Common use of Characteristics of Leases Clause in Contracts

Characteristics of Leases. Each Lease (i) constitutes a valid, binding and enforceable payment obligation of the Obligor in accordance with its terms (except as may be limited by applicable bankruptcy, insolvency or other similar laws affecting the enforceability of creditors' rights generally and the availability of equitable remedies), (ii) has been duly and properly sold, assigned and conveyed by Vendor Services to Lease Finance, (iii) was originated by Vendor Services in the ordinary course of its business, or (in the case of any Lease purchased by Vendor Services) was acquired by Vendor Services for proper consideration and was validly assigned to Vendor Services by the originator of such Lease, and (iv) contains customary and enforceable provisions adequate to enable realization against the Obligor and/or the related Equipment (although no representation or warranty is made with respect to the perfection or priority of any security interest in such related Equipment).