Common use of Sponsor Representations Clause in Contracts

Sponsor Representations. X. Xxxxxxx represents and warrants that as of the date of this Agreement, the Sponsor is a duly organized and validly existing entity under California law and the person signing this Agreement on behalf of Sponsor has the authority to act on behalf of and to bind the Sponsor in accordance with the terms of this Agreement. B. Sponsor represents and warrants that as of the date of the Program Loan closing, the Borrower may be a duly organized and validly existing limited partnership under California law and that such limited partnership will have the authority to enter into the Program Loan and related Loan documents. X. Xxxxxxx further represents and warrants that as of the date of the Program Loan closing, the person(s) executing the Program Loan documents will have full authority to act on behalf of and to bind the Sponsor in accordance with the terms of those documents.