Common use of Action, Binding Obligations Clause in Contracts

Action, Binding Obligations. (i) Each Loan Party has all necessary corporate or other power, authority and legal right to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party; (ii) the execution, delivery and performance by each Loan Party of each of the Loan Documents to which it is a party has been duly authorized by all necessary corporate or other action on its part; and (iii) each Loan Document has been duly and validly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, subject to the Bankruptcy Exceptions.

Action, Binding Obligations. (i) Each Loan Party has all necessary corporate or other power, authority and legal right to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party; (ii) the execution, delivery and performance by each Loan Party of each of the Loan Documents to which it is a party has been duly authorized by all necessary corporate or other action on its part; and (iii) each Loan Document has been duly and validly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding obligation of each all of the Loan Party party theretoParties, enforceable against such all of the Loan Party Parties in accordance with its terms, subject to the Bankruptcy Exceptions.