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Section 2. Representations, Warranties and Covenants of the Compliance Agent. (a)The <br /> Compliance Agent represents and warrants to and covenants with the Issuer and the Trustee as follows: <br /> (i) The Compliance Agent is a corporation duly organized, validly existing and in <br /> good standing under the laws of the state of its organization, is duly qualifie�and in good standing <br /> to transact business in the State of Illinois, and possesses all requisite authority, power, licenses, <br /> perxnits and franchises to conduct any and all business contemplated by this Compliance <br /> Agreement and to execute, deliver and comply with its obligations under the terms of this <br /> Compliance Agreement, the execution and delivery and performance of which have been duly <br /> authorized by all necessary corporate action. <br /> (ii) The execution and delivery of this Compliance Agreement by the Compliance <br /> Agent in the manner contemplatetl herein and the performance and compliance with the terms <br /> hereof by it will not violate (i)its certificate of incorporation or bylaws, or (ii)any laws which <br /> could have any material adverse effect whatsoever upon the validity, performance or enforceability <br /> of any of the terms of this Agreement applicable to the Compliance Agent, and will not constitute a <br /> material default (or an event which, with notice or lapse of time, or both, would constitute a <br /> material default) under, or result in the breach of, any material contract, agreement or other <br /> instrument to which the Compliance Agent is a party or which may be applicable to it or any of its <br /> assets. , <br /> (iii) The execution and delivery of this Compliance Agreement by the Compliance ��I <br /> Agent in the manner contemplate�i herein and the performance and compliance with the terms ', <br /> hereof by it do not require the consent or approval of any goveminental authority or, if such <br /> consent or approval is required, it has been obtained. <br /> (iv) This Compliance Agreement, and all documents and instruments contemplate� <br /> hereby, which are executed and delivered by the Compliance Agent, will constitute valid, legal and <br /> binding obligations of the Compliance Agent, enforceable in accordance with their respective <br /> terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, or other <br /> laws or equitable principles affecting creditors generally, and will not conflict with or result in a <br /> breach of any of the tenns, conditions or provisions of any legal restriction or any agrcement or <br /> instrument to which the Compliance Agent is now a party or by which it is bound or constitute a <br /> default under any of the foregoing. <br /> (v) The Compliance Agent shall promptly notify the Issuer, the Trustee and the <br /> Servicer of any suspension or termination of its powers to do business as contemplated by this <br /> Compliance Agreement. <br /> (vi) The Compliance Agent shall keep proper books, records and accounts in which <br /> complete and conect copies of all certificates and documents required to be filed with it hereunder <br /> shall be maintained and preserved for a reasonable period of time. The Compliance Agent shall <br /> make such books and records available for inspection by the Issuer, the Trustee, and the Servicer, <br /> during reasonable hours and under reasonable conditions. The Issuer, the Servicer or the Trustee <br /> shall have the right to require the Compliance Agent to furnish said documents, at the Compliance <br /> Agent's expense, as such requesting entity reasonably deems necessary to determine compliance by <br /> the Compliance Agent with the provisions of this Compliance Agreement and the Agreement. <br /> (b) The representations, warranties, and covenants made by the Compliance Agent in this <br /> Compliance Agreement shall survive the execution and delivery of this Compliance Agreement and the <br /> -2- <br />