Common use of Security Interest Created Clause in Contracts

Security Interest Created. While it is the intention of GMAC and ▇▇▇▇ that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 2005-SN1 Secured Notes from GMAC to ▇▇▇▇, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 2005-SN1 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 GMAC.

Security Interest Created. While it is the intention of GMAC and ▇▇▇▇ that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 20052007-SN1 Secured Notes from GMAC to ▇▇▇▇, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 20052007-SN1 Secured Notes in favor of ▇▇▇▇ which security interest is prior to all other LiensLiens (other than tax liens and any other Liens that attach by operation of law), and is enforceable as such as against creditors of and purchasers from GMAC.