Common use of Power and Authority; Authorization; Execution and Delivery; Binding Obligation Clause in Contracts

Power and Authority; Authorization; Execution and Delivery; Binding Obligation. The Borrower has the power and authority to execute, deliver and perform its obligations under the Borrower Basic Documents. Each Borrower Basic Document has been duly authorized, executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors’ rights and by general equitable principles.