Common use of Enforceability of Contracts Clause in Contracts

Enforceability of Contracts. As of the Purchase Date of each Receivable originated by such Originator, each Contract with respect to such Receivable is, on such date, effective to create, and has created, a legally valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Enforceability of Contracts. As of the Purchase Date of each Receivable originated by such Originator, Borrower represents and warrants that each Contract with respect to such each Receivable is, on such date, is effective to create, and has createdcreated (or with respect to In-Transit Receivables will create), a legally legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Enforceability of Contracts. As of the Purchase Date of each Receivable originated transferred by such OriginatorSeller, each Contract with respect to such Receivable is, on such date, effective to create, and has created, a legally valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ ' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Enforceability of Contracts. As of the Purchase Date of each Receivable originated by such Originator, each Each Contract with respect to such each Receivable is, on such date, is effective to create, and has created, a legally legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder (as such Outstanding Balance may be adjusted pursuant to the terms of the Contract) and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ ' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Enforceability of Contracts. As of the Purchase Date of each Receivable originated by such OriginatorEach Contract, each Contract if any, with respect to such each Receivable is, on such date, is effective to create, and has created, a legally legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable FIFTH AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Enforceability of Contracts. As of the Purchase Date of each Receivable originated by such Originator, each Contract with respect to such Receivable is, on such date, effective to create, and has created, a legally valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ ' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).