{"component": "clause", "props": {"groups": [{"size": 315, "snippet": "The Seller has caused or will have caused, within ten days after the effective date of the Sale and Servicing Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Seller to Issuer, and the security interest in the Receivables granted to the Issuer hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser\u201d.", "snippet_links": [{"key": "the-seller", "type": "clause", "offset": [0, 10]}, {"key": "sale-and-servicing-agreement", "type": "definition", "offset": [91, 119]}, {"key": "financing-statements", "type": "definition", "offset": [151, 171]}, {"key": "filing-office", "type": "clause", "offset": [186, 199]}, {"key": "applicable-law", "type": "definition", "offset": [239, 253]}, {"key": "in-order-to", "type": "clause", "offset": [254, 265]}, {"key": "sale-of-the-receivables", "type": "clause", "offset": [278, 301]}, {"key": "security-interest-in-the-receivables", "type": "clause", "offset": [337, 373]}, {"key": "granted-to", "type": "definition", "offset": [374, 384]}, {"key": "the-issuer", "type": "definition", "offset": [385, 395]}, {"key": "the-servicer", "type": "definition", "offset": [411, 423]}, {"key": "copies-of", "type": "definition", "offset": [490, 499]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [520, 542]}, {"key": "purchase-of", "type": "clause", "offset": [676, 687]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [782, 809]}], "samples": [{"hash": "jZIE229uGVn", "uri": "/contracts/jZIE229uGVn#perfection", "label": "Sale and Servicing Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 36.8987007141, "published": true}, {"hash": "l4jaN3eDBXv", "uri": "/contracts/l4jaN3eDBXv#perfection", "label": "Sale and Servicing Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 36.8850097656, "published": true}, {"hash": "9GiK8iOqFXD", "uri": "/contracts/9GiK8iOqFXD#perfection", "label": "Sale and Servicing Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 36.2306632996, "published": true}], "hash": "a54409c06eca6f58c61815964aab5a74", "id": 1}, {"size": 137, "snippet": "The Sponsor has started procedures that will result in the perfection of a first priority security interest against the applicable Obligor in the Financed Vehicles.", "snippet_links": [{"key": "the-sponsor", "type": "clause", "offset": [0, 11]}, {"key": "first-priority-security-interest", "type": "definition", "offset": [75, 107]}, {"key": "applicable-obligor", "type": "definition", "offset": [120, 138]}, {"key": "financed-vehicles", "type": "definition", "offset": [146, 163]}], "samples": [{"hash": "302X1s6W3ix", "uri": "/contracts/302X1s6W3ix#perfection", "label": "Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2026-A)", "score": 37.2272415161, "published": true}, {"hash": "7D8lMTa5AC7", "uri": "/contracts/7D8lMTa5AC7#perfection", "label": "Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2026-A)", "score": 37.2108154297, "published": true}, {"hash": "5e2tkUh4rtE", "uri": "/contracts/5e2tkUh4rtE#perfection", "label": "Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2025-C)", "score": 36.9014358521, "published": true}], "hash": "a291f71b2fa264205b2206e262375b4a", "id": 3}, {"size": 101, "snippet": "This Agreement, together with the filing of the financing statements contemplated hereby, is effective to, and shall, upon each Purchase hereunder, transfer to Agent for the benefit of the Purchasers (and Agent for the benefit of the Purchasers shall acquire from Seller) a valid and perfected ownership of or first priority perfected security interest in each Receivable existing or hereafter arising and in the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent\u2019s (on behalf of the Purchasers) ownership or security interest in the Receivables, the Related Security and the Collections.", "snippet_links": [{"key": "this-agreement", "type": "clause", "offset": [0, 14]}, {"key": "financing-statements", "type": "definition", "offset": [48, 68]}, {"key": "contemplated-hereby", "type": "clause", "offset": [69, 88]}, {"key": "each-purchase", "type": "clause", "offset": [123, 