Security Interest in Purchased Property. (i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor of the Depositor, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of and purchasers from the Sponsor.
Appears in 89 contracts
Samples: Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-B), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-B), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-A)