Common use of Enforceability of Operative Agreements Clause in Contracts

Enforceability of Operative Agreements. At or before 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 Trustee or the Delaware Trustee, on behalf of the Trust, and is a valid and legally binding agreement of the Trust, enforceable against 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.

Enforceability of Operative Agreements. At or before each the Initial Closing Date, each of the Operative Agreements to which the Trust is a party will have been duly authorized, executed and delivered by the Trustee or the Delaware Trustee, on behalf of the TrustChesapeake Entities party thereto, and is will be a valid and legally binding agreement of the Trustapplicable Chesapeake Entity, enforceable against the Trust such Chesapeake Entity 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.