Common use of Enforceable Obligations; Authorization Clause in Contracts

Enforceable Obligations; Authorization. The Loan Documents are legal, valid and binding obligations of the respective Credit Parties executing and delivering the same, enforceable against such Credit Parties in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors rights generally and by general equitable principles regardless of whether considered in a proceeding in equity or at law. The execution, delivery and performance of the Loan Documents have all been duly authorized by all necessary corporate, and if necessary shareholder, action; are within the power and authority of each of the Credit Parties; do not and will not violate any Legal Requirement material to the business, assets or operations of any of the Credit Parties taken as a whole or the Organizational Documents of any of the Credit Parties; do not and will not constitute a default under, any material agreement or instrument by which any of the Credit Parties or any material portion of any of the Credit Parties’ Property is bound or affected; and do not and will not result in the creation of any Lien upon any Property of any of the Credit Parties except as expressly contemplated therein. All necessary approvals of any Governmental Authority and all other requisite material permits, registrations and consents for the performance have been obtained for the delivery and performance of the Loan Documents.

Enforceable Obligations; Authorization. The Loan Documents are legal, valid and binding obligations of the respective Credit Parties executing and delivering the sameParties, enforceable against such Credit Parties in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, insolvency and other similar laws and judicial decisions affecting creditors creditors' rights generally and by general equitable principles regardless of whether considered in a proceeding in equity or at lawprinciples. The execution, delivery and performance of the Loan Documents (a) have all been duly authorized by all necessary corporate, and if necessary shareholder, corporate action; (b) are within the corporate power and authority of each of the Credit Parties; (c) do not and will not contravene or violate any Legal Requirement material applicable to the business, assets or operations of any of the Credit Parties taken as a whole or the Organizational Documents of the Parties, the contravention or violation of which could have a Material Adverse Effect on the business, condition (financial or otherwise), operations or Properties of any of the Credit PartiesParty; (d) do not and will not result in the breach of, or constitute a default under, any material agreement or instrument by which any of the Credit Parties or any material portion of any of the Credit Parties’ their respective Property is may be bound or affected; , and (e) do not and will not result in the creation of any Lien upon any Property of any of the Credit Parties Parties, except in favor of the Agent or as expressly contemplated therein. All necessary approvals of any Governmental Authority and all other requisite material permits, registrations and consents for the such execution, delivery and performance have been obtained for obtained. Except as otherwise expressly stated in the delivery and performance Security Documents, the Liens of the Loan DocumentsSecurity Documents constitute valid and perfected first and prior Liens on the Property described therein, subject to no other Liens whatsoever.