Common use of Power, Authority, Valid Agreement, Good Standing Clause in Contracts

Power, Authority, Valid Agreement, Good Standing. (i) Note Holder has all requisite power and authority to execute, deliver, and perform his, her or its obligations under this Subscription Agreement, the Note and the Intercreditor Security Agreement and to subscribe for and purchase or otherwise acquire the Note; (ii) if Note Holder is an entity, its execution of this Subscription Agreement, the Note and the Intercreditor Security Agreement has been authorized by all necessary corporate or other action on Note Holder’s behalf; (iii) this Subscription Agreement, the Note and the Intercreditor Security Agreement are each valid, binding, and enforceable against Note Holder in accordance with their respective terms and (vi) if Note Holder is an entity, it is validly existing and in good standing under the laws of the state of Note Holder formation or incorporation.