Common use of Valid and Binding Obligation of Obligor Clause in Contracts

Valid and Binding Obligation of Obligor. Each Receivable is the legal, valid and binding obligation of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby and no party to such contract is in violation of any applicable law, rule or regulation that is material to the Receivable or the sale of the Financed Vehicle; the terms of such Receivable have not been waived or modified in any respect (other than with respect to amendments permitted by clause (viii) above).