Common use of Security Interest Representation Clause in Contracts

Security Interest Representation. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables that is in existence in favor of the Issuer, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Depositor, which security interest will be assigned to the Indenture Trustee pursuant to the Indenture. Other than the security interest granted to the Issuer, the Depositor has not pledged, assigned, transferred or sold, a security interest in, or otherwise conveyed any of the Receivables, the Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of such Receivables other than the financing statements in favor of the Issuer and the Indenture Trustee, and the Depositor is not aware of any judgment or tax lien filing against it.

Security Interest Representation. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables that is in existence in favor of the Issuer, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Depositor, which security interest will be assigned to the Indenture Trustee pursuant to the Indenture. Other than the security interest granted to the Issuer, the Depositor has not pledged, assigned, transferred or sold, a security interest in, or otherwise otherise conveyed any of the Receivables, the Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of such Receivables other than the financing statements in favor of the Issuer and the Indenture Trustee, and the Depositor is not aware of any judgment or tax lien filing against it.