Common use of Preservation of Existence and Preservation of Enforceability Clause in Contracts

Preservation of Existence and Preservation of Enforceability. The Debtor shall, so long as any of the Obligations remain outstanding, take all reasonable action and obtain all material Necessary Authorizations reasonably required so that its obligations under this Agreement will at all times be legal, valid and binding and enforceable in accordance with its terms, subject to (i) equitable principles generally and (ii) the Debtor Relief Laws (insofar as such laws relate to the bankruptcy, insolvency or similar event of the Debtor), except, in each case, where the failure to obtain such Necessary Authorizations could not reasonably be expected to have a Material Adverse Effect.