Power and Authority; Due Authorization; Enforceability. The Bank has full power and authority to convey and assign the Receivables and to perform its obligations under this Agreement and has duly authorized such sale and assignment to the Purchaser and the performance of its obligations under this Agreement by all necessary action. The Agreement has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid, binding and enforceable obligation of the Bank except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights or by general equity principles.
Appears in 4 contracts
Samples: Purchase and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp), Purchase and Servicing Agreement (Morgan Stanley Auto Loan Trust 2003-Hb1), Purchase and Servicing Agreement (Morgan Stanley Auto Loan Trust 2004-Hb2)
