Security Interest in Leased Vehicle. The Collateral Agent has, or the Servicer has started procedures that will result in the Collateral Agent having, a perfected, first-priority security interest in the Leased Vehicle, which security interest was validly created.
Appears in 37 contracts
Samples: Exchange Note Purchase Agreement (Ford Credit Auto Lease Trust 2024-B), Exchange Note Purchase Agreement (Ford Credit Auto Lease Trust 2024-B), Exchange Note Purchase Agreement (Ford Credit Auto Lease Trust 2024-A)
