Common use of Authorization of the Private Placement Shares Clause in Contracts

Authorization of the Private Placement Shares. The Private Placement Shares have been duly authorized by the Company and, when issued and delivered in the manner set forth in the Private Placement Shares Purchase Agreement (by the entry of the name of the registered owner thereof in the register of members of the Company confirming that such Private Placement Shares have been issued credited as fully paid) against payment therefor, will be duly issued and delivered and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability.