Common use of Requirements for Receivables Clause in Contracts

Requirements for Receivables. The Seller and the Depositor represent and warrant with respect to each Contract that: (a) the related Obligor has no right of recission or cancellation, claims or defenses, set-offs or counterclaims of any kind whatsoever as to or against each Contract; (b) the obligation created by the contract evidencing each Contract is a bonafide sale or refinancing in the ordinary course of the Originator’s business; (c) the contract evidencing such Contract complies with all applicable state and federal laws and regulations; (d) the contract evidencing each Contract, including, but not limited to, description of the motor vehicle and/or services contained therein, is in all respects complete, accurate and represents the entire agreement between the Originator and the Obligor and complies with the Federal Consumer Credit Protection Act and all other applicable state and federal laws and regulations.

Requirements for Receivables. The Seller and the Depositor represent and warrant with respect to each Contract that: : (a) the related Obligor has no right of recission or cancellation, claims or defenses, set-offs or counterclaims of any kind whatsoever as to or against each Contract; (b) the obligation created by the contract evidencing each Contract is a bonafide sale or refinancing in the ordinary course of the Originator’s 's business; (c) the contract evidencing such Contract complies with all applicable state and federal laws and regulations; (d) the contract evidencing each Contract, including, but not limited to, description of the motor vehicle and/or services contained therein, is in all respects complete, accurate and represents the entire agreement between the Originator and the Obligor and complies with the Federal Consumer Credit Protection Act and all other applicable state and federal laws and regulations.

Requirements for Receivables. The Seller and the Depositor represent and warrant with respect to each Contract that: (a) the related Obligor has no right of recission or cancellation, claims or defenses, set-offs or counterclaims of any kind whatsoever as to or against each Contract; (b) the obligation created by the contract evidencing each Contract is a bonafide sale or refinancing in the ordinary course of the Originator’s business; (c) the contract evidencing such Contract complies with all applicable state and federal laws and regulations; (d) the contract evidencing each Contract, including, but not limited to, description of the motor vehicle and/or services contained therein, is in all respects complete, accurate and represents the entire agreement between the Originator and the Obligor and complies with the Federal Consumer Credit Protection Act and all other applicable state and federal laws and regulations.