Common use of Obligations are Enforceable Clause in Contracts

Obligations are Enforceable. Each Obligor and each Subsidiary of each Obligor has duly authorized by all necessary action on its part including the execution and delivery of each of the Standby Debt Documents to which it is a party. Each of the Standby Debt Documents to which such Obligor or any such Subsidiary is a party has been executed and delivered by one or more duly authorized officers of such Obligor or such Subsidiary, and constitutes a legal, valid and binding obligation of such Obligor or such Subsidiary, enforceable in accordance with its terms, except that, in each case, the enforceability thereof may be: (i) limited by applicable bankruptcy, reorganization, arrangement, insolvency, moratorium, or other similar laws affecting the enforceability of creditors' rights generally; and (ii) subject to the availability of equitable remedies.