136]}, {"key": "transfer-to", "type": "definition", "offset": [148, 159]}, {"key": "of-the-purchasers", "type": "clause", "offset": [182, 199]}, {"key": "from-seller", "type": "clause", "offset": [259, 270]}, {"key": "ownership-of", "type": "clause", "offset": [294, 306]}, {"key": "first-priority-perfected-security-interest", "type": "clause", "offset": [310, 352]}, {"key": "security-and", "type": "clause", "offset": [421, 433]}, {"key": "free-and-clear", "type": "clause", "offset": [468, 482]}, {"key": "adverse-claim", "type": "clause", "offset": [490, 503]}, {"key": "created-by", "type": "definition", "offset": [515, 525]}, {"key": "the-transaction-documents", "type": "clause", "offset": [526, 551]}, {"key": "similar-instruments", "type": "definition", "offset": [614, 633]}, {"key": "on-behalf-of", "type": "definition", "offset": [748, 760]}, {"key": "security-interest-in-the-receivables", "type": "clause", "offset": [790, 826]}], "samples": [{"hash": "jrfzcgC5ZWQ", "uri": "/contracts/jrfzcgC5ZWQ#perfection", "label": "Receivables Purchase Agreement (Patterson Companies, Inc.)", "score": 35.9267616272, "published": true}, {"hash": "gwTkVcBA7pD", "uri": "/contracts/gwTkVcBA7pD#perfection", "label": "Receivables Purchase Agreement (Patterson Companies, Inc.)", "score": 35.9267616272, "published": true}, {"hash": "hc88LSD0b2e", "uri": "/contracts/hc88LSD0b2e#perfection", "label": "Receivables Purchase Agreement (Patterson Companies, Inc.)", "score": 35.6557159424, "published": true}], "hash": "9e119f192e7f438baa9fa8d2639be5fd", "id": 4}, {"size": 186, "snippet": "Santander Consumer has caused or will have caused, within ten days after the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from Santander Consumer to the Purchaser, and the security interest in the Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser.\u201d", "snippet_links": [{"key": "santander-consumer", "type": "definition", "offset": [0, 18]}, {"key": "effective-date-of-this-agreement", "type": "clause", "offset": [77, 109]}, {"key": "financing-statements", "type": "definition", "offset": [141, 161]}, {"key": "filing-office", "type": "clause", "offset": [176, 189]}, {"key": "applicable-law", "type": "definition", "offset": [229, 243]}, {"key": "in-order-to", "type": "clause", "offset": [244, 255]}, {"key": "sale-of-the-receivables", "type": "clause", "offset": [268, 291]}, {"key": "the-purchaser", "type": "definition", "offset": [319, 332]}, {"key": "security-interest-in-the-receivables", "type": "clause", "offset": [342, 378]}, {"key": "granted-to", "type": "definition", "offset": [379, 389]}, {"key": "purchaser-hereunder", "type": "clause", "offset": [394, 413]}, {"key": "the-servicer", "type": "definition", "offset": [419, 431]}, {"key": "copies-of", "type": "definition", "offset": [498, 507]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [528, 550]}, {"key": "purchase-of", "type": "clause", "offset": [684, 695]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [790, 817]}], "samples": [{"hash": "hJd3pNinXt7", "uri": "/contracts/hJd3pNinXt7#perfection", "label": "Purchase Agreement (Santander Drive Auto Receivables Trust 2024-5)", "score": 33.8254623413, "published": true}, {"hash": "2sF8uVYHpPM", "uri": "/contracts/2sF8uVYHpPM#perfection", "label": "Purchase Agreement (Santander Drive Auto Receivables Trust 2024-5)", "score": 33.7953453064, "published": true}, {"hash": "jidLcD6bLEo", "uri": "/contracts/jidLcD6bLEo#perfection", "label": "Purchase Agreement (Drive Auto Receivables Trust 2024-2)", "score": 33.7323760986, "published": true}], "hash": "7ba48850d8a0bea35d9725f4a23ee629", "id": 2}, {"size": 97, "snippet": "The Seller has caused or will have caused, within ten days after the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.