Common use of Binding Obligation; Valid Transfer Clause in Contracts

Binding Obligation; Valid Transfer. This Agreement effects a valid transfer, and assignment of the Receivables, enforceable against creditors of and purchasers from the Transferor. This Agreement, each Subsequent Transfer Agreement and each of the Basic Documents to which the Transferor is a party constitute legal, valid and binding obligations of the Transferor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally and subject to general principles of equity (whether applied in a proceeding at law or in equity).

Binding Obligation; Valid Transfer. This Agreement effects a valid transfer, and assignment of the Receivables, enforceable against creditors of and purchasers from the TransferorDepositor. This Agreement, each Subsequent Transfer Agreement and each of the Basic Documents to which the Transferor Depositor is a party constitute legal, valid and binding obligations of the TransferorDepositor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally and subject to general principles of equity (whether applied in a proceeding at law or in equity).

Binding Obligation; Valid Transfer. This Agreement effects a ---------------------------------- valid transfer, and assignment of the Receivables, enforceable against creditors of and purchasers from the TransferorDepositor. This Agreement, each Subsequent Transfer Agreement and each of the Basic Documents to which the Transferor Depositor is a party constitute legal, valid and binding obligations of the TransferorDepositor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally and subject to general principles of equity (whether applied in a proceeding at law or in equity).

Binding Obligation; Valid Transfer. This Agreement effects a ---------------------------------- valid transfer, and assignment of the Receivables, enforceable against creditors of and purchasers from the Transferor. This Agreement, each Subsequent Transfer Agreement and each of the Basic Documents to which the Transferor is a party constitute legal, valid and binding obligations of the Transferor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally and subject to general principles of equity (whether applied in a proceeding at law or in equity).