Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor and the Issuer that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor to the Issuer, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Depositor.
Appears in 5 contracts
Samples: Sale Agreement (Bank of America Auto Receivables Securitization, LLC), Sale Agreement (Bank of America Auto Trust 2012-1), Sale Agreement (Bank of America Auto Trust 2012-1)
Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor BANA and the Issuer First Tier Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related First Tier Purchased Assets from the Depositor BANA to the IssuerFirst Tier Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerFirst Tier Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorBANA.
Appears in 4 contracts
Samples: First Purchase Agreement (Bank of America Auto Trust 2012-1), First Purchase Agreement (Bank of America Auto Trust 2012-1), First Purchase Agreement (Bank of America Auto Trust 2010-2)
Creation, Perfection and Priority of Security Interests. (A) While it is the intention of (x) the Depositor Seller and the Issuer Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor Seller to the IssuerPurchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorSeller.
Appears in 1 contract
Samples: Purchase Agreement (Bank of America Auto Receivables Securitization, LLC)
Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor and the Issuer that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor to the Issuer, this Agreement creates shall create a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Depositor.
Appears in 1 contract
Samples: Sale Agreement (Bank of America Auto Receivables Securitization, LLC)
Creation, Perfection and Priority of Security Interests. (A) While it is the intention of (x) the Depositor Seller and the Issuer Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor Seller to the IssuerPurchaser, this Agreement creates shall create a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorSeller.
Appears in 1 contract
Samples: Purchase Agreement (Bank of America Auto Receivables Securitization, LLC)