Common use of Authorization; Valid Pledge; Binding Obligations Clause in Contracts

Authorization; Valid Pledge; Binding Obligations. The Issuer has the power and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party and cause it to make, execute, deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. The Indenture shall effect a valid grant, transfer, assignment and conveyance of the Pledged Assets from the Issuer to the Indenture Trustee, enforceable against the Issuer and creditors of and purchasers from the Issuer. This Agreement and the other Transaction Documents to which the Issuer is a party constitute the legal, valid and binding obligation of the Issuer enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and by the availability of equitable remedies.