Common use of Legality, Validity and Enforceability Clause in Contracts

Legality, Validity and Enforceability. (i) Each Transaction Document to which a Sponsor Party is or will be a party shall, upon execution and delivery by the relevant parties thereto, be a legal, valid and binding obligation of such Sponsor Party enforceable against such Sponsor Party in accordance with its terms, subject to Bankruptcy Laws and general principles of equity regardless of whether enforcement is considered in a proceeding at Law or in equity. (ii) To Sponsor’s Knowledge, each Transaction Document is, or upon the execution and delivery by the relevant parties thereto will be, the legal, valid and binding obligation of each other party thereto (other than each Sponsor Party), enforceable against such party in accordance with its terms, subject to Bankruptcy Laws and general principles of equity regardless of whether enforcement is considered in a proceeding at Law or in equity.