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

Power and Authority; Binding Obligation. The Issuer has the power and authority to execute and deliver this Receivables Contribution Agreement and to carry out its terms; and the execution, delivery and performance of this Receivables Contribution Agreement has been duly authorized by the Issuer by all necessary statutory trust action. This Receivables Contribution Agreement constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles.