Common use of Powers and Authorizations Clause in Contracts

Powers and Authorizations. It is a national banking association duly organized and validly existing in good standing under the laws of the United States and has full power and authority, in its individual capacity, to execute and deliver this Agreement and the Collateral Documents to which it is a party and (assuming the due authorization, execution and delivery of this Agreement by the other parties hereto) perform its obligations thereunder. The execution, delivery and performance by the Collateral Agent of the Loan Documents to which it is or will be a party have been duly authorized by all necessary action on its part and do not contravene the Charter or By-laws of the Collateral Agent; and the Loan Documents to which the Collateral Agent is or will be a party have been duly authorized, executed and delivered by the Collateral Agent and constitute the legal, valid and binding obligations, enforceable against it in accordance with its terms. This Agreement and the other Loan Documents to which the Collateral Agent is or will be a party, upon the due execution and delivery hereof, will constitute the legal, valid and binding obligations of the Collateral Agent in its individual capacity, and the performance by the Collateral Agent (in its individual or trust capacity, as the case may be) of any of its obligations hereunder and thereunder does not contravene any federal law or regulation or contractual restriction binding on or governing the banking or trust powers of the Collateral Agent (in its individual or trust capacity, as the case may be);