Common use of Permitted Activity Clause in Contracts

Permitted Activity. This Agreement has been duly authorized, executed and delivered by the Backup Servicer and the performance and compliance with the terms of this Agreement will not violate the Backup Servicer’s articles of association or bylaws or constitute a default (or an event, which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, indenture, lease, credit agreement or any other agreement or instrument to which the Backup Servicer is a party to which may be applicable to the Backup Servicer or any of its assets.