Common use of Commercial Contracts Clause in Contracts

Commercial Contracts. (a) Each Commercial Contract constitutes a legal, valid and binding obligation of each party thereto, enforceable against each such party in accordance with its terms, subject to any applicable Legal Reservations. (b) The Borrower and each Trader have entered into each Commercial Contract to which they are a party on an arm’s length basis. (c) Neither the Borrower nor any Trader has sold, transferred, assigned or otherwise disposed of any of its rights, title or interest in or to the Commercial Contracts or any amounts payable thereunder (except as contemplated under the Finance Documents). (d) The Commercial Contracts are in full force and effect and no amendment to, or variation or waiver of, any material term of any Commercial Contract (other than any Acceptable Amendment) has been agreed to or permitted without the prior consent of the Facility Agent, and neither the Borrower nor any Trader is in breach of any material provision of any Commercial Contract. (e) No provision of the Commercial Contracts prohibits or limits the Security contemplated by the Finance Documents. (f) This Clause 17.20 shall not apply to any Replaced Commercial Contract.