No authorizations, approvals or consents of, and no filings or registrations with, any Governmental Authority are necessary for the execution, delivery or performance by any Group Member of the Loan Documents to which it is a party, for the borrowing of any Loan or the issuance, amendment, renewal or extension of any Letter of Credit hereunder, or for the validity or enforceability against any Group Member of any of the Loan Documents to which it is a party, except for (a) those that have been obtained or made and are in effect and (b)  the recording and filing of financing statements and the Security Instruments as required by this Agreement.