Common use of Formation and Standing Clause in Contracts

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 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 conductedconducted and as proposed to be conducted as described in the Company’s Amended and Restated Confidential Offering Memorandum dated July 28, 2011 as revised October 19, 2011) (together with any amendments and supplements thereto, the “Offering Memorandum”).

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 conductedconducted and as proposed to be conducted as described in the Company’s Amended and Restated Confidential Offering Memorandum dated July 28, 2011 (as revised by letter dated October 19, 2011) (together with any amendments and supplements thereto, the “Offering Memorandum”).