Representations, Warranties and Covenants of OLS Concerning the Receivables Sample Clauses

This clause requires OLS to make specific statements and promises regarding the nature and quality of the receivables involved in the agreement. In practice, OLS must confirm that the receivables are valid, enforceable, and free from encumbrances, and may also promise to maintain certain standards or refrain from actions that could affect the receivables' value. The core function of this clause is to allocate risk and provide assurance to the other party that the receivables meet agreed-upon criteria, thereby reducing the likelihood of disputes or losses arising from defects in the receivables.