Common use of Authorization and No Contravention Clause in Contracts

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material agreement to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator Servicer and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the AdministratorServicer’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material agreement or instrument to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents regulations or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound (property is subject, other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement or instrument to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable order, law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement indenture or material agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than than, in the case of clauses (A), (B) and (C), violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and and, to its knowledge, do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material agreement to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material agreement or instrument to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents regulations or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not reasonably be expected to materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable order, law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s 's ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator Servicer and (ii) do not contravene or constitute a default under (iA) any applicable order, law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the AdministratorServicer’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Administrator and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement or instrument to which the Administrator is a party by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s 's ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator Servicer and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s Servicer's ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material indenture or material agreement or instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or (20[ ]-[ ]) regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) Administration Agreement (VALET 2007-1) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).

Authorization and No Contravention. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (iA) any applicable law, rule or regulation, (iiB) its organizational documents or (iiiC) any material agreement agreement, contract, order or other instrument to which the Administrator it is a party by which or its properties are bound property is subject (other than violations of such laws, rules, regulations, organizational documents or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its obligations under, the Transaction Documents).