Common use of First Priority Interest Clause in Contracts

First Priority Interest. (A) Confirm the contract contains language regarding the creation of an enforceable security interest. (B) Confirm that a Certificate of Title lists VCI, or an acceptable variation of its name, as primary lienholder or that an application for a Certificate of Title has been filed in the applicable state listing VCI, or an acceptable variation of its name, as primary lienholder. (C) Confirm that the Obligor’s name, or an acceptable variation thereof, on the contract matches the name on the title documents. (D) Confirm that the Vehicle Identification Number (VIN) on the contract matches the VIN on the title documents. (E) Confirm the Receivable is listed on the Schedule of Receivables.