Common use of Borrower Authority Clause in Contracts

Borrower Authority. Each Borrower has full legal right, power and authority to enter into the Credit Enhancement Documents executed by it and to perform the transactions contemplated thereby. Each such Credit Enhancement Document has been duly authorized, executed and delivered by such Borrower and is a valid and binding agreement on the part of such Borrower, enforceable in accordance with its terms; the performance of each such Credit Enhancement Document and the consummation of the transactions therein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under: (i) any contract or agreement to which any member of the Borrower Group is a party or to which any of its assets are subject; (ii) the charter or bylaws of any member of the Borrower Group; or (iii) any law, rule, regulation or order. No consent, approval, authorization or order of, or qualification with, any governmental authority having jurisdiction over any member of the Borrower Group or over its respective properties or assets is required for the execution and delivery of the Credit Enhancement Documents executed by Borrower or the consummation by the Borrower of the transactions therein contemplated.