Common use of Conveyance; First Priority Lien Clause in Contracts

Conveyance; First Priority Lien. Upon delivery to the Buyer of the Certificate (and assuming the continuing possession by the Buyer of such Certificate in accordance with the requirements of applicable law) and the filing of a financing statement covering the Transaction Subsidiary Interests or REO Subsidiary Interests, as applicable, in the appropriate jurisdictions and naming the Seller as debtor and the Buyer as secured party, Seller has conveyed and transferred to Buyer all of its right, title and interest to the Transaction Subsidiary Interests and REO Subsidiary Interests, including taking all steps as may be necessary in connection with the endorsement, transfer of power, delivery and pledge of all Transaction Subsidiary Interests and REO Subsidiary Interests as “securities” (as defined in Section 8-102 of the Uniform Commercial Code) to Buyer. The Lien granted hereunder is a first priority Lien on the Transaction Subsidiary Interests and REO Subsidiary Interests.

Conveyance; First Priority Lien. Upon delivery to the Buyer of the Certificate certificates evidencing the REO Subsidiary Interests (and assuming the continuing possession by the Buyer of such Certificate certificate in accordance with the requirements of applicable law) and the filing of a financing statement covering the Transaction REO Subsidiary Interests or REO Subsidiary Interests, as applicable, in the appropriate jurisdictions State of Delaware and naming the applicable Seller as debtor and the Buyer as secured party, such Seller has conveyed and transferred to Buyer all of its right, title and interest to the Transaction Subsidiary Interests and REO Subsidiary Interests, including taking all steps as may be necessary in connection with the endorsementindorsement, transfer of power, delivery and pledge of all Transaction Subsidiary Interests and REO Subsidiary Interests as “securities” (as defined in Section 8-102 of the Uniform Commercial Code) to Buyer. The Lien granted hereunder is a first priority Lien on the Transaction Subsidiary Interests and REO Subsidiary Interests.