Common use of Power and Authority; Due Execution Clause in Contracts

Power and Authority; Due Execution. VaxGen has all necessary power and authority, and has taken all action on its part necessary, to execute and deliver this Agreement and perform its obligations hereunder. This Agreement has been duly executed and delivered by VaxGen and, assuming it has been duly executed and delivered by Buyer, constitutes a legal, valid and binding obligation of VaxGen, enforceable against VaxGen in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.