Common use of Representations of Each Party Clause in Contracts

Representations of Each Party. Each party hereto represents and warrants (each as to itself only) to each of the other parties as of the Closing Date as follows: (i) Such party has the power, authority and legal right to execute and deliver this Novation and to perform its obligations hereunder, such execution, delivery and performance have been authorized by all necessary corporate and other action of such party and this Novation constitutes the legal, valid and binding agreement of such party, enforceable in accordance with its terms except as limited by bankruptcy, insolvency, moratorium, reorganization, receivership, fraudulent conveyance or other similar laws or equitable principles of general application to or affecting the enforcement of creditors' rights and remedies generally from time to time in effect, regardless of whether such enforceability is considered in a proceeding at equity or at law. (ii) All governmental and other licenses, approvals and consents that may be necessary for such party to enter into this Novation have been obtained and are in full force and effect. (iii) The execution, delivery and performance of this Novation by such party will not contravene or violate any provision of any law, rule, regulation or order binding on such party or any of its organizational documents and will not contravene the provisions of, or constitute a default under, any contract or other instrument binding upon such party.