Common use of Authorization; Valid Agreement Clause in Contracts

Authorization; Valid Agreement. The Performance Guarantor has the corporate power and capacity to execute and deliver this Performance Guarantee and to carry out its terms. The execution, delivery and performance of this Performance Guarantee have been duly authorized by all required corporate or other action on the part of the Performance Guarantor, and this Performance Guarantee constitutes a legal, valid and binding obligation of the Performance Guarantor, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation or other similar laws affecting the enforcement of creditors' rights generally and by general equitable principles.