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 enter into this Promissory Note and the Security Agreement and to consummate the transactions which are provided for herein. The execution of this Promissory Note and the Security Agreement by the Payor, and their delivery to the Payee and the consummation by the Payor of the transactions which are contemplated herein and therein have been duly approved and authorized by all necessary action by the Payor's Board of Directors. 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 and the Security Agreement.

Authority and Due Authorization. The Payor has full authority, -------------------------------- right, power and legal capacity to enter into this Promissory Note and the Security Agreement and to consummate the transactions which are provided for herein. The execution of this Promissory Note and the Security Agreement by the Payor, and their its delivery to the Payee and the consummation by the Payor of the transactions which are contemplated herein and therein have been duly approved and authorized by all necessary action by the Payor's Board of Directors. 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 and the Security AgreementNote.