Common use of Investment Advisory Agreements Clause in Contracts

Investment Advisory Agreements. Each of the investment advisory agreements, distribution agreements and shareholder servicing contracts to which the Borrower or any of its Subsidiaries is a party is a legal, valid and binding obligation of the parties thereto enforceable against such parties in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); and neither the Borrower nor any of its Subsidiaries is in breach or violation of or in default under any such agreement or contract in any material respect which would individually or in the aggregate have a Material Adverse Effect.