Common use of Existence and Authorization Clause in Contracts

Existence and Authorization. The Stockholder is a company incorporated and registered in Bermuda, and has all necessary power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments and documents contemplated hereby and to sell and deliver the Shares being sold hereunder. This Agreement constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies.