Formation and Standing Clause Samples
The Formation and Standing clause defines the requirements for a contract to be validly created and for the parties involved to have the legal capacity to enter into the agreement. It typically outlines that the contract becomes effective once certain conditions are met, such as mutual agreement, proper execution, and, if necessary, regulatory approvals. Additionally, it may specify that each party must be duly organized and authorized to conduct business under applicable laws. This clause ensures that the contract is legally enforceable and that all parties have the authority and capacity to fulfill their obligations, thereby reducing the risk of disputes over the contract’s validity.
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Formation and Standing. The Company is duly formed and validly existing in good standing as a corporation under the laws of Bermuda, and has all requisite power and authority to carry on its business as proposed to be conducted following the Closing as described in the Confidential Private Placement Memorandum relating to the private offering of Securities by the Company (together with any amendments and supplements thereto, the “Memorandum”).
Formation and Standing. The Company is existing and in good standing as a corporation under the laws of the State of Delaware, has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in this Subscription Agreement, the Offering Document and the Governing Documents and is duly qualified to transact business and is in good standing in every jurisdiction in which the character of its business makes such qualification necessary, except where the failure to so qualify would not have a material adverse effect on its business operations.
Formation and Standing. The Company is duly formed and validly existing as a corporation under the laws of the State of Florida and, subject to applicable law, has all requisite power and authority to carry on its business as now conducted.
Formation and Standing. The Frost Group is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Florida. The Frost Group has the requisite power and authority to own and operate its properties and assets, and to carry on its business as currently conducted.
Formation and Standing. The Fund is existing and in good standing as a statutory trust under the laws of the State of Delaware, has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in this Subscription Agreement, the Offering Document and the Governing Documents and is duly qualified to transact business and is in good standing in every jurisdiction in which the character of its business makes such qualification necessary, except where the failure to so qualify would not have a material adverse effect on its business operations.
Formation and Standing. The Company is duly formed and validly existing as a limited liability company under the laws of the State of Delaware and, subject to applicable law, has all requisite limited liability company power and authority to carry on its business as proposed to be conducted in the Company Agreement.
Formation and Standing. The Company is a limited liability company duly formed, validly existing and in good standing under the NRS and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. The Company is duly qualified or licensed and in good standing in each other jurisdiction where it does business or operates to the extent that the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed or in good standing would not reasonably be expected to have a Material Adverse Effect on the Company. Schedule lists all jurisdictions in which the Company is qualified or licensed to conduct business as a foreign entity and all names other than its legal name under which the Company does business. The Company has provided to the Purchaser accurate and complete copies of its Organizational Documents, each as amended to date and as currently in effect. The Company is not in violation of any provision of its Organizational Documents.
Formation and Standing. Token Vendor is a corporation duly organized, validly existing and in good standing under the Laws of Token Vendor’s country of incorporation and have all requisite corporate power and authority to carry on the transactions contemplated by Token Vendor under this Agreement.
Formation and Standing. Each of the Partnership, the General Partner [and the Manager] is duly formed and validly existing under the laws of their organisation, and has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in [the Applicant’s Side Letter,] the Memorandum, the Partnership Agreement [and the Management Agreement].
Formation and Standing. Borrower is duly formed, validly existing and in good standing under the laws of the State of Florida and has the requisite power and authority to own and operate its properties and assets, and to carry on its business as currently conducted.