Common use of Valid Sale Clause in Contracts

Valid Sale. This Agreement or the related Assignment constitutes a valid sale and assignment to the Issuer of all right, title and interest of the Depositor in, to and under the Sold Receivables originated in the Initial Accounts or the Additional Accounts, as applicable, and the Related Security and the proceeds thereof and all of the Depositor’s rights, remedies, powers and privileges with respect to the Sold Receivables under the Receivables Purchase Agreement and, in each case, upon the filing of the financing statements described in Section 2.1(c) and, in the case of the Sold Receivables and the Related Security hereafter created and the proceeds thereof, upon the creation thereof, the Issuer will have a first priority perfected ownership interest in such property, subject to Permitted Liens. Except as otherwise provided in this Agreement or the other Transaction Documents, neither the Depositor nor any Person claiming through or under it has any claim to or interest in the Trust Property.

Valid Sale. This Agreement or the related Assignment constitutes a valid sale and assignment to the Issuer of all right, title and interest of the Depositor in, to and under the Sold Receivables originated in the Initial Additional Accounts or the Additional Accounts, as applicable, and the Related Security and the proceeds thereof and all of the Depositor’s rights, remedies, powers and privileges with respect to the Sold Receivables under the Receivables Purchase Agreement and, in each case, upon the filing of the financing statements described in Section 2.1(c) 3 of this Assignment and, in the case of the Sold Receivables and the Related Security hereafter created and the proceeds thereof, upon the creation thereof, the Issuer will have a first priority perfected ownership interest in such property, subject to Permitted Liens. Except as otherwise provided in this the Sale and Servicing Agreement or the other Transaction Documents, neither the Depositor nor any Person claiming through or under it has any claim to or interest in the Trust Property.