Common use of Valid Transfer; Binding Obligation Clause in Contracts

Valid Transfer; Binding Obligation. This Agreement effects a valid conveyance, transfer and absolute contribution to the Depositor of the Contracts and the other Contributed Property enforceable against creditors of and purchasers from the Seller. This Agreement and the other Transaction Documents to which the Seller is a party constitute legal, valid and binding obligations of the Seller, enforceable against the 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.

Valid Transfer; Binding Obligation. This Agreement effects a ---------------------------------- valid conveyancesale, transfer transfer, assignment and absolute contribution conveyance to the Depositor Trust of the Contracts Receivables and the other Contributed Trust Property enforceable against all creditors of and purchasers from the SellerDepositor. This Agreement and the other Transaction Documents to which the Seller Depositor is a party constitute legal, valid and binding obligations of the SellerDepositor, enforceable against the Seller 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.