Common use of Valid Transfer; Binding Obligation Clause in Contracts

Valid Transfer; Binding Obligation. This Agreement effects a ---------------------------------- valid sale, transfer, assignment and conveyance to the Trust of the Receivables and the other Trust Property enforceable against all creditors of and purchasers from the Depositor. This Agreement and the other Transaction Documents to which the Depositor is a party constitute legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with their terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles.

Valid Transfer; Binding Obligation. This Agreement effects a ---------------------------------- valid saleconveyance, transfer, assignment transfer and conveyance absolute contribution to the Trust Depositor of the Receivables Contracts and the other Trust Contributed Property enforceable against all creditors of and purchasers from the DepositorSeller. This Agreement and the other Transaction Documents to which the Depositor Seller is a party constitute legal, valid and binding obligations of the DepositorSeller, enforceable against the Depositor Seller in accordance with their terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles.