Common use of Power and Authority; Binding Obligation Clause in Contracts

Power and Authority; Binding Obligation. The Seller has full power and authority to sell and assign the property sold and assigned to the Purchaser hereunder on the Closing Date and the property to be sold and assigned to the Purchaser hereunder on each Subsequent Transfer Date and has duly authorized such sales and assignments to the Purchaser by all necessary corporate action. This Agreement and the First-Tier Initial Assignment has been, and each First-Tier Subsequent Assignment has been or will be on or before the related Subsequent Transfer Date, duly authorized, executed and delivered by the Seller, and in each case shall constitute the legal, valid, binding and enforceable obligation of the Seller except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights or by general equity principles.

Power and Authority; Binding Obligation. The Seller has full power and authority to sell and assign the property sold and assigned to the Purchaser hereunder on the Closing Date and the property to be sold and assigned to the Purchaser hereunder on each Subsequent Transfer Date and has duly authorized such sales and assignments to the Purchaser by all necessary corporate action. This Agreement and the First-Tier Initial Assignment has been, and each First-Tier Subsequent Assignment has been or will be be, on or before the related Subsequent Transfer Date, duly authorized, executed and delivered by the Seller, and in each case shall constitute the legal, valid, binding and enforceable obligation of the Seller except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights or by general equity principles.