Notation of Security Interest Sample Clauses
The Notation of Security Interest clause establishes the requirement for a security interest to be formally recorded or noted, typically on the title or records of the relevant asset. In practice, this means that if a lender or secured party has a claim over an asset, such as a vehicle or piece of equipment, this interest must be officially registered with the appropriate authority or reflected in the asset's documentation. This process ensures that third parties are made aware of the security interest, thereby protecting the secured party’s rights and preventing disputes over ownership or priority in the event of default or insolvency.
Notation of Security Interest. With respect to each Contract other than a Land-and-Home Contract, if the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, the Company as the holder of a first priority security interest in such Manufactured Home; if the related Manufactured Home is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show the Company as secured party. If the related Manufactured Home secures a Land-and-Home Contract, such Manufactured Home is subject to a Mortgage properly filed in the appropriate public recording office or such Mortgage will be properly filed in the appropriate public recording office within 180 days, naming the Company as mortgagee. In either case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Company and any trustee in bankruptcy of the Company) claiming an interest in such Manufactured Home.
Notation of Security Interest. With respect to each Contract other ----------------------------- than a Land Home Contract, if the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or, if a new or replacement title document with respect to such Manufactured Home is being applied for, such title document will be issued within 180 days and will show, GreenPoint or BankAmerica Housing Services as the holder of a first- priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings have been duly made and show GreenPoint or BankAmerica Housing Services as the secured party. If the related Manufactured Home secures a Land Home Contract, such Manufactured Home and the related Mortgaged Property is subject to a Mortgage properly filed in the appropriate public recording office or such Mortgage will be properly filed in the appropriate public recording office within 180 days, naming GreenPoint as mortgagee. In either case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Contract Seller and any trustee in bankruptcy of GreenPoint or BankAmerica Housing Services) claiming an interest in such Manufactured Home. Assuming consummation of the transactions contemplated herein the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home and, if applicable, such Mortgaged Property.
Notation of Security Interest. With respect to each Contract other than a Land-and-Home Contract, if the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, the Originator or its assignee as the holder of a first priority security interest in such Manufactured Home; if the related Manufactured Home is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show the Originator or its assignee as secured party. If the related Manufactured Home secures a Land-and-Home Contract, such Manufactured Home is subject to a Mortgage properly filed in the appropriate public recording office or such Mortgage will be properly filed in the appropriate public recording office within 180 days, naming the Originator as mortgagee. In either case, the Indenture Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Seller and any trustee in bankruptcy of the Seller) claiming an interest in such Manufactured Home.
Notation of Security Interest. If the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, Vanderbilt or the related Originator as the holder of a first priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show Vanderbilt as secured party. If the related Manufactured Home secures a Land-and-Home Contract, the related land securing such Land-and-Home Contract is subject to a Mortgage properly filed in the appropriate public recording office and naming Vanderbilt as mortgagee. In each such case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home.
Notation of Security Interest. If requested by Bank, Debtor will ----------------------------- ▇▇▇▇ its records concerning Equipment, Accounts, General Intangibles and other Collateral in a manner satisfactory to Bank to show the latter's security interest therein; and, if a Potential Default or an Event of Default shall have occurred and be continuing uncured and unwaived, shall, at Bank's request notify all purchasers, warehouses, warehousemen, agents, landlords, processors, or others in possession of Equipment, of Bank's security interest in the Collateral, and instruct them to hold Collateral for Bank's account and subject to Bank's instructions.
Notation of Security Interest. The Company and the Secured Parties are entering into this Agreement to perfect, and confirm the first priority lien of, the Secured Parties’ security interest in the Pledged Collateral.
Notation of Security Interest. With respect to each Contract, if the ----------------------------- related Product is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Product is being applied for such title document will be issued within 180 days and will show, the Originator as the holder of a first priority security interest in such Product; if the related Product is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type including the Product, such filings or recordings have been duly made and show the Originator as secured party. In any case, the Trust has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Originator and any trustee in bankruptcy of the Originator) claiming an interest in such Product.
Notation of Security Interest. With respect to the Covered Loans where the underlying collateral, such as consumer products, is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows (or, if a new or replacement title document with respect to such collateral is being applied for, then such title document will be issued within 180 days and will show) a Seller as the holder of a first priority 115 security interest in such collateral. If the collateral is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type of such collateral, such filings or recording have been duly made and show a Seller as a secured party.
Notation of Security Interest. If the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or, if a new or replacement title document with respect to such Manufactured Home is being applied for, such title document will be issued within 180 days and will show, such Transferor as the holder of a security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings have been duly made and show the Transferor as secured party. In each case, the Trust and the Trustee have the same rights as the secured party of record would have (if such secured party were still the owner of the Manufactured Home Loan) against all Persons claiming an interest in such Manufactured Home.
Notation of Security Interest. If the related Manufactured Home is located in a state under the laws of which either (1) a security interest in manufactured housing may be perfected by the notation of such security interest on the title document, then the title document for such Manufactured Home has been delivered to the Purchaser or its designated custodian (or, if a new or replacement title document has been applied for, such title document shall have been issued, and delivered to the Purchaser or its designated custodian, within one hundred and eighty (180) days following the relevant Transfer Date), and such title document shows the Servicer as the holder of a first-priority security interest in such Manufactured Home, which security interest is held by the Servicer for the benefit of the Purchaser in accordance with Section 2.2(g) of this Agreement (provided, however, if perfection remains outstanding beyond one hundred and eighty (180) days of the applicable Transfer Date solely due to a governmental processing delay (and not an act or omission of Seller), Seller may request a one-time extension of up to sixty (60) additional days by delivering, no later than ten (10) Business Days prior to the expiration of the 180-day period written evidence of (i) timely application submission, (ii) pending status with the applicable authority, and (iii) a documented follow-up inquiry), or (2) the perfection of a first priority security interest in the related Manufactured Home requires the filing of a UCC financing statement against the related Obligor, then such filing has been made concurrently or promptly after origination of the Loan and shows the Servicer as the secured party (which security interest is held by the Servicer for the benefit of the Purchaser in accordance with Section 2.2(g) of this Agreement and is separate from and in addition to the financing statement filed pursuant to Section 2.2(a) of this Agreement), and the file stamped copy has been delivered to the Purchaser or its designated custodian within one hundred and eighty (180) days following the Transfer Date.