Common use of Security Interest in Financed Equipment Clause in Contracts

Security Interest in Financed Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority purchase money security interest (as defined in the applicable UCC) in the Financed Equipment in favor of the Seller as secured party or, in accordance with its customary standards, policies and servicing procedures, the Seller has taken all steps as are necessary to result in a validly perfected first priority purchase money security interest (as defined in the applicable UCC) in the Financed Equipment in favor of the Seller as secured party. UCC documents Retail note contract Data tape i) Observe the UCC documents and confirm that Xxxx Deere Receivables LLC, or an acceptable variation of the name, is reported as the first xxxx xxxxxx xx) Observe the Obligor name on the Contract and confirm the name matches the name on the UCC documents

Security Interest in Financed Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority purchase money security interest (as defined in the applicable UCC) in the Financed Equipment in favor of the Seller as secured party or, in accordance with its customary standards, policies and servicing procedures, the Seller has taken all steps as are necessary to result in a validly perfected first priority purchase money security interest (as defined in the applicable UCC) in the Financed Equipment in favor of the Seller as secured party. UCC documents Retail note contract Data tape i) Observe the UCC documents and confirm that Xxxx John Deere Receivables LLC, or an acceptable variation of the name, is reported as the first xxxx lxxx xxxxxx xx) Observe the Obligor name on the Contract and confirm the name matches the name on the UCC documents