Common use of Perfection Representations Clause in Contracts

Perfection Representations. CNHICA has taken all steps necessary to perfect its security interest against the Obligor in the Financed Equipment securing the Receivables. Immediately prior to the conveyance of the Receivables pursuant to the Purchase Agreement, CNHICA owns and has good and marketable title to, or has a valid security interest in, the Receivables free and clear of any Lien, claim or encumbrance of any Person.