Common use of Lawful Assignment Clause in Contracts

Lawful Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement, or pursuant to the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable. The terms of each Receivable do not limit the right of the owner of such Receivable to sell such Receivable. Test 15-1: Contract Form Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation. Test 15-2: Assignability Confirm the Contract does not contain language that limits the sale or transfer of the Receivable.