Common use of Valid and Binding Obligations Clause in Contracts

Valid and Binding Obligations. Each of the Transaction Documents to which the Trust is a party, when executed and delivered by the Trust, and assuming due authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligation of the Trust enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and general equitable principles. The Notes, when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms.

Valid and Binding Obligations. Each of the Transaction Documents to which the Trust Seller is a party, when executed and delivered by the TrustSeller, and assuming due authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligation of the Trust Seller enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and general equitable principles. The Notes, when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms.