Authorization; Power. Dragon Lead has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution and delivery of each of the Transaction Documents by Dragon Lead and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of Dragon Lead and no further action is required by Dragon Lead in connection therewith. Each Transaction Document has been (or upon delivery will have been) duly executed by Dragon Lead and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of Dragon Lead enforceable against Dragon Lead in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.
Appears in 3 contracts
Sources: Securities Purchase Agreement (Activeworlds Corp), Securities Purchase Agreement (Kingold Jewelry, Inc.), Securities Purchase Agreement (Kingold Jewelry, Inc.)