Common use of Formation and Standing Clause in Contracts

Formation and Standing. The Fund is duly formed, validly existing and in good standing as a limited liability company under the laws of the State of Delaware, has or will have prior to commencement of operations all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in the Offering Documents and is duly qualified to transact business and is or will be prior to commencement of operations 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.