Insofar. as Article 9 of the UCC is applicable (without regard to principles of conflict of laws), and assuming that the security interest created by the Security Agreement in favor of the Indenture Trustee in the Collateral (as defined in the Security Agreement) and the proceeds thereof has been duly created and has attached, then, (A) the Indenture Trustee has a perfected security interest in the Origination Trust's rights in that portion of the Collateral that may be perfected by the filing of a UCC financing statement with the Secretary of State of the State of Delaware, and the proceeds thereof, and (B) such security interest is prior to any other security interest granted by the Origination Trust that is perfected solely by the filing of financing statements under the UCC in the State of Delaware, excluding purchase money security interests under Section 9-103 of the UCC and temporarily perfected security interests in proceeds under Section 9-315 of the UCC.
Appears in 2 contracts
Sources: Underwriting Agreement (Chesapeake Funding LLC), Underwriting Agreement (Peterson D L Trust)