Power; Authorization; Enforceable Obligations. Each of the Originators and the Servicers has the power and authority, and the legal right, to make, deliver and perform the Transaction Documents to which it is a party. Each of the Originators and the Servicers has taken all necessary organizational action to authorize the execution, delivery and performance of the Transaction Documents to which it is a party. No consent or authorization of, filing with, notice to or other act by or in respect of any Governmental Authority or any other Person is required in connection with the transactions hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the other Transaction Documents, except (a) consents, authorizations, filings and notices described in Schedule 3.4, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect and (b) the filings referred to in Section 3.14. Each Transaction Document has been duly executed and delivered on behalf of each Originator and Servicer party thereto. This Agreement constitutes, and each other Transaction Document upon execution and delivery thereof will constitute, a legal, valid and binding obligation of each Originator and Servicer party thereto, enforceable against each such Originator and Servicer in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). This Agreement and the other Transaction Documents are in proper legal form under Hungarian, Finnish, Thai, Singapore, Israeli or Canadian (Nova Scotia) law, as the case may be, for the enforcement thereof against the respective Originators organized under the laws of each such jurisdiction, as the case may be, and to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement against such Originators in the respective jurisdiction it is not necessary that this Agreement, any other Transaction Document or any other document be filed or recorded with any court or other authority in Hungary, Finland, Singapore, Canada, Thailand or Israel, as the case may be, or that any stamp or similar tax be paid on or in respect of this Agreement, such other Transaction Documents or any other document; provided, that (i) in the event any legal pr...
