Common use of Right to Act Clause in Contracts

Right to Act. No registration with or approval of any governmental agency of any kind is required for the due execution and delivery or for the enforceability of this Agreement and any Note issued pursuant to this Agreement. The Borrower has legal power and right to execute and deliver this Agreement and any Note issued pursuant to this Agreement and to perform and observe the provisions of this Agreement and any Note issued pursuant hereto and all such actions have been duly authorized by all necessary corporate action of the Borrower. By executing and delivering this Agreement and any Note issued pursuant to this Agreement and by performing and observing the provisions of this Agreement and any Note issued pursuant hereto, the Borrower will not violate any existing provision of its Articles of Incorporation, Code of Regulations or any applicable law or violate or otherwise become in default under any existing contract, agreement, indenture or other obligation binding upon the Borrower. The officers executing and delivering this Agreement on behalf of the Borrower have been duly authorized to do so.

Right to Act. No registration with or approval of any governmental agency of any kind is required for the due execution and delivery delivery, or performance, or for the validity or enforceability of of, this Agreement and Agreement, any Note issued pursuant to this or the Pledge Agreement. The Borrower has legal power and right to execute and deliver this Agreement Agreement, each Note and any Note issued pursuant to this the Pledge Agreement and to perform and observe the provisions of this Agreement and Agreement, any Note issued pursuant hereto and the Pledge Agreement and all such actions have been duly authorized by all necessary corporate action of the Borrower. By executing and delivering this Agreement and Agreement, any Note issued pursuant to this and the Pledge Agreement and by performing and observing the provisions of this Agreement and Agreement, any Note issued pursuant heretoand the Pledge Agreement, the Borrower will not violate any existing provision of its Articles of Incorporation, Code of Regulations or any applicable law or judgment or violate or otherwise become in default under any existing contract, agreement, indenture or other obligation binding upon the Borrower. The officers executing and delivering this Agreement, the Notes and the Pledge Agreement on behalf of the Borrower have been duly authorized to do so.