Common use of Authorization of the Transactions Clause in Contracts

Authorization of the Transactions. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action on the part of each Loan Party (including, without limitation, all necessary action on the part of each Loan Party’s Governing Body) that is a party thereto. Without limitation, the Company and each other Loan Party specifically has directed the attention of the members of its Governing Body to the provisions herein to the effect that the Applicable Prepayment Premium is payable upon prepayment of the Loans in accordance with Section 8.2, 8.3 or 8.4 hereof or upon the acceleration of the Loans prior to their stated maturity in accordance with Section 12 hereof and, in connection therewith, the respective Governing Bodies of the Company and each other Loan Party specifically approved the provisions hereof relating to such Prepayment Premium.