Security Interest in Financed Vehicles. Immediately prior to the transfer of the Receivables by the Depositor to the Trust, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor pursuant to the Receivables Purchase Agreement and by the Depositor to the Trust hereunder.
Appears in 75 contracts
Samples: Sale and Servicing Agreement (Carmax Auto Funding LLC), Sale and Servicing Agreement (Carmax Auto Funding LLC), Sale and Servicing Agreement (Carmax Auto Funding LLC)
Security Interest in Financed Vehicles. Immediately prior to the transfer of the Receivables by the Depositor Seller to the TrustDepositor, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor pursuant to the Receivables Purchase Agreement and by the Depositor to the Trust hereunderDepositor.
Appears in 74 contracts
Samples: Receivables Purchase Agreement (Carmax Auto Funding LLC), Receivables Purchase Agreement (Carmax Auto Funding LLC), Receivables Purchase Agreement (Carmax Auto Funding LLC)
Security Interest in Financed Vehicles. Immediately prior to the -------------------------------------- transfer of the Receivables by the Depositor Seller to the TrustDepositor, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor pursuant to the Receivables Purchase Agreement and by the Depositor to the Trust hereunderDepositor.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC), Receivables Purchase Agreement (Pooled Auto Securities Shelf LLC)
