Retail Contracts. (a) No legal or governmental proceedings are pending which would reasonably be seen as likely to materially impair the value of the Retail Contracts taken as a whole, and to the knowledge of Company and Cornerstone, no such proceedings are threatened or contemplated by any Governmental Authority or any other Person. (b) Each Retail Contract shall represent the genuine, legal, valid, and binding payment obligation in writing of the obligors thereunder, enforceable by the holder thereof in accordance with its terms subject to the effect of bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditor’s rights generally. (c) The Obligor on each Retail Contract has obtained or agreed to obtain physical damage insurance covering the Vehicles financed pursuant to the applicable Retail Contract. (d) The numerical data relating to the characteristics of the Retail Contracts contained in the Company’s and Subsidiaries’ financial statements provided to the Administrative Agent are true and correct in all material respects. (e) Each Retail Contract constitutes “chattel paper” or “electronic chattel paper” as each is defined in the UCC.
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Retail Contracts. (a) No legal or governmental proceedings are pending which would reasonably be seen as likely to materially impair the value of the Retail Contracts taken as a whole, and to the knowledge of Company and Cornerstone, no such proceedings are threatened or contemplated by any Governmental Authority or any other Person.
(b) Each Retail Contract shall represent the genuine, legal, valid, and binding payment obligation in writing of the obligors thereunder, enforceable by the holder thereof in accordance with its terms subject to the effect of bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditor’s rights generally.
(c) The Obligor on each Retail Contract has obtained or agreed to obtain physical damage insurance covering the Vehicles financed pursuant to the applicable Retail Contract.
(d) The numerical data relating to the characteristics of the Retail Contracts contained in the Company’s and Subsidiaries’ financial statements provided to the Administrative Agent are true and correct in all material respects.
(e) Each Retail Contract constitutes “chattel paper” or “electronic chattel paper” as each is defined in the UCC.
(f) There is only one original executed copy of each Retail Contract
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