Common use of Valid Transfer and Security Interest Clause in Contracts

Valid Transfer and Security Interest. This Agreement constitutes a grant of a security interest in all of the Collateral Portfolio to the Collateral Agent, for the benefit of the Secured Parties, which, upon the delivery of the Required Loan Documents listed in clause (a) of the definition thereof relating to such Loan Asset to the Collateral Custodian, the crediting of Loan Assets to the Collection Account and the filing of the financing statements, shall be a valid and first priority perfected security interest in the Loan Assets forming a part of the Collateral Portfolio and in that portion of the Loan Assets in which a security interest may be perfected by filing subject only to Permitted Liens. Neither the Borrower nor any Person claiming through or under Borrower shall have any claim to or interest in the Collection Account, except for the interest of the Borrower in such property as a debtor for purposes of the UCC.

Valid Transfer and Security Interest. This Agreement constitutes a grant of a security interest in all of the Collateral Portfolio to the Collateral Administrative Agent, for the benefit of the Secured Parties, which, upon the delivery of the Required Loan Portfolio Documents listed in clause (aother than such Required Portfolio Documents which are not evidenced by a note) of the definition thereof relating to such Loan Asset to the Collateral CustodianAdministrative Agent, the crediting of Loan Portfolio Assets to the Collection Account and the filing of the financing statements, shall be a valid and first priority perfected security interest in the Loan Portfolio Assets forming a part of the Collateral Portfolio and in that portion of the Loan Portfolio Assets in which a security interest may be perfected by filing subject only to Permitted Liens. Neither the Borrower nor any Person claiming through or under Borrower shall have any claim to or interest in the Collection Account, except for the interest of the Borrower in such property as a debtor for purposes of the UCC.