Common use of Evidences of Indebtedness Clause in Contracts

Evidences of Indebtedness. Each evidence of indebtedness reflected as an asset in the First Midlothian Financial Statements, or acquired since that date, is the legal, valid and binding obligation of the obligor named therein, enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws from time to time in effect). No evidence of indebtedness having an unpaid balance (principal and accrued interest) in excess of $25,000 is subject to any defense, offset or counterclaim.