Common use of Authority and Due Authorization Clause in Contracts

Authority and Due Authorization. The Payor has full authority, right, power and legal capacity to execute and deliver this Promissory Note and to consummate the transactions which are provided for herein. The execution of this Promissory Note by the Payor, and its delivery to the Payee and the consummation by the Payor of the transactions which are contemplated herein have been duly approved and authorized by all necessary action by the Payor's Board of Directors. A certified copy of the Board of Directors resolution approving and authorizing this Promissory Note in the form of Exhibit "E" which is attached hereto and made a part hereof. No consent of any person is necessary in connection with the execution or delivery of this Promissory Note by the Payor or the performance by the Payor of its Obligations pursuant to this Promissory Note. No further action shall be necessary on the part of the Payor for the performance and consummation by the Payor of the transactions which are contemplated by this Promissory Note.

Authority and Due Authorization. The Payor has full authority, right, power and legal capacity to execute and deliver this Promissory Note and to consummate the transactions which are provided for herein. The execution of this Promissory Note by the Payor, and its delivery to the Payee and the consummation by the Payor of the transactions which are contemplated herein have been duly approved and authorized by all necessary action by the Payor's Board of Directors. A certified copy of the Board of Directors resolution approving and authorizing this Promissory Note in the form of Exhibit "E" which E"which is attached hereto and made a part hereof. No consent of any person is necessary in connection with the execution or delivery of this Promissory Note by the Payor or the performance by the Payor of its the Obligations pursuant to this Promissory Note. No further action shall be necessary on the part of the Payor for the performance and consummation by the Payor of the transactions which are contemplated by this Promissory Note.