Common use of Dealer Agreement Clause in Contracts

Dealer Agreement. Each Dealer that sold a Receivable to the Seller (or BMW Bank) has entered into a Dealer Agreement and such Dealer Agreement, together with the assignment and related documentation signed by the Dealer, constitutes the entire agreement between the Seller (or BMW Bank) and such Dealer with respect to the sale of such Receivable to the Seller (or BMW Bank). Each such Dealer Agreement is in full force and effect and is the legal, valid and binding obligation of such Dealer; there have been no material defaults by the Seller (or BMW Bank) under such Dealer Agreement; the Seller (or BMW Bank) has fully performed all of its obligations under such Dealer Agreement; the Seller (or BMW Bank) has not made any statements or representations to such Dealer (whether written or oral) inconsistent with any term of such Dealer Agreement; the purchase price (as specified in related Dealer Agreement) for such Receivable has been paid in full, other than any dealer reserve, by the Seller (or BMW Bank); and any payment owed to such Dealer by the Seller (or BMW Bank) is a corporate obligation of the Seller (or BMW Bank).