Common use of Security Interest in Financed Vehicles Clause in Contracts

Security Interest in Financed Vehicles. Immediately prior to the transfer of the Contracts by the Seller to the Depositor and by the Depositor to the Trust, each Contract was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle and, at such time as enforcement of such security interest is sought, there shall exist a valid, binding and enforceable first priority perfected security interest in such Financed Vehicle for the benefit of the Seller and the Trust, respectively, which is subject to regulatory registration with a clear legal right of repossession in favor of the Seller and the Trust.

Security Interest in Financed Vehicles. Immediately prior to the transfer of the Contracts by the Seller to the Depositor and by the Depositor to the Trust, each Contract was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle and, at such time as enforcement of such security interest is sought, there shall exist a valid, binding and enforceable first priority perfected security interest in such Financed Vehicle for the benefit of the Seller and the Trust, respectively, which is subject to regulatory registration with a clear legal right of repossession in favor of the Seller and the Trust.

Security Interest in Financed Vehicles. Immediately prior to the conveyance, transfer and absolute contribution of the Contracts by the Seller to the Depositor and by the Depositor to the TrustDepositor, each Contract was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle and, at such time as enforcement of such security interest is sought, there shall exist a valid, binding and enforceable first priority perfected security interest in such Financed Vehicle for the benefit of the Seller and the Trust, respectively, which is subject to regulatory registration with a clear legal right of repossession in favor of the Seller and the TrustSeller.