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 Collateral Agent has the power and authority to execute, deliver and perform its obligations under the Collateral Agent Basic Documents. Each Collateral Agent Basic Document has been duly authorized, executed and delivered by the Collateral Agent and constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral Agent 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.