Security Interest in Financed Vehicles. Immediately prior to the sale, assignment and transfer thereof to the Issuer on the Closing Date, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of TMCC as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of TMCC as secured party.
Appears in 30 contracts
Samples: Sale and Servicing Agreement (Toyota Auto Finance Receivables LLC), Sale and Servicing Agreement (Toyota Auto Receivables 2015-C Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2015-C Owner Trust)
Security Interest in Financed Vehicles. Immediately prior to the sale, assignment and transfer thereof to the Issuer on the Closing Datethereof, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of TMCC as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of TMCC as secured party.
Appears in 27 contracts
Samples: Sale and Servicing Agreement (Toyota Motor Credit Corp), Sale and Servicing Agreement (Toyota Motor Credit Corp), Sale and Servicing Agreement (Toyota Motor Credit Corp)
Security Interest in Financed Vehicles. Immediately prior to the sale, assignment and transfer thereof to the Issuer Purchaser on the Closing Date, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of TMCC as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of TMCC as secured party.
Appears in 22 contracts
Samples: Receivables Purchase Agreement (Toyota Auto Finance Receivables LLC), Form of Receivables Purchase Agreement (Toyota Auto Receivables 2014-B Owner Trust), Receivables Purchase Agreement (Toyota Auto Receivables 2014-a Owner Trust)
Security Interest in Financed Vehicles. Immediately As of the Cutoff Date and immediately prior to the sale, assignment and transfer thereof to the Issuer Purchaser on the Closing Date, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of TMCC as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of TMCC as secured party.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Toyota Auto Receivables 2010-a Owner Trust)
