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

Authorization of Agreement, Loan Documents and Borrowing. Each Borrower and each Subsidiary, to the extent a party thereto, has the right, power and authority under the laws of the jurisdiction of its formation and under its articles or certificate of incorporation and bylaws, or its articles of organization and operating agreement, 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 to which it is a party in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Borrower and each Subsidiary party thereto, and each such document constitutes the legal, valid and binding obligation of each Borrower party thereto, enforceable in accordance with its terms, except as such enforcement 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.

Authorization of Agreement, Loan Documents and Borrowing. Each of the Borrower and each Subsidiary, to the extent a party thereto, its Subsidiaries has the right, power and authority under the laws of the jurisdiction of its formation and under its articles or certificate of incorporation and bylaws, or its articles of organization and operating agreement, 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 to which it is a party party, the borrowings hereunder and the transactions contemplated hereby and thereby, in each case in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each the Borrower and each Subsidiary of its Subsidiaries party thereto, and each such document constitutes the legal, valid and binding obligation of each the Borrower or its Subsidiary party thereto, enforceable in accordance with its terms, except as such enforcement 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.