Common use of Existence and Qualifications Clause in Contracts

Existence and Qualifications. Company is a company duly organized, validly existing and in compliance with filing requirements and payment of government fees required under the laws of Bermuda, and each of the Company Subsidiaries is a company duly organized, validly existing and in compliance with filing requirements and payment of government fees required under the laws of its respective place of domicile specified in Article 1 above. Subject to obtaining Bermuda governmental approvals for issuance of the Preferred Shares, Company has the full corporate power and authority to execute and deliver the Transaction Agreements, and to perform its obligations under, and to consummate the transactions contemplated by, the Transaction Agreements, including, without limitation, the delivery of the Preferred Shares pursuant to the exercise of the Securities Issuance Option as described in this Agreement.