Common use of Valid Transfer Clause in Contracts

Valid Transfer. This Assignment constitutes a valid sale, transfer and assignment to the Buyer of all right, title and interest of the Seller in the Receivables and the Collateral Security thereof. Upon the filing of the financing statements described in Section 3 of this Assignment with the Secretary of State of the State of Michigan [and other applicable states] and, in the case of the Receivables hereafter created and the proceeds thereof, upon the creation thereof, the Buyer shall have a first priority perfected ownership interest in such property subject to the rights of the Purchasers in any Collateral Security in respect of the Partial Accounts (other than vehicles relating to Principal Receivables arising in the Partial Accounts, except for liens permitted under Section 2.06(a) of the Receivables Purchase Agreement. Except as otherwise provided in the Pooling and Servicing Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Trust Assets.

Valid Transfer. This Assignment constitutes a valid sale, transfer and assignment to the Buyer Trust of all right, title and interest of the Seller in the Receivables and the Collateral Security thereof. Upon and the proceeds thereof and upon the filing of the financing statements described in Section 3 of this Assignment with the Secretary of State of the State of Michigan [and other applicable states] and, in the case of the Receivables and the Collateral Security hereafter created and the proceeds thereof, upon the creation thereof, the Buyer Trust shall have a first priority perfected ownership interest in such property property, subject to the rights of the Purchasers Purchased Receivables Owners in any Collateral Security in respect of the Partial Accounts (other than vehicles the Vehicles relating to Principal Receivables arising in the Partial Accounts), except for liens Liens permitted under Section 2.06(a) of the Receivables Purchase Agreement. Except as otherwise provided in the Pooling and Servicing Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Trust Assets.;

Valid Transfer. This Assignment constitutes a valid sale, transfer and assignment to the Buyer Trust of all right, title and interest of the Seller in the Receivables and the Collateral Security thereof. Upon and the proceeds thereof and upon the filing of the financing statements described in Section 3 of this Assignment with the Secretary of State of the State of Michigan [and other applicable states] and, in the case of the Receivables and the Collateral Security hereafter created and the proceeds thereof, upon the creation thereof, the Buyer Trust shall have a first priority perfected ownership interest in such property property, subject to the rights of the Purchasers Purchased Receivables Owners in any Collateral Security in respect of the Partial Accounts (other than vehicles the Vehicles relating to Principal Receivables arising in the Partial Accounts), except for liens Liens permitted under Section 2.06(a) of the Receivables Purchase Agreement. Except as otherwise provided in the Pooling and Servicing Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Trust Assets.;

Valid Transfer. This Assignment constitutes a valid sale, transfer and assignment to the Buyer Trust of all right, title and interest of the Seller in the Receivables and the Collateral Security thereof. Upon and the proceeds thereof and upon the filing of the financing statements described in Section 3 of this Assignment with the Secretary of State of the State of Michigan [and other applicable states] states and, in the case of the Receivables and the Collateral Security hereafter created and the proceeds thereof, upon the creation thereof, the Buyer Trust shall have a first priority perfected ownership interest in such property property, subject to the rights of the Purchasers Purchased Receivables Owners in any Collateral Security in respect of the Partial Accounts (other than vehicles the Vehicles relating to Principal Receivables arising in the Partial Accounts), except for liens Liens permitted under Section 2.06(a) of the Receivables Purchase Agreement. Except as otherwise provided in the Pooling and Servicing Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Trust Assets.;