Common use of Valid Transfer; Binding Obligation Clause in Contracts

Valid Transfer; Binding Obligation. Upon the execution and delivery of this Agreement and the Schedule of Receivables by each of the parties hereto, this Agreement shall evidence a valid transfer, assignment and conveyance of the Receivables, which is enforceable against creditors of and purchasers from the Seller, and will constitute the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles.

Valid Transfer; Binding Obligation. Upon the execution and delivery of this Agreement and the each Schedule of Receivables by each of the parties hereto, this Agreement shall evidence a valid transfer, assignment and conveyance of the Receivables, which is enforceable against creditors of and purchasers from the Seller, and will constitute the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles.