Common use of CORPORATE ACTION OF PARENT AND SUB Clause in Contracts

CORPORATE ACTION OF PARENT AND SUB. Each of Parent and Sub has taken all actions required by law, its certificate of incorporation and its by-laws to consummate the transactions contemplated by this Agreement. This Agreement constitutes the valid and binding obligations of Parent and Sub and is enforceable in accordance with its terms, except as enforceability may be subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors' rights generally.