Common use of Authority Non Contravention Statutory Approvals Compliance Clause in Contracts

Authority Non Contravention Statutory Approvals Compliance. (a) The execution, delivery and performance of this Agreement and the transactions contemplated hereby, are within the Company's power and authority and have been duly authorized by the board of directors of the Company, and no other corporate act or proceeding on the part of the Company is necessary to approve the execution and delivery of this Agreement, the performance of the Company's obligations hereunder or the consummation of the transactions contemplated hereby. The execution, delivery and performance by the Company of this Agreement, do not and will not (i) contravene the articles of incorporation or by-laws of the Company or any of its subsidiaries, (ii) conflict with, result in a breach of or entitle any party (with due notice or lapse of time or both) to terminate, accelerate or call a default with respect to, any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound, (iii) result in any material liability to the Company (including, without limitation, any "change of control" payments), (iv) result in any violation by the Company or any of its subsidiaries of any law, rule or regulation applicable to it or its business as it is now conducted or (v) result in the creation of any lien. This Agreement constitutes the legal, valid and binding obligation of the Company enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to the enforcement of creditors' rights generally and general equitable principles.