Common use of Power and Authority Relative to this Transaction Clause in Contracts

Power and Authority Relative to this Transaction. The Escrow Agent possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. None of the actions taken by the Escrow Agent pursuant to this Agreement will violate any provision of law, rule or regulation or will result in the breach of or constitute a default under any material agreement or instrument to which the Escrow Agent is a party or by which it is bound, or result in the creation or imposition of any lien, charge, restriction, claim or encumbrance of any nature whatsoever upon any of the properties or assets of the Escrow Agent or upon the Shares. Each of this Agreement and all other documents contemplated hereby, when executed and delivered by the Escrow Agent, will constitute valid and legally binding obligations of the Escrow Agent, enforceable against the Escrow Agent in accordance with their respective terms.