Common use of Customer Warranties Clause in Contracts

Customer Warranties. In addition to the other warranties contained herein, you warrant that (i) if an entity, you are duly organized and validly existing in good standing; (ii) you are duly authorized to execute, deliver and perform your obligations under this Agreement; (iii) when executed and delivered by each Party, this Agreement will constitute your legal, valid and binding obligation, enforceable against you in accordance with its terms; (iv) you are not insolvent and are paying all of your debts as they become due; (v) the Equipment shall at all times be used (a) solely for your business and not for personal, family or household use, and (b) in accordance with the use and/or instructional materials for the purpose for which it was intended; (vi) any payments made pursuant to this Agreement are intended by you to be a substantially contemporaneous exchange for new value given to you; and (vii) each payment made of a debt incurred by you under this Agreement is or was in the ordinary course of your business or financial affairs.