The execution, delivery and performance by each Restricted Person of each Loan Document to which it is a party has been duly authorized by all necessary corporate, limited liability company and partnership action and, if required, by the holders of the Equity in such Restricted Person. Each Loan Document has been duly executed and delivered by the Restricted Persons that are party thereto. Borrower is duly authorized to borrow and repay the Loans as contemplated herein.