Common use of Borrower's Organization Clause in Contracts

Borrower's Organization. Borrower is a corporation duly organized and ----------------------- existing and in good standing under the laws of New York, and Borrower is qualified as a foreign corporation and in good standing in every other jurisdiction where its business or operations requires such qualification. The execution, delivery and performance of this Agreement, the Notes and other documents required of Borrower have been duly authorized by all requisite action and will not violate the charter or by-laws of Borrower or any applicable statutes or regulations or any; agreements or judgements to which Borrower is a party. This Agreement and the Note are valid and binding obligations of Borrower, enforceable in accordance with their terms except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws or equitable principles affecting the enforcement of creditors' rights, and the consent or approval of governmental authorities or of third parties is not required for the validity of Borrower's obligations hereunder or thereunder or, if required, has been obtained; nor does this Agreement or the Note violate any applicable Federal, state or local law, rule or regulation relating to usury.

Borrower's Organization. Borrower is a corporation duly organized and ----------------------- existing and in good standing under the laws of New Yorkthe place of its incorporation, and Borrower is qualified as a foreign corporation and in good standing in every other jurisdiction where its business or operations requires such qualification. The execution, delivery and performance of this Agreement, the Notes and other documents required of Borrower have been duly authorized by all requisite action and will not violate the charter or by-laws of Borrower or any applicable statutes or regulations or any; any agreements or judgements to which Borrower is a party. This Agreement and the Note Notes are valid and binding obligations of Borrower, enforceable in accordance with their terms except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws or equitable principles affecting generally the enforcement of creditors' , rights, and the consent or approval of governmental authorities or of third parties is not required for the validity of Borrower's obligations hereunder or thereunder or, if required, has been obtained; nor does this Agreement or the Note Notes violate any applicable Federal, state or local law, rule or regulation relating to usury.