Common use of Security Interest in Financed Vehicle Clause in Contracts

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment by the Seller to the Issuer (and the subsequent contribution to the Holding Trust), each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the EFLLC Receivables in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment thereof by the Seller to the Issuer (and the subsequent contribution to the Holding Trust)Purchaser, each EFLLC Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee Purchaser as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the EFIT Receivables in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment thereof by the Seller to the Issuer (and the subsequent contribution to the Holding Trust)Purchaser, each EFIT Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee Purchaser as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the [Seller] Receivables in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment thereof by the Seller to the Issuer (and the subsequent contribution to the Holding Trust)Purchaser, each [Seller] Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee Purchaser as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the EFLLC Receivables in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment thereof by the Seller Exeter to the Issuer (and the subsequent contribution to the Holding Trust)EFCAR, LLC, each EFLLC Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee EFCAR, LLC as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).

Security Interest in Financed Vehicle. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the [Seller] Receivables in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment thereof by the Seller [Seller] to the Issuer (and the subsequent contribution to the Holding Trust)EFCAR, LLC, each [Seller] Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Indenture Trustee EFCAR, LLC as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle).