The execution, delivery and performance by each of each Seller Party and each Guarantor of each Program Agreement do not conflict with any term or provision of the formation documents or by-laws of Seller Parties or Guarantors or any law, rule, regulation, order, judgment, writ, injunction or decree applicable to any Seller Party or any Guarantor of any court, regulatory body, administrative agency or governmental body having jurisdiction over any Seller Party or any Guarantor, which conflict would have a Material Adverse Effect and will not result in any violation of any such mortgage, instrument, agreement or obligation to which any Seller Party or any Guarantor is a party.