Common use of Authorization of the Agreement Clause in Contracts

Authorization of the Agreement. The execution, delivery and performance by Ilion of this Agreement has been duly authorized by all requisite corporate action on the part of Ilion, and this Agreement constitutes a legal, valid and binding obligation of Ilion, enforceable against Ilion in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally or by general principles of equity.