Common use of Concerning the Collateral Clause in Contracts

Concerning the Collateral. All Collateral (a) is genuine and in all respects what it purports to be, (b) is the legal, valid, and binding obligation of each Obligor (EXCEPT as enforceability may be limited by Debtor Laws), (c) is free from any claim for credit, deduction, or allowance of any Obligor and free from any defense, dispute, setoff, or counterclaim (other for payments made in respect of it), (c) if a Mortgage Loan, was originated and is in compliance with all Governmental Requirements (including, without limitation, all usury Governmental Requirements, the REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974, the EQUAL CREDIT OPPORTUNITY ACT, the FEDERAL TRUTH IN LENDING ACT, REGULATION Z promulgated by the Board of Governors of the Federal Reserve System, and all applicable federal and state consumer protection Governmental Requirements, (d) if a Mortgage Security, is duly authorized and validly issued, the transfer of which is not subject to any restrictions other than under the Credit Documents, (e) if a Take-Out Commitment or other contract, is in full force and effect without any material default having occurred by any party to it, and (f) conforms to the applicable requirements of eligibility under SCHEDULE 4.1 to the Credit Agreement.

Concerning the Collateral. All Collateral (a) is genuine and in all respects what it purports to be, (b) is the legal, valid, and binding obligation of each Obligor (EXCEPT except as enforceability may be limited by Debtor Laws), (c) is free from any claim for credit, deduction, or allowance of any Obligor and free from any defense, dispute, setoff, or counterclaim (other than for payments made in respect of it), (cd) if a Mortgage Loan, was originated and is in compliance with all Governmental Requirements Laws (including, without limitation, all usury Governmental RequirementsLaws, the REAL ESTATE SETTLEMENT PROCEDURES ACT OF Real Estate Settlement Procedures Act of 1974, the EQUAL CREDIT OPPORTUNITY ACTEqual Credit Opportunity Act, the FEDERAL TRUTH IN LENDING ACTFederal Truth in Lending Act, REGULATION Regulation Z promulgated by the Board of Governors of the Federal Reserve System, and all applicable federal and state consumer protection Governmental RequirementsLaws, (de) if a Mortgage Security, is duly authorized and validly issued, the transfer of which is not subject to any restrictions other than under the Credit Loan Documents, (ef) if a Take-Out Commitment or other contract, is in full force and effect without any material default having occurred by any party to it, and (fg) conforms to the applicable requirements of eligibility under SCHEDULE 4.1 to the Credit Loan Agreement.