Common use of Enforceability of Operative Agreements Clause in Contracts

Enforceability of Operative Agreements. At or before the Initial Closing Date, each of the Operative Agreements will have been duly authorized, executed and delivered by the Chesapeake Entities party thereto, and will be a valid and legally binding agreement of the applicable Chesapeake Entity, enforceable against such Chesapeake Entity in accordance with each of its terms, except as such enforceability may be limited by (i) 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), and (ii) public policy, any applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing.

Enforceability of Operative Agreements. At or before the Initial each Closing Date, each of the Operative Agreements to which the Trust is a party will have been duly authorized, executed and delivered by the Chesapeake Entities party theretoTrustee or the Delaware Trustee, on behalf of the Trust, and will be is a valid and legally binding agreement of the applicable Chesapeake EntityTrust, enforceable against such Chesapeake Entity the Trust in accordance with each of its terms, except as such enforceability thereof may be limited by (i) 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), ) and (ii) public policy, any applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing.