Common use of Proceedings; Enforceability Clause in Contracts

Proceedings; Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents. The Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents to which Guarantor and/or Affiliates are a party have been duly executed and delivered by such Guarantor and/or Affiliates party thereto, and constitute legal, valid and binding obligations of such Guarantor and/or Affiliates party thereto, enforceable against such Guarantor and/or Affiliates party thereto in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to, and Borrower has not asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

Proceedings; Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents. The Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents to which Borrower’s Guarantor and/or Affiliates are a party have been duly executed and delivered by such Guarantor and/or Affiliates party that are parties thereto, and constitute legal, valid and binding obligations of such Guarantor and/or Affiliates party that are parties thereto, enforceable against such Guarantor and/or Affiliates party that are parties thereto in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to, and Borrower has not asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

Proceedings; Enforceability. Each Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents. The Loan Documents to which Borrower is a party have been duly executed and delivered by each Borrower and constitute legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents to which Borrower's Guarantor and/or Affiliates are a party have been duly executed and delivered by such Guarantor and/or Affiliates party thereto, and constitute legal, valid and binding obligations of such Guarantor and/or Affiliates party thereto, enforceable against such Guarantor and/or Affiliates party thereto in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to, and Borrower has not (and no Borrower has) asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

Proceedings; Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents. The Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents to which Borrower's Guarantor and/or Affiliates are a party have been duly executed and delivered by such Guarantor and/or Affiliates party thereto, and constitute legal, valid and binding obligations of such Guarantor and/or Affiliates party thereto, enforceable against such Guarantor and/or Affiliates party thereto in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to, and Borrower has not asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

Proceedings; Enforceability. Each Borrower has taken all necessary action the power and authority to authorize the executionexecute, delivery deliver and performance of perform its obligations under the Loan DocumentsDocuments to which it is a party and all the transactions contemplated thereby. The Loan Documents to which Borrower is a party have been duly authorized, executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower Borrower, enforceable against Borrower in accordance with their respective terms, subject to applicable except as such enforcement may be limited by bankruptcy, insolvency and insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights of creditors generally, and by general principles of equity. The Loan Documents to which Guarantor and/or Affiliates are equity (regardless of whether such enforceability is considered in a party have been duly executed and delivered by such Guarantor and/or Affiliates party thereto, and constitute legal, valid and binding obligations of such Guarantor and/or Affiliates party thereto, enforceable against such Guarantor and/or Affiliates party thereto proceeding in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equityequity or at law). The Loan Documents are not subject to, and Borrower has not asserted, to any right of rescission, set-off, counterclaim or defense, defense by Borrower or Guarantor including the defense of usury. No exercise , nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, will render the Loan Documents unenforceable, and none of Borrower or Guarantor have asserted any Loan Document unenforceableright of rescission, set-off, counterclaim or defense with respect thereto.