Common use of Creation, Perfection and Priority of Security Interests Clause in Contracts

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of BANA and the First Tier Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related First Tier Purchased Assets from BANA to the First Tier Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the First Tier Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from BANA. (B) The Receivables constitute either “tangible chattel paper” or “electronic chattel paper”, each within the meaning of the applicable UCC.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of BANA BASHC and the First Second Tier Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related First Second Tier Purchased Assets from BANA BASHC to the First Second Tier Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Second Tier Purchased Assets in favor of the First Second Tier Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from BANABASHC. (B) The Receivables constitute either “tangible chattel paper” or “electronic chattel paper”, each within the meaning of the applicable UCC.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of BANA (x) the Seller and the First Tier Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related First Tier Purchased Assets from BANA the Seller to the First Tier Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the First Tier Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from BANAthe Seller. (B) The Receivables constitute either “tangible chattel paper” or “electronic chattel paper”, each within the meaning of the applicable UCC.