Each Borrower has previously furnished to the Lender true and correct copies of its Organizational Documents, in each case as in effect on the Closing Date. Except as set forth on the attached Schedule 3(e) , no Borrower is (i) in violation of its Organizational Documents or (ii) in default (and no event has occurred which, with notice or lapse of time or both, would put it in default) under any Material Contract (as defined paragraph (p) below), nor has there occurred any event giving any individual or entity (with notice or lapse of time or both) any rights of termination, acceleration or cancellation of, any Material Contract or any other agreement or other instrument to which that Borrower is a party, except for defaults or rights as would not, in the aggregate or individually, reasonably be expected to have a Material Adverse Effect. Each Borrower has obtained all consents, authorizations, approvals, and certificates (the lack of which would have a Material Adverse Effect) in order for it to execute, deliver and perform any of its obligations under the Closing Documents in accordance with the terms thereof.