The obligations expressed to be assumed by the Borrower in each of the Unsecured Restructuring Documents to.which it is a party are its legal, valid and binding obligations subject to (i) limitations on the enforceability of claims which are out of time, frustrated, held to constitute penalties or which give one party an unreasonable advantage over the other party, or subject to the application of discretionary remedies, (ii) bankruptcy, insolvency, liquidation, reorganisation, moratorium or other laws of general application relating to or affecting the rights of creditors; and (iii) defences of set-off or counterclaim.