Common use of Valid and Binding Obligations and Agreements Clause in Contracts

Valid and Binding Obligations and Agreements. The Obligations, when executed, authenticated and issued in accordance with the Indenture, and the Transaction Documents (other than the Obligations), to which they are parties when executed and delivered by the Indenture Trustee and the Back-up Servicer, will constitute the legal, valid and binding obligations of the Indenture Trustee and the Back-up Servicer, as applicable, enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. Neither the Indenture Trustee nor the Back-up Servicer will at any time in the future deny that the Transaction Documents constitute the legal, valid and binding obligations of the Indenture Trustee and the Back-up Servicer, as applicable.

Valid and Binding Obligations and Agreements. The Obligations, when executed, authenticated and issued in accordance with the Indenture, and the Transaction Documents (other than the Obligations), to which they are parties when executed and delivered by the Indenture Trustee and the Back-up Servicer, will constitute the legal, valid and binding obligations of the Indenture Trustee and the Back-up Servicer, as applicable, enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ ' rights generally and general equitable principles. Neither the Indenture Trustee nor the Back-up Servicer will at any time in the future deny that the Transaction Documents constitute the legal, valid and binding obligations of the Indenture Trustee and the Back-up Servicer, as applicable.