Common use of Authorization of the Preferred Stock Clause in Contracts

Authorization of the Preferred Stock. (i) The deposit of the shares of Preferred Stock by the Company in accordance with the Deposit Agreement has been duly authorized by the Company, (ii) the shares of Preferred Stock and the Depositary Shares have been duly authorized, and when the Securities are issued and delivered pursuant to this Agreement such Securities will be duly and validly issued and fully paid and nonassessable and (iii) assuming due execution and delivery of the Depositary Receipts and the Deposit Agreement by the Depositary, each Depositary Receipt will be duly and validly issued and will entitle the holder thereof to the benefits provided therein and in the Deposit Agreement.