Common use of Power and Authority of KBNA Clause in Contracts

Power and Authority of KBNA. KBNA has the corporate power and authority to execute and deliver this Agreement and the Administration Agreement and to carry out their respective terms; this Agreement and the Administration Agreement have been duly authorized by KBNA by all necessary corporate action; KBNA has full corporate power and authority to sell and assign the property to be sold and assigned to and deposited with the Depositor pursuant to the Student Loan Transfer Agreement (or with the Depositor Eligible Lender Trustee on behalf of the Depositor) and KBNA has duly authorized such sale and assignment to the Depositor (or to the Depositor Eligible Lender Trustee on behalf of the Depositor) by all necessary corporate action.