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 of all right, title and interest in and to each Contract and a security interest in each item of Equipment at any time transferred hereunder and under the Sale Agreement and compliance by the Contributor and the Servicer with all of the provisions of this Agreement and the Sale Agreement: (a) have been duly authorized by all necessary corporate action and do not and will not require any stockholder approval, or approval or consent of any trustee or holders of any indebtedness or obligations ; (b) are within the corporate powers of the respective parties thereto; 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 respective parties thereto, under the provisions of, any agreement, charter instrument, by-law or other instrument to which such parties, is or will be a party or by which such parties it or its property may be bound or result in the violation of any law, regulation, rule, order or judgment applicable to the respective parties thereto, or its properties, or any order to which such parties, or its properties is subject, of or by any government or governmental agency or authority.

Transactions Legal and Authorized. This Agreement and all other documents delivered in connection herewith and the assignment, transfer and contribution of all right, title and interest in and to each Contract and a security interest in each item of Equipment at any time transferred hereunder and under the Sale Agreement and compliance by the Contributor and the Servicer with all of the provisions of this Agreement and the Sale Agreement: (a) have been duly authorized by all necessary corporate action and do not and will not require any stockholder approval, or approval or consent of any trustee or holders of any indebtedness or obligations obligations; (b) are within the corporate powers of the respective parties thereto; 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 respective parties thereto, under the provisions of, any agreement, charter instrument, by-law or other instrument to which such parties, is or will be a party or by which such parties it or its property may be bound or result in the violation of any law, regulation, rule, order or judgment applicable to the respective parties thereto, or its properties, or any order to which such parties, or its properties is subject, of or by any government or governmental agency or authority.