Common use of Terms of Secured Notes Clause in Contracts

Terms of Secured Notes. Each Secured Note: (i) was issued by ACOLT to fund a portion of the purchase price of the related Lease Assets, (ii) has created or shall create a valid, binding and enforceable first priority security interest in favor of the Seller or the ACOLT Indenture Trustee on behalf of the Seller in the Lease Assets, which security interest is assignable by the Seller to Ally Auto, (iii) contains enforceable provisions to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security, (iv) shall yield interest at the rate set forth in such Secured Note and (v) prior to the sale of the Secured Notes to Ally Auto under this Agreement, the Secured Notes constitute “chattel paper,” “payment intangibles,” “promissory notes” or “certificated securities” within the meaning of the applicable UCC.

Terms of Secured Notes. Each Secured Note: (i) was issued by ACOLT to fund a portion of the purchase price of the related Lease AssetsABLT, (ii) has created or shall create a valid, binding and enforceable first priority security interest in favor of the Seller or the ACOLT ABLT Indenture Trustee on behalf of the Seller in the Lease Assets, which security interest is assignable by the Seller to Ally Auto, (iii) contains enforceable provisions to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security, (iv) shall yield interest at the rate set forth in such Secured Note and (v) prior to the sale of the Secured Notes to Ally Auto under this Agreement, the Secured Notes constitute “chattel paper,” “payment intangibles,” “promissory notes” or “certificated securities” within the meaning of the applicable UCC.

Terms of Secured Notes. Each Secured Note: (i) was issued by ACOLT AFLT to fund a portion of the purchase price of the related Lease Assets, (ii) has created or shall create a valid, binding and enforceable first priority security interest in favor of the Seller or the ACOLT AFLT Indenture Trustee on behalf of the Seller in the Lease Assets, which security interest is assignable by the Seller to Ally AutoXXXX, (iii) contains enforceable provisions to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security, (iv) shall yield interest at the rate set forth in such Secured Note and (v) prior to the sale of the Secured Notes to Ally Auto XXXX under this Agreement, the Secured Notes constitute “chattel paper,” “payment intangibles,” “promissory notes” or “certificated securities” within the meaning of the applicable UCC.