NATURE OF CONTRACTS. Each Contract to be sold by it on such day is in full force and effect and represents a legal, valid and binding obligation of the Obligor enforceable against the Obligor in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors' rights generally and by general equitable principles whether considered in proceedings in equity or at law) and constitutes "chattel paper" under the UCC in effect in all applicable jurisdictions including the state in which the Seller is incorporated.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (Onyx Acceptance Corp), Sale and Servicing Agreement (Onyx Acceptance Corp)