Common use of Ownership; Security Interest Clause in Contracts

Ownership; Security Interest. Immediately after the creation of a property interest of the Purchaser in a Receivable pursuant to this Agreement, the Purchaser shall be the legal and beneficial owner of the Receivables and Leased Vehicles so sold, free and clear of any Adverse Claim. This Agreement is effective to transfer and assign to the Purchaser (and the Purchaser shall acquire from the Seller) a valid security interest (as defined in the UCC) in, to and under the Receivables and Leased Vehicles, free and clear of any Adverse Claim. No effective financing statement or other instrument similar in effect covering any Receivables or Collections or Leased Vehicles or Contracts with respect thereto is on file in any recording office, except (a) those filed in favor of the Administrative Agent pursuant to the Receivables Purchase Agreement and the Secondary Purchase Agreement and, (b) those filed in favor of the Purchaser pursuant to this Agreement.