Common use of Valid and Perfected Security Interest Clause in Contracts

Valid and Perfected Security Interest. Each such Receivable originated by such Seller has been transferred to the Buyer free and clear of any Lien except as created hereby or by the other Transaction Documents. Without limiting the foregoing, such Seller has delivered to the Administrative Agent (as the Buyer's assignee) in form suitable for filing all financing statements or other similar instruments or documents necessary under the UCC of all appropriate jurisdictions to perfect the Buyer's ownership interest in such Receivable and the Administrative Agent's collateral assignment thereof. This Agreement creates a valid security interest in each such Receivable and its Related Security in favor of the Buyer, and, upon filing of the financing statements described in the preceding sentence, together with UCC termination statements delivered hereunder, such security interest will be a first priority perfected security interest.

Valid and Perfected Security Interest. Each such Receivable originated by such Seller has been transferred to the Buyer Purchaser free and clear of any Lien Adverse Claim except as created hereby or by the other Transaction DocumentsDocuments and Permitted Originator Encumbrances. Without limiting the foregoing, such Seller has delivered to the Administrative Agent (as the Buyer's Purchaser’s assignee) in form suitable for filing all financing statements or other similar instruments or documents necessary under the UCC of all appropriate jurisdictions to perfect the Buyer's Purchaser’s ownership interest in such Receivable Receivables and the Administrative Agent's ’s collateral assignment thereof. This Agreement creates a valid security interest in each such Receivable and its Related Security in favor of the BuyerPurchaser, and, upon filing of the financing statements described in the preceding sentence, together with UCC termination statements assignments delivered hereunder, such security interest will be a first priority perfected security interest.