Common use of Power, Authorization and Enforceability Clause in Contracts

Power, Authorization and Enforceability. The Servicer has the power and authority to execute deliver and perform the terms of each of the Transaction Documents to which it is a party and to acquire, own, hold, service and sell the Receivables and to hold the Receivables Files as custodian on behalf of the Issuer and the Indenture Trustee. The Servicer has authorized the execution, delivery and performance of the terms of each of the Transaction Documents to which it is a party. Each of the Transaction Documents to which the Servicer is a party is the legal, valid and binding obligation of the Servicer enforceable against the Servicer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.