Common use of Organization and Authority; Enforceability Clause in Contracts

Organization and Authority; Enforceability. Such Designating Party is duly organized, validly existing and in good standing under the laws of the state of its organization, and has full power, right and authority to enter into and perform its respective obligations under this Agreement and the other documents contemplated hereby to which it is a party; (ii) the execution, delivery and performance of this Agreement and each of the other documents contemplated hereby to which such Designating Party is a party have been duly and properly authorized by all requisite action in accordance with applicable law and with the organizational documents of such Designating Party; and (iii) each person executing, on behalf of such Designating Party, this Agreement and any of the other documents contemplated hereby to which such Designating Party is a party has the power and authority to execute and deliver this Agreement and each of the other documents contemplated hereby to which such Designating Party is a party, to consummate the transactions contemplated hereby and thereby and to cause such Designating Party to perform its obligations hereunder and thereunder.