Common use of Authorization of Agreement, Loan Documents and Borrowing Clause in Contracts

Authorization of Agreement, Loan Documents and Borrowing. Each GGS Company has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents and each other agreement or instrument contemplated thereby to which it is a party in accordance with their respective terms and, in the case of the Borrower, to borrow hereunder. This Agreement and each of the other Loan Documents and each other agreement or instrument contemplated thereby have been duly executed and delivered by the duly authorized officers of the respective GGS Company party thereto, and each such document constitutes the legal, valid and binding obligation of each GGS Company party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.