incorporated, is validly existing, and is in good standing according to the jurisdiction in which it was formed. This clause may also require the entity to maintain its legal status throughout the duration of the agreement. Its core function is to assure the other party that the entity is legitimate, properly constituted, and authorized to enter into contractual obligations, thereby reducing the risk of dealing with an invalid or non-existent counterparty.
Constitution and Existence. The Net Group Companies are Persons duly constituted and in existence in accordance with the laws of their country of constitution, with the corporate power and authority to own, lease and exploit their assets as well as to manage their business activities in their current manner;
Constitution and Existence. The Creditor Institution has been duly constituted and is validly in existence in accordance with Brazilian law, except in the case of those institutions that are branches of foreign institutions that were constituted in accordance with the laws of the country of their respective parent, having the corporate powers and authority (or similar) to own, lease and exploit their assets as well as to administer their business in their current manner;
Constitution and Existence of the Buyer --------------------------------------- The Buyer is validly incorporated and existing under the laws of Chile.