Common use of Representations and Warranties by the Issuer as to Security Interest Clause in Contracts

Representations and Warranties by the Issuer as to Security Interest. (a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer. (b) All of the Permitted Investments have been and will be credited to one of the Collection Account, the Reserve Account and the Principal Distribution Account. The securities intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as "financial assets" within the meaning of the applicable UCC. The Collateral (other than those Permitted Investments which have been credited to one of the Collection Account, the Reserve Account or the Principal Distribution Account) constitutes either "chattel paper," "instruments" or "general intangibles" within the meaning of the applicable UCC.

Representations and Warranties by the Issuer as to Security Interest. (a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer. (b) All of the Permitted Investments have been and will be credited to one of the Collection Account, the Reserve Account, the Principal Distribution Account and the Principal Distribution Payahead Account. The securities intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as "financial assets" within the meaning of the applicable UCC. The Collateral (other than those Permitted Investments which have been credited to one of the Collection Account, the Reserve Account, the Principal Distribution Account or the Principal Distribution Payahead Account) constitutes either "chattel paper," "instruments" or "general intangibles" within the meaning of the applicable UCC.