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 security interest in the Financed Equipment in favor of the Seller as secured party.
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Samples: Purchase Agreement (Caterpillar Financial Funding Corp), Purchase Agreement (Caterpillar Financial Funding Corp), Purchase Agreement (Caterpillar Financial Funding Corp)
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 security interest in the Financed Equipment in favor of the Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first security interest in the Financed Equipment in favor of the Seller as secured party.
Appears in 2 contracts
Samples: Purchase Agreement (Deere John Receivables Inc), Purchase Agreement (Deere John Receivables Inc)
Security Interest in Financed Equipment. Immediately prior to the sale, assignment and transfer thereof, (i) each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of the Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first security interest in the Financed Equipment in favor of the Seller as secured party, and (ii) none of the Seller or any of its Affiliates (other than the Xxxx Deere Owner Trust 2001) shall have any other security interest in any Financed Equipment.
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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 security interest in the Financed Equipment in favor of the Seller Originator as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Equipment in favor of the Originator as secured party.
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Security Interest in Financed Equipment. Immediately prior to the sale, assignment and transfer thereofthereof to the Trustee, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of the Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first security interest in the Financed Equipment in favor of the Seller as secured party.
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Samples: Receivables Purchase Agreement (Bond Securitization LLC)
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 security interest in the Financed Equipment in favor of the Seller Originator as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Equipment in favor of the Originator as secured party. [ADD CARVE OUTS IF UNSECURED DEALER LOANS OR TRUE LEASES ARE INCLUDED.]
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Security Interest in Financed Equipment. Immediately prior to the sale, assignment and transfer thereofthereof to the Issuer, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of the related Seller as secured party of all necessary and appropriate actions have been commenced that would result in the valid perfection of a first security interest in the Financed Equipment in favor of the related Seller as secured party.
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Samples: Sale and Servicing Agreement (Bond Securitization LLC)
