Common use of Transactions Legal and Authorized Clause in Contracts

Transactions Legal and Authorized. This Agreement and all other documents delivered in connection herewith and the assignment, transfer and contribution by the Contributor to the Transferor of all of the Contributor's right, title and interest in and to each Contract and a security interest in each item of Equipment at any time transferred hereunder and compliance by the Contributor and the Servicer with all of the provisions of this Agreement: (a) have been duly authorized by all necessary corporate action on the part of the Contributor or the Servicer, as the case may be, and do not and will not require any stockholder approval, or approval or consent of any trustee or holders of any indebtedness or obligations of the Contributor or the Servicer, as the case may be; (b) are within the corporate powers of the Contributor and the Servicer; 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 Contributor or the Servicer, as the case may be, under the provisions of, any agreement, charter instrument, by-law or other instrument to which the Contributor or the Servicer, as the case may be, is or will be 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 Contributor or the Servicer, as the case may be, or its properties, or any order to which the Contributor or the Servicer, as the case may be, or its properties is subject, of or by any government or governmental agency or authority.