Common use of Due Execution, Validity, Enforceability Clause in Contracts

Due Execution, Validity, Enforceability. The Loan Documents have each been duly executed and delivered by Borrower and each constitutes the valid and legally binding obligation of Borrower, enforceable in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors' rights generally and except that the remedy of specific performance and other equitable remedies are subject to judicial discretion; provided, however, that such laws shall not materially interfere with the practical realization of the benefits of the Security Documents or the Liens created thereby, except for: (i) possible delay, (ii) situations which may arise under Chapter 11 of the Bankruptcy Code, (iii) equitable orders of the Bankruptcy Court and (iv) general principles of equity in the enforcement of creditors' rights.

Appears in 2 contracts

Samples: Loan Agreement (A C Moore Arts & Crafts Inc), Loan Agreement (A C Moore Arts & Crafts Inc)

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