Common use of Perfection of Liens and Security Interest Clause in Contracts

Perfection of Liens and Security Interest. On the Closing Date, the Lien and security interest in favor of the Indenture Collateral Agent with respect to Indenture Property will be perfected by the filing of financing statements on Form UCC-1 in each jurisdiction where such recording or filing is necessary for the perfection thereof, the delivery of the Receivable Files for the Receivables to the Custodian, and the establishment of the Collection Account, the Subcollection Account, the Lockbox Account, the Pre-Funding Account, the Reserve Account and the Note Distribution Account in accordance with the provisions of the Transaction Documents, and no other filings in any jurisdiction or any other actions (except as expressly provided herein) are necessary to perfect the Collateral Agent's Lien on and security interest in the Collateral as against any third parties.

Perfection of Liens and Security Interest. On the Closing Date, the Lien and security interest in favor of the Indenture Collateral Agent with respect to Indenture Property will be perfected by the filing of financing statements on Form UCC-1 WCC-1 in each jurisdiction where such recording or filing is necessary for the perfection thereof, the delivery of the Receivable Files for the Receivables to the Custodian, and the establishment of the Collection Account, the Subcollection Account, the Lockbox Account, the Pre-Funding Account, the Reserve Account and the Note Distribution Account in accordance with the provisions of the Transaction Documents, and no other filings in any jurisdiction or any other actions (except as expressly provided herein) are necessary to perfect the Collateral Agent's Lien on and security interest in the Collateral as against any third parties.