Common use of Valid Assignment; Binding Obligations Clause in Contracts

Valid Assignment; Binding Obligations. This Agreement and any Subsequent Transfer Agreement constitute a valid assignment, transfer and conveyance to the Owner Trustee, on behalf of the Trust, of all right, title, and interest of Receivables III in, to and under the Conveyed Assets, and the Conveyed Assets will be held by the Trust free and clear of any Lien of any Person claiming through or under Receivables III, except the lien on the Conveyed Assets in favor of the Indenture Trustee granted pursuant to the Indenture; and this Agreement and any Subsequent Transfer Agreement when duly executed and delivered, will constitute the legal, valid, and binding obligation of Receivables III enforceable against Receivables III in accordance with their respective terms subject as to enforceability to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors' rights generally and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);

Valid Assignment; Binding Obligations. This Agreement and any Subsequent Transfer Agreement constitute a valid sale, assignment, transfer and conveyance to the Owner Trustee, on behalf of the Trust, of all right, title, and interest of Receivables III VFCC in, to and under the Conveyed Assets, Assets and the Conveyed Assets will be held by the Trust free and clear of any Lien of any Person claiming claiming, through or under Receivables IIIVFCC, except the lien on the Conveyed Assets in favor of the Indenture Trustee granted pursuant to the Indenture; and this Agreement and any Subsequent Transfer Agreement Agreement, when duly executed and delivered, will constitute the legal, valid, and binding obligation of Receivables III VFCC enforceable against Receivables III VFCC in accordance with their respective terms subject as to enforceability to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors' rights generally and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);