Common use of Transactions Legal and Authorized Clause in Contracts

Transactions Legal and Authorized. The contribution and transfer by the Originator to the Seller of the Leases and the Equipment and compliance by the Originator with all of the provisions of this Assignment and Servicing Agreement: (a) have been duly authorized by all necessary corporate action on the part of the Originator, and do not require any stockholder approval, or approval or consent of any trustee or holders of any indebtedness or obligations of the Originator except such as have been duly obtained; (b) are within the corporate powers of the Originator; and (c) are legal and will not conflict with, result in any breach in any of the provisions of, constitute a default under, or result in the creation of any Lien upon any property of the Originator under the provisions of, any agreement, charter instrument, by-law or other instrument to which the Originator is a party or by which it or its property may be bound or result in the violation of any law, regulation, rule, order or judgment applicable to the Originator or its properties, or any order to which the Originator or its properties is subject, of or by any government or governmental agency or authority.