Common use of INTEREST RATE AND FOREIGN EXCHANGE CONTRACTS Clause in Contracts

INTEREST RATE AND FOREIGN EXCHANGE CONTRACTS. All material interest rate swaps, caps, floors and option agreements and other interest rate risk management arrangements and foreign exchange contracts to hedge its investments in foreign subsidiaries, whether entered into for the account of the Company or one of its Subsidiaries, were entered into in the ordinary course of business and, to the Company's Knowledge, in accordance with prudent business practice and applicable rules, Regulations and policies of any Governmental Authority and with counterparties believed to be financially responsible at the time, and in all material respects are valid and binding obligations of the Company or one of its Subsidiaries enforceable in accordance with their terms (except as may be limited by bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting the rights of creditors generally and the availability of equitable remedies), and are in full force and effect in all material respects. The Company and each of its Subsidiaries have duly performed in all material respects their material obligations thereunder to the extent that such obligations to perform have accrued, and, to the Company's Knowledge, there are no material breaches, violations or defaults or allegations or assertions of such by any other party thereunder.