Common use of Authorization and Enforceability; Issuance of Enron Common Stock Clause in Contracts

Authorization and Enforceability; Issuance of Enron Common Stock. Enron has the full power and authority and has taken all required corporate and other action necessary to permit Enron to execute and deliver this Agreement and the Registration Rights Agreement and to carry out the terms hereof and thereof, and none of such actions will violate any provision of Enron's Articles of Incorporation or By-Laws or any applicable law, regulation, order, judgment or decree or rule of any stock exchange where the Enron Common Stock is listed, or result in the breach of, or constitute a default (or an event which, with notice or lapse of time or both would constitute a default) under, any agreement, instrument or understanding to which Enron is a party or by which it is bound. This Agreement and the Registration Rights Agreement each constitute a legal, valid and binding obligation of Enron, enforceable against Enron in accordance with its terms, except to the extent limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application related to the enforcement of creditor's rights generally and (ii) general principles of equity.

Authorization and Enforceability; Issuance of Enron Common Stock. (a) Enron has the full power and authority and has taken all required corporate and other action necessary to authorize and permit Enron to execute and deliver this Agreement and the Registration Rights Agreement and to carry out the terms hereof and thereofto issue and deliver Enron Common Stock, and none of such actions will violate any provision of Enron's Articles of Incorporation or By-Laws Bylaws or any applicable law, regulation, order, judgment or decree or rule of any stock exchange where the Enron Common Stock is listed, or result in the breach of, or constitute a default (or an event which, with notice or lapse of time or both would constitute a default) under, any agreement, instrument or understanding to which Enron is a party or by which it is bound. This Agreement and the Registration Rights Agreement each constitute constitutes a legal, valid and binding obligation of Enron, enforceable against Enron in accordance with its terms, except to the extent limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application related to the enforcement of creditor's rights generally and (ii) general principles of equity.