Common use of Ability to Enter Into Agreement Clause in Contracts

Ability to Enter Into Agreement. Each of the Participant and Distributor hereby represents and warrants, as to this party only, that this party: (i) is duly organized, validly existing, and in good standing under the laws of this party’s state of organization; (ii) has the power and authority, and the legal right, to own this party’s assets and to transact the business in which this party is engaged; and (iii) has the power and authority, and the legal right, to execute, deliver, and perform this party’s respective obligations under this Agreement and has taken all necessary action required by this party’s governing documents or other applicable requirements of Law and regulation to authorize the execution, delivery, and performance of this Agreement. Each of the Participant and Distributor hereby represents and warrants that this Agreement, when executed and delivered by this party shall constitute this party’s legal, valid, and binding obligation, enforceable against this party’s in accordance with the terms of the Agreement, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws or regulations affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).