Common use of Authority and Approval of Agreement Clause in Contracts

Authority and Approval of Agreement. (a) The execution and delivery of this Agreement by MIOA and the performance of all MIOA's obligations hereunder have been duly authorized and approved by all requisite corporate action on the part of MIOA pursuant to applicable law. MIOA has the power and authority to execute and deliver this Agreement and to perform all its obligations hereunder. (b) This Agreement and each of the other documents, instruments and agreements executed by MIOA in connection herewith constitute the valid and legally binding agreements of MIOA, enforceable against MIOA in accordance with their terms, except that: (i) enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the enforcement of the rights and remedies of creditors; and (ii) the availability of equitable remedies as may be limited by equitable principles.