Validity of the Bonds. The Bonds, when issued, delivered, authenticated, to the extent required, and paid for as herein and in the Trust Indenture provided, will have been duly authorized and issued and will (i) constitute valid and binding limited obligations of the Issuer entitled to the benefits of the security of the Trust Indenture, on an equal and ratable basis, and (ii) be enforceable in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, reorganization, insolvency or other similar laws or equitable principles affecting the enforcement of creditors’ rights generally or by general principles of equity which permit the exercise of judicial discretion;
Validity of the Bonds. The Bonds have been duly authorised by the Issuer and, when duly executed, issued and delivered in accordance with the Conditions, the Bonds will constitute valid and legally binding obligations of the Issuer.
Validity of the Bonds. From and after the issuance of the Bonds, the findings and determinations of the City respecting the Bonds shall be conclusive evidence of the existence of the facts so found and determined in any action or proceeding in any court in which the validity of such Bonds is at issue, and no bona fide purchaser of any of the Bonds shall be required to see to the existence of any fact or to the performance of any condition or to the taking of any proceeding required prior to such issuance or to the application of the purchase price paid for the Bonds. The validity of the authorization and issuance of the Bonds shall not be affected in any way by any proceedings taken by the City, or by any contracts made by the City in connection therewith, and the recital contained in the Bonds that the same are issued pursuant to the Government Code shall be conclusive evidence of their validity and of the regularity of their issuance. Bonds shall be deemed to be issued, within the meaning hereof, whenever the definitive Bonds (or any temporary Bonds exchangeable therefor) have been delivered to the original purchaser thereof and the purchase price thereof received.
Validity of the Bonds. The Bonds have been duly authorised by the Issuer and, when duly executed, authenticated, issued and delivered in accordance with the other Contracts, the Bonds will constitute valid and legally binding obligations of the Issuer and under the laws of Hong Kong, Cayman Islands and any other relevant jurisdiction, and there are no restrictions on transfer of the Bonds.
