Common use of Enforceability of Contracts Clause in Contracts

Enforceability of Contracts. To the Originator's knowledge, each contract related to any Purchased Receivable is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the outstanding balance of the Purchased Receivable created thereunder, enforceable against the Obligor in accordance with its material terms (without being subject to any material defense, deduction, offset or counterclaim), except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights generally and subject to general principles of equity. The Originator has fully performed its obligations under such contract in all material respects.