Common use of Power and Authority; Authorization; Execution and Delivery; Binding Obligation Clause in Contracts

Power and Authority; Authorization; Execution and Delivery; Binding Obligation. The Administrator has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Administrator and constitutes the legal, valid and binding obligation of the Administrator, enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors’ rights and by general equitable principles.