Common use of Conveyance; First Priority Lien Clause in Contracts

Conveyance; First Priority Lien. Upon delivery to the Buyer of the certificates evidencing the Subsidiary Interests (and assuming the continuing possession by the Buyer of such certificate in accordance with the requirements of applicable law) and the filing of financing statements covering the Subsidiary Interests in the State of Delaware and naming the Seller as debtor and the Buyer as secured party, Seller has conveyed and transferred to Buyer all of its right, title and interest to the Subsidiary Interests, including taking all steps as may be necessary in connection with the indorsement, transfer of power, delivery and pledge of all REO Subsidiary Interests as “securities” (as defined in Section 8-102(a)(15) of the Uniform Commercial Code) to Buyer. The Lien granted hereunder is a first priority Lien on the Subsidiary Interests.

Conveyance; First Priority Lien. Upon delivery to the Buyer of the certificates evidencing the REO Subsidiary Interests (and assuming the continuing possession by the Buyer of such certificate in accordance with the requirements of applicable law) and the filing of a financing statements statement covering the REO Subsidiary Interests in the State of Delaware and naming the applicable Seller as debtor and the Buyer as secured party, such Seller has conveyed and transferred to Buyer all of its right, title and interest to the REO Subsidiary Interests, including taking all steps as may be necessary in connection with the indorsement, transfer of power, delivery and pledge of all REO Subsidiary Interests as “securities” (as defined in Section 8-102(a)(15) 102 of the Uniform Commercial Code) to Buyer. The Lien granted hereunder is a first priority Lien on the REO Subsidiary Interests.