Common use of Creation, Perfection and Priority of Security Interests Clause in Contracts

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. (B) The Receivables constitute either “tangible chattel paper” or “electronic chattel paper”, each within the meaning of the applicable UCC.

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. (B) The Receivables constitute either “tangible chattel paper” or “electronic chattel paper”, each within the meaning of the applicable UCC.