Common use of Obligor Authority; Valid, Binding and Enforceable; Complies With Laws Clause in Contracts

Obligor Authority; Valid, Binding and Enforceable; Complies With Laws. Each Obligor under any Purchased Lease has the power and authority to execute, deliver and perform such Purchased Lease. Each Purchased Lease and all other documents in each Lease File have been duly executed by all parties and are valid, binding and enforceable against all parties in accordance with their terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Each Purchased Lease complies with all applicable laws, rules and regulations.