Common use of Authorization and Absence of Defaults Clause in Contracts

Authorization and Absence of Defaults. All consents, approvals, authorizations and other requirements prescribed by any law, governmental rule or regulation applicable to the Obligor which must be obtained or satisfied by the Obligor in connection with the transactions described herein have been obtained and satisfied. The Obligor is not in violation of any provision of its Articles of Organization or Operating Agreement and the Obligor is not in violation of any provision of, or in default under, any indenture, mortgage, deed of trust, indebtedness, agreement, instrument, judgment, decree, order, statute, rule or regulation to which it is a party or by which it or its property is bound. There is no action, suit, proceeding, inquiry or investigation at law or in equity before or by any judicial or administrative court or agency pending or, to the best knowledge of the Obligor, threatened, against the Obligor, to which the Obligor is or may become a party or to which any of its property is or may become subject wherein an unfavorable decision, ruling or finding would adversely affect the validity or enforceability of the Indenture, the Agreement, the Series 2004 Note, the Collateral Documents to which it is a party, this Bond Purchase Agreement or the transactions described herein or therein, or the validity of the Bonds, or that should have a material adverse effect on the financial condition or operations of the Obligor. The obligations of the Obligor under the Agreement, the Collateral Documents to which it is a party and the Series 2004 Note are not subordinate to the rights of those claiming by, under or through any indentures, loan agreements or other instruments to which the Obligor is a party or by which the Obligor is or may be bound pursuant to the terms thereof, except as identified in said documents.

Authorization and Absence of Defaults. All consents, approvals, authorizations and other requirements prescribed by any law, governmental rule or regulation applicable to the Obligor which must be obtained or satisfied by the Obligor in connection with the transactions described herein have been obtained and satisfied. The Obligor is not in violation of any provision of its Articles of Organization Association or Operating Agreement and the Obligor is not in violation of any provision of, or in default under, any indenture, mortgage, deed of trust, indebtedness, agreement, instrument, judgment, decree, order, statute, rule or regulation to which it is a party or by which it or its property is bound. There is no action, suit, proceeding, inquiry or investigation at law or in equity before or by any judicial or administrative court or agency pending or, to the best knowledge of the Obligor, threatened, against the Obligor, to which the Obligor is or may become a party or to which any of its property is or may become subject wherein an unfavorable decision, ruling or finding would adversely affect the validity or enforceability of the Indenture, the Agreement, the Series 2004 Note, the Collateral Documents to which it is a party, this Bond Purchase Agreement or the transactions described herein or therein, or the validity of the Bonds, or that should have a material adverse effect on the financial condition or operations of the Obligor. The obligations of the Obligor under the Agreement, the Collateral Documents to which it is a party and the Series 2004 Note are not subordinate to the rights of those claiming by, under or through any indentures, loan agreements or other instruments to which the Obligor is a party or by which the Obligor is or may be bound pursuant to the terms thereof, except as identified in said documents.