Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, such Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Equipment in favor of such Seller as secured party.
Appears in 4 contracts
Samples: Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2012-1), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2012-1), Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2012-1)
Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, such Receivable each Purchaser Asset shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except to the extent the Equipment secures any receivable that is cross-collateralized with such ReceivablePurchaser Asset) in favor of the applicable Original Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Equipment in favor of such Original Seller as secured party.
Appears in 2 contracts
Samples: Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2011-1), Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2011-1)
