Common use of REPRESENTATIONS AND WARRANTIES AS TO THE CONTRACTS Clause in Contracts

REPRESENTATIONS AND WARRANTIES AS TO THE CONTRACTS. With respect to each Contract, the Company covenants and agrees that, effective as of the Purchase Date for such Contract, the following representations and warranties shall be true and shall be reaffirmed by delivery of the Purchased Contracts Certificate signed by the Servicer: (a) Each Contract conforms with all applicable Federal, state and local laws, regulations and official rulings. (b) Each Contract (i) shall have been originated in the United States of America and shall cover a Leased Vehicle purchased from a dealer in the retail sale of the Leased Vehicle in the ordinary course of such dealer's business, shall have been fully and properly executed by the parties thereto and the full and complete title to such Leased Vehicle shall have been validly assigned by such dealer to the Company in accordance with its terms, (ii) shall have created or shall create ownership of the Leased Vehicle in the name of the Company and a valid, subsisting and enforceable first priority security interest in favor of the Trustee in the Leased Vehicle, (iii) shall contain customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization