Common use of Security Interest of Purchaser Clause in Contracts

Security Interest of Purchaser. This Agreement constitutes a valid sale, transfer and absolute assignment to Purchaser of all right, title and interest in the Purchased Assets. Upon the filing of the financing statements described in Section 3.1(c)(iv), Purchaser shall have a first priority perfected ownership interest in the Purchased Assets and the Contributed Receivables (except to the extent such first priority perfected security interest was assigned to the Administrator pursuant to the Loan Agreement). Except as otherwise provided in this Agreement, neither Originator nor any Subsidiary thereof (other than Purchaser) nor any Person claiming through or under Originator or any Subsidiary thereof (other than Purchaser) has any claim to or interest in any Collection Account or the Depository Account.

Security Interest of Purchaser. This Agreement constitutes a valid sale, transfer and absolute assignment to the Purchaser of all right, title and interest in the Purchased Assets. Upon the filing of the financing statements described in Section 3.1(c)(iv), the Purchaser shall have a first priority perfected ownership interest in the Purchased Assets and the Contributed Receivables (except to the extent such first priority perfected security interest was assigned to the Administrator pursuant to the Loan Agreement). Except as otherwise provided in this Agreement, neither no Originator nor any Subsidiary thereof (other than Purchaser) nor any Person claiming through or under any Originator or any Subsidiary thereof (other than Purchaser) has any claim to or interest in any Collection Account or the Depository Account.

Security Interest of Purchaser. This Agreement constitutes a valid sale, ------------------------------ transfer and absolute assignment to the Purchaser of all right, title and interest in the Purchased Assets. Upon the filing of the financing statements described in Section 3.1(c)(iv3.1(iv), the Purchaser shall have a first priority perfected ownership --------------- interest in the Purchased Assets and the Contributed Receivables (except to the extent such first priority perfected security interest was assigned to the Administrator pursuant to the Loan Agreement). Except as otherwise provided in this Agreement, neither the Originator nor any Subsidiary thereof (other than Purchaser) nor any Person claiming through or under the Originator or any Subsidiary thereof (other than Purchaser) has any claim to or interest in any the Collection Account or the Depository any Lock Box Account.