Common use of Specific Performance and Other Equitable Relief Clause in Contracts

Specific Performance and Other Equitable Relief. The parties hereby expressly recognize and acknowledge that given the uniqueness of the Acquired Assets and the transactions contemplated hereby, neither party will have an adequate remedy at law for money damages in the event that this Agreement has not been performed in accordance with its terms and that immediate, extensive and irreparable damage would result in the event that this Agreement is not specifically enforced. Therefore, in addition to, and not in limitation of, any other remedy available to the parties hereto, in the event of any breach or threatened breach by a party to this Agreement of any covenant, obligation or other provision of such party set forth in this Agreement, the non-breaching party shall be entitled to a decree or order of specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision and an injunction restraining such breach or threatened breach, without the requirement to provide any bond or other security in connection with any such decree, order or injunction or in connection with any related action. Each party hereby submits to the exclusive jurisdiction of the state or federal courts of the State of New York in any equitable proceeding for the enforcement of any such decree of specific performance, and agrees that such decree of specific performance may be entered in any court, in or out of the State of New York, having jurisdiction thereof.