Common use of Authorization and Enforceability Clause in Contracts

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.

Authorization and Enforceability. Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note, the Sublimit Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by each Borrower of this Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, the Warehousing Note and the Warehousing Note, Sublimit Note have been duly and validly authorized by all necessary corporate company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation organization or by-laws operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents constitute the legal, valid and binding obligations of each Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is Borrowers are party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower Borrowers of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is Borrowers are party and the making of the borrowings under this Agreement, Agreement and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate company action on the part of each Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon any Borrower, or of the articles organizational documents of incorporation or by-laws of each Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of any Borrower under any agreement, instrument or indenture to which any Borrower is a party or by which any Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of any Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrowers are party constitute the legal, valid and binding obligations of BorrowerBorrowers, enforceable in accordance with their respective terms, except as that enforceability may be limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and general principles of equity.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and the other Loan Documents and Borrower has the power and authority to which Borrower is party and to make obtain the borrowings Warehousing Advances under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, Advances requested and made under this Agreement and the Warehousing Note have been duly and validly authorized by all necessary corporate limited liability company action on the part of Borrower (none of which actions action has been modified or rescinded, and all of which actions are is in full force and effect) and do does not and will not (a) conflict with or violate any applicable provision of law, of any judgments binding upon Borrower, or the certificate of the articles of incorporation or by-laws formation and limited liability company operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require or allow the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower it is a party or by which Borrower it or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute constitutes the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as that enforceability may be limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and general principles of equity.

Authorization and Enforceability. Borrower ▇▇▇▇▇▇▇▇ has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Transaction Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Transaction Documents to which Borrower is party and the making of the borrowings under this Agreement, Agreement and the Warehousing Note, have been duly and validly authorized by all necessary corporate company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles certificate of incorporation formation, operating agreement or by-laws other Constituent Documents of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted Granted by Borrower under this Agreement). This Agreement, the Warehousing Note and the other Loan Transaction Documents to which Borrower is a party constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and by general principles of equity.

Authorization and Enforceability. Borrower has the due power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, Notes have been duly and validly authorized by all necessary corporate limited liability company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles certificate of incorporation formation or by-laws limited liability company agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under under, any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and general principles of equity.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is a party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate limited liability company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or the certificate of the articles of incorporation formation or by-laws operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is a party constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as that enforceability may be limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and general principles of equity.

Authorization and Enforceability. Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower it is party and to make the borrowings under this Agreement. The execution, delivery and performance by each Borrower of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower it is party and the making of the borrowings under this Agreement, Agreement and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate action on the part of each Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon any Borrower, or of the articles of incorporation or by-laws of any Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of any Borrower under any agreement, instrument or indenture to which any Borrower is a party or by which any Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of any Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid and binding obligations of each Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by each Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, have been duly and validly authorized by all necessary corporate company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation organization or by-laws operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute the legal, valid and binding obligations of each Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower is Borrowers are party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower Borrowers of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is Borrowers are party and the making of the borrowings under this Agreement, Agreement and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate company action on the part of each Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon any Borrower, or of the articles organizational documents of incorporation or by-laws of each Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of any Borrower under any agreement, instrument or indenture to which any Borrower is a party or by which any Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of any Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid and binding obligations of BorrowerBorrowers, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note, the Sublimit Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, the Warehousing Note and the Warehousing Sublimit Note, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note, the Sublimit Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, the Warehousing Note and the Warehousing Sublimit Note, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note, the Sublimit Note and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. The Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and the other Loan Documents and the Borrower has the power and authority to which Borrower is party and to make obtain the borrowings Warehousing Advances under this Agreement. The execution, delivery and performance by the Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, Advances requested and made under this Agreement and the Warehousing Note have been duly and validly authorized by all necessary corporate limited liability company action on the part of the Borrower (none of which actions action has been modified or rescinded, and all of which actions are is in full force and effect) and do does not and will not (a) conflict with or violate any applicable provision of law, of any judgments binding upon the Borrower, or the certificate of the articles of incorporation or by-laws formation and limited liability company operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require or allow the acceleration of any indebtedness of the Borrower under any agreement, instrument or indenture to which Borrower it is a party or by which Borrower it or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of the Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute constitutes the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as that enforceability may be limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and general principles of equity.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing Note, have been duly and validly authorized by all necessary corporate company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation organization or by-laws operating agreement of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, Agreement and the Warehousing Note, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws bylaws of Borrower, or (b) conflict with or result in a breach of, of or constitute a default or require any consent under, or result in the creation of any Lien upon any property or assets of Borrower other than the Lien on the Collateral granted under this Agreement, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents constitute the legal, valid valid, and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Line of Credit Note and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Line of Credit Note and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, Agreement and the Warehousing Line of Credit Note, have been duly and validly authorized by all necessary corporate company action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation organization, bylaws or by-laws other organizational documents of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted by Borrower under this Agreement). This Agreement, the Warehousing Line of Credit Note and the other Loan Documents to which Borrower is a party constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights’ rights and by general principles of equity.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, Agreement and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, of or constitute a default or require any consent under, or result in the creation of any Lien upon any property or assets of Borrower other than the Lien on the Collateral granted under this Agreement, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid valid, and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. The Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note and all other Loan Documents documents contemplated hereby or thereby. The Guarantor has the power and capacity to which Borrower is party execute, deliver and to make perform the borrowings under this AgreementGuaranty. The execution, delivery and performance by the Borrower of this Agreement, the Warehousing Note and the all other Loan Documents to which Borrower is party documents contemplated hereby or thereby and the making of the borrowings under this Agreement, borrowing hereunder and the Warehousing Notethereunder, have been duly and validly authorized by all necessary corporate action on the part of the Borrower (none of which actions has have been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, law or of the articles of incorporation or by-laws of the Borrower, or (b) conflict with or result in a breach of, of or constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of the Borrower, or result in or require the acceleration of any indebtedness of the Borrower (other than pursuant to any agreement, instrument or indenture to which the Lien on Borrower is a party or by which the Collateral granted under this Agreement)Borrower or its property may be bound or affected. This Agreement, the Warehousing Note and all other documents contemplated hereby or thereby and the other Loan Documents Guaranty constitute the legal, valid valid, and binding obligations of Borrowerthe Borrower or of the Guarantor, respectively, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights.

Authorization and Enforceability. Borrower has the power and authority to execute, deliver and perform this Agreement, the Warehousing Note Notes and other Loan Documents to which Borrower is party and to make the borrowings under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the Warehousing Note Notes and the other Loan Documents to which Borrower is party and the making of the borrowings under this Agreement, and the Warehousing NoteNotes, have been duly and validly authorized by all necessary corporate action on the part of Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the articles of incorporation or by-laws of Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require the acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which Borrower is a party or by which Borrower or its property may be bound or affected, or result in the creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Warehousing Note Notes and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' ’ rights.