Representations and Warranties by NMAC and the Depositor Clause Samples
The 'Representations and Warranties by NMAC and the Depositor' clause sets out specific statements of fact and assurances made by both NMAC and the Depositor regarding their authority, the validity of the transaction, and the condition of the assets being transferred. Typically, this clause will detail that both parties have the legal right to enter into the agreement, that the assets are free from encumbrances, and that all necessary consents have been obtained. Its core function is to allocate risk and provide assurance to the other party that the transaction is legitimate and that the assets meet agreed-upon standards, thereby reducing the likelihood of disputes or losses arising from undisclosed issues.
Representations and Warranties by NMAC and the Depositor. Each of NMAC and the Depositor, jointly and severally, represents and warrants to the Underwriters, as of the date hereof and as of the Closing Date referred to in Section 2(c), and agrees with the Underwriters as follows: