Common use of Transaction is Legal and Authorized Clause in Contracts

Transaction is Legal and Authorized. The execution and delivery of this Agreement, any Note and the other Security Documents by Borrower, and the grant of the Liens to Lender with respect to the Collateral by Borrower and compliance by Borrower with all of the provisions of this Agreement, any Note and the other Security Documents are: (a) within the company powers of Borrower; and (b) valid and legal acts and will not conflict with, or result in any breach in any of the provisions of, or constitute a default under, or result in the creation of any Lien (except Liens contemplated under this Agreement or any other Security Document) upon any Collateral under the provisions of, any agreement, articles of incorporation, by-laws or other instrument to which Borrower is a party or by which such Collateral may be bound.

Transaction is Legal and Authorized. The execution and delivery of this Agreement, any Note and the other Security Documents by Borrower, and the grant of the Liens to Lender with respect to the Collateral by Borrower and compliance by Borrower with all of the provisions of this Agreement, any Note and the other Security Documents are: (a) are within the company powers of Borrower; and (b) Borrower and are valid and legal acts and will not conflict with, or result in any breach in any of the provisions of, or constitute a default under, or result in the creation of any Lien (except Liens contemplated under this Agreement or any other Security Document) upon any Collateral under the provisions of, any agreement, articles of incorporation, by-laws or other instrument to which Borrower is a party or by which such Collateral may be bound.

Transaction is Legal and Authorized. The execution and delivery of this Agreement, any Note the Notes and the other Security Documents by Borrower, the Borrower and the grant of the Liens to the Lender with respect to the Collateral by the Borrower and compliance by the Borrower with all of the provisions of this Agreement, any Note the Notes and the other Security Documents are: (a) within the company corporate powers of the Borrower; and (b) valid and legal acts and will not conflict with, or result in any breach in any of the provisions of, or constitute a default under, or result in the creation of any Lien (except Liens contemplated under this Agreement or any other Security Document) upon any Collateral Property of the Borrower under the provisions of, any agreement, articles of incorporationor organization, by-laws or other instrument to which the Borrower is a party or by which such Collateral its Property may be bound.