Security Interest Created. While it is the intention of Ally Financial and ▇▇▇▇ that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 20__-SN_ Secured Notes from Ally Financial to ▇▇▇▇, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 20__-SN_ Secured Notes in favor of ▇▇▇▇ which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from Ally Financial.
Appears in 2 contracts
Sources: Pooling and Administration Agreement (Central Originating Lease Trust), Pooling and Administration Agreement (Central Originating Lease Trust)