Common use of Representations and Covenants of Each Party Clause in Contracts

Representations and Covenants of Each Party. Each of the Parties hereto represents and warrants to the other Parties hereto that: (i) it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with all requisite power and authority to carry on the business in which it is engaged, to own its property, to execute this Agreement and, subject to requisite approvals from the Bankruptcy Courts in which the Cases are commenced, to consummate the transactions contemplated hereby; (ii) the execution, delivery and performance hereof has been duly authorized by all necessary corporate or other actions; and (iii) no proceeding, litigation or adversary proceeding before any court, arbitrator or administrative or governmental body is pending against it which would adversely affect its ability to enter into this Agreement or to perform its obligations hereunder.