Common use of Power and Authority; Execution and Delivery Clause in Contracts

Power and Authority; Execution and Delivery. Each Stockholder that is a limited partnership, limited liability company or corporation is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. Each Stockholder has all requisite power and authority, and if an individual, the legal capacity, to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. This Agreement has been duly executed and delivered by the Stockholder and constitutes a valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms.