Common use of Valid Sale; Binding Obligation Clause in Contracts

Valid Sale; Binding Obligation. This Agreement, when duly executed and delivered by the Depositor, and the Second Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other Second Step Transferred Property to the Issuing Entity, enforceable against creditors of and purchasers from the Depositor; and this Agreement, when duly executed and delivered by the Depositor, and the Second Step Receivables Assignment constitute a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Valid Sale; Binding Obligation. This Agreement, when duly executed and delivered by the DepositorPurchaser, and the Second First Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other Second First Step Transferred Property to the Issuing EntityPurchaser, enforceable against creditors of and purchasers from the DepositorSeller; and this Agreement, when duly executed and delivered by the DepositorPurchaser, and the Second First Step Receivables Assignment constitute a legal, valid and binding obligation of the Depositor Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Valid Sale; Binding Obligation. This Agreement, when duly executed and delivered by the Depositor, and the [the][each] Second Step Receivables Assignment constitute a valid sale, transfer and assignment of the applicable Receivables and other Second Step Transferred Property to the Issuing Entity, enforceable against creditors of and purchasers from the Depositor; and this Agreement, when duly executed and delivered by the Depositor, and the [the][each] Second Step Receivables Assignment constitute a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.