Common use of Title to the Contracts Clause in Contracts

Title to the Contracts. Immediately prior to the related Closing Date, the Seller had good and indefeasible title to and was the sole owner of, or holder of a security interest in, each Contract relating to a Dealer Transaction Right to be transferred to the Purchaser pursuant to Section 2.01 of the Sale and Servicing Agreement free of Liens and rights to payments of any Person. Upon the transfer of such Dealer Transaction Right to the Purchaser pursuant to such Section 2.01, the Purchaser will have a perfected security interest in the Seller’s right, title and interest in such Contract free of Liens (except for Permitted Liens arising after such Closing Date) and rights to payment of any Person.

Title to the Contracts. Immediately prior to the related Closing Date, the Seller had good and indefeasible title to and was the sole owner of, or holder of a security interest in, each Contract relating to a Dealer Transaction Right to be transferred to the Purchaser pursuant to Section 2.01 of the Sale and Servicing Agreement free of Liens (except for Permitted Lien arising after such Closing Date) and rights to payments of any Person. Upon the Person and, upon transfer of such Dealer Transaction Right Contract to the Purchaser pursuant to such Section 2.01, the Purchaser will have a perfected security interest in good and indefeasible title to and will be the Seller’s right, title and interest in sole owner of such Contract free of Liens (except for Permitted Liens Lien arising after such Closing Date) and rights to payment of any Person.