Common use of Enforceability of Indenture Clause in Contracts

Enforceability of Indenture. The execution and delivery of, and the performance by Spectra Capital and Spectra Energy of their respective obligations under, the Indenture have been duly and validly authorized by each of Spectra Capital and Spectra Energy, and the Base Indenture constitutes, and the Supplemental Indenture, assuming due authorization, execution and delivery thereof by the Trustee, when executed and delivered by Spectra Capital and Spectra Energy, will constitute, a valid and legally binding agreement of Spectra Capital and Spectra Energy, enforceable against Spectra Capital and Spectra Energy in accordance with its terms; provided that, the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Indenture is duly qualified under the Trust Indenture Act.

Enforceability of Indenture. The execution and delivery of, and the performance by Spectra Capital and Spectra Energy of their respective obligations under, the Indenture have been duly and validly authorized by each of Spectra Capital and Spectra Energy, and the Base Indenture constitutes, and the Supplemental Indenture, assuming due authorization, execution and delivery thereof by the Trustee, when executed and delivered by Spectra Capital and Spectra Energy, will constitute, a valid and legally binding agreement of Spectra Capital and Spectra Energy, enforceable against Spectra Capital and Spectra Energy in accordance with its terms; provided that, the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Indenture is duly qualified under the Trust Indenture Act.