Common use of Action, Binding Obligations Clause in Contracts

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