Common use of Power and Authorization; Enforceable Obligations Clause in Contracts

Power and Authorization; Enforceable Obligations. (a) The Pledgor has full power and authority and the legal right to conduct its business as now conducted and as proposed to be conducted by it, to execute, deliver and perform this Agreement and any other Principal Documents to which it is a party and to take all actions necessary to complete the transactions contemplated by this Agreement and any such other Principal Document. The Pledgor has taken all necessary action to authorize the transactions contemplated hereby on the terms and conditions of this Agreement and any other Principal Document to which it is a party, and to authorize the execution, delivery and performance of this Agreement and any other Principal Document to which it is a party.