Common use of Security Interest of Purchaser Clause in Contracts

Security Interest of Purchaser. This Agreement and all related documents constitute a valid sale, transfer and assignment to the Purchaser of all right, title and interest in the Contracts, the related Receivables and Related Security and the proceeds thereof. Upon the filing of the financing statements described in Section 3.1(iii), the Purchaser shall have a first priority perfected security interest in all of the property described in Section 2.1(a) (except to the extent such first priority perfected security interest was assigned to the Trustee pursuant to the Indenture). Except as otherwise provided in this Agreement, neither the Seller nor any Subsidiary of the Seller other than Purchaser nor any Person claiming through or under the Seller or any Subsidiary of the Seller other than Purchaser has any claim to or interest in any Trust Account.

Security Interest of Purchaser. This Agreement and all related documents constitute a valid sale, transfer and assignment to the Purchaser of all right, title and interest in the Contracts, the related Receivables and Related Security and the proceeds thereof. Upon the filing of the financing statements described in Section 3.1(iii), the Purchaser shall have a first priority perfected security interest in all of the property described in Section 2.1(a) (except to the extent of any Permitted Encumbrances or such first priority perfected security interest was assigned to the Trustee pursuant to the Indenture). Except as otherwise provided in this Agreement, neither the Seller nor any Subsidiary of the Seller other than Purchaser nor any Person claiming through or under the Seller or any Subsidiary of the Seller other than Purchaser has any claim to or interest in any Trust Account.