Common use of Authorization of Borrowing, No Conflict Clause in Contracts

Authorization of Borrowing, No Conflict. The Credit Parties have the power and authority to incur the Obligations and to grant security interests in the Collateral, and Borrower has the power and authority to issue and deliver the Warrant. The execution, delivery and performance of the Loan Documents by the Credit Parties will have been duly authorized by all necessary company and shareholder action. The execution, delivery and performance of the Loan Documents by the Credit Parties and the consummation of the transactions contemplated by this Agreement and the other Loan Documents by the Credit Parties, do not contravene and will not be in contravention of any applicable law, organizational documents of any Credit Party or any agreement or order by which they or any of their property is bound. This Agreement and the other Loan Documents, including the Term Note, when executed and delivered, are and will be, the legally valid and binding obligations of the Credit Parties, enforceable against the Credit Parties in accordance with their respective terms except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, moratorium or other similar laws effecting the enforcement of creditors rights generally and subject to any equitable principles limiting the right to obtain specific performance of any such obligation.

Authorization of Borrowing, No Conflict. The Credit Parties have Each of Borrower and each Guarantor has the power and authority to incur the Obligations and Obligations, and, with respect to the Guarantors, to grant security interests Liens in the Collateral, and Borrower has the power and authority to issue and deliver the WarrantCharged Property. The execution, delivery and performance of the Loan Documents by the Credit Loan Parties will have been duly authorized by all necessary company and shareholder action. The execution, delivery and performance of the Loan Documents by the Credit Loan Parties and the consummation of the transactions contemplated by this Agreement and the other Loan Documents by the Credit Loan Parties, do not contravene and will not be in contravention of any applicable law, organizational documents the corporate charter or bylaws or articles of organization of any Credit Loan Party or any agreement or order by which they or any of their property is bound. This Agreement and the other Loan Documents, including the Term Note, Documents when executed and delivered, are and will be, the legally valid and binding obligations of the Credit Partiesrespective Loan Parties party thereto, enforceable against the Credit Parties each such Loan Party in accordance with their respective terms except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, moratorium or other similar laws effecting affecting the enforcement of creditors creditors' rights generally and subject to any equitable principles limiting the right to obtain specific performance of any such obligation.

Authorization of Borrowing, No Conflict. The Credit Parties have the power and authority to incur the Obligations and to grant security interests in the Collateral, and Borrower has the power and authority to issue and deliver the Warrant. The execution, delivery and performance of the Loan Documents by the Credit Parties will have been duly authorized by all necessary company and shareholder action. The execution, delivery and performance of the Loan Documents by the Credit Parties and the consummation of the transactions contemplated by this Agreement and the other Loan Documents by the Credit Parties, do not contravene and will not be in contravention of any applicable law, organizational documents of any Credit Party or any agreement or order by which they or any of their property is bound. This Agreement and the other Loan Documents, including the Term Note, when executed and delivered, are and will be, the legally valid and binding obligations of the Credit Parties, enforceable against the Credit Parties in accordance with their respective terms except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, moratorium or other similar laws effecting the enforcement of creditors rights generally and subject to any equitable principles limiting the right to obtain specific performance of any such obligation.