Common use of Security Interest in Financed Vehicle Clause in Contracts

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the Issuer, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the Issuer, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the Issuer, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the IssuerOwner Trustee, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (ia) Immediately prior ------------------------------------- to the sale, assignment and transfer thereof to the IssuerTrust, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, party and (iib) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the IssuerTrustee, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the IssuerTrustee, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (ia) Immediately prior to the sale, assignment and transfer thereof to the IssuerTrust, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, party and (iib) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and transfer thereof to the Issuer, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Cutoff Date, according to (Nissan 2004-C Sale and Servicing Agreement) the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.

Security Interest in Financed Vehicle. (ia) Immediately prior to the sale, assignment and transfer thereof to the IssuerTrustee, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (iib) as of the Cut-off Cutoff Date, according to the records of NMAC, no Financed Vehicle has been repossessed and the possession thereof not reinstated.