\u201d", "snippet_links": [{"key": "the-seller", "type": "clause", "offset": [0, 10]}, {"key": "effective-date-of-this-agreement", "type": "clause", "offset": [69, 101]}, {"key": "financing-statements", "type": "definition", "offset": [133, 153]}, {"key": "filing-office", "type": "clause", "offset": [168, 181]}, {"key": "applicable-law", "type": "definition", "offset": [221, 235]}, {"key": "in-order-to", "type": "clause", "offset": [236, 247]}, {"key": "security-interest-in-the-receivables", "type": "clause", "offset": [260, 296]}, {"key": "granted-to", "type": "definition", "offset": [297, 307]}, {"key": "purchaser-hereunder", "type": "clause", "offset": [312, 331]}, {"key": "the-servicer", "type": "definition", "offset": [337, 349]}, {"key": "copies-of", "type": "definition", "offset": [416, 425]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [446, 468]}, {"key": "purchase-of", "type": "clause", "offset": [602, 613]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [708, 735]}], "samples": [{"hash": "ctNkMXGX6HX", "uri": "/contracts/ctNkMXGX6HX#perfection", "label": "Receivables Purchase Agreement (Toyota Auto Finance Receivables LLC)", "score": 24.3730316162, "published": true}, {"hash": "5kNasqph0TK", "uri": "/contracts/5kNasqph0TK#perfection", "label": "Receivables Purchase Agreement (Toyota Auto Receivables 2013-a Owner Trust)", "score": 24.2744693756, "published": true}, {"hash": "b8ukknnlSyM", "uri": "/contracts/b8ukknnlSyM#perfection", "label": "Receivables Purchase Agreement (Toyota Auto Receivables 2012-B Owner Trust)", "score": 23.7351131439, "published": true}], "hash": "6ee81ee51301748409fb6b495f6a34b5", "id": 6}, {"size": 100, "snippet": "CNHCR has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Issuing Entity under the Sale and Servicing Agreement in the Receivables. With respect to the Receivables that constitute tangible chattel paper, the Servicer or a Subservicer, as custodian, received possession of such original tangible chattel paper and the Issuing Entity has received a written acknowledgment (which is contained in the Sale and Servicing Agreement) from such custodian that it is acting solely as agent of the Issuing Entity and the Indenture Trustee. All financing statements filed under this clause 4 contain a statement that \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party\u201d.", "snippet_links": [{"key": "ten-days", "type": "clause", "offset": [45, 53]}, {"key": "the-closing-date", "type": "clause", "offset": [57, 73]}, {"key": "financing-statements", "type": "definition", "offset": [105, 125]}, {"key": "filing-office", "type": "clause", "offset": [140, 153]}, {"key": "applicable-law", "type": "definition", "offset": [193, 207]}, {"key": "in-order-to", "type": "clause", "offset": [208, 219]}, {"key": "granted-to", "type": "definition", "offset": [250, 260]}, {"key": "issuing-entity", "type": "definition", "offset": [265, 279]}, {"key": "sale-and-servicing-agreement", "type": "definition", "offset": [290, 318]}, {"key": "the-receivables", "type": "clause", "offset": [322, 337]}, {"key": "with-respect-to", "type": "clause", "offset": [339, 354]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [387, 409]}, {"key": "the-servicer", "type": "definition", "offset": [411, 423]}, {"key": "possession-of", "type": "clause", "offset": [465, 478]}, {"key": "written-acknowledgment", "type": "clause", "offset": [554, 576]}, {"key": "contained-in", "type": "definition", "offset": [587, 599]}, {"key": "the-indenture-trustee", "type": "clause", "offset": [714, 735]}, {"key": "clause-4", "type": "definition", "offset": [779, 787]}, {"key": "purchase-of", "type": "clause", "offset": [816, 827]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [922, 949]}], "samples": [{"hash": "4CbkGHNLWw8", "uri": "/contracts/4CbkGHNLWw8#perfection", "label": "Sale and Servicing Agreement (CNH Equipment Trust 2021-B)", "score": 30.5674190521, "published": true}, {"hash": "f6KbGxwTGs9", "uri": "/contracts/f6KbGxwTGs9#perfection", "label": "Sale and Servicing Agreement (CNH Equipment Trust 2021-B)", "score": 30.553730011, "published": true}, {"hash": "9NOfYGqWiwo", "uri": "/contracts/9NOfYGqWiwo#perfection", "label": "Sale and Servicing Agreement (CNH Equipment Trust 2021-A)", "score": 30.200548172, "published": true}], "hash": "b690b589320616c4adc1f63be7bb44ae", "id": 5}, {"size": 89, "snippet": "The Borrower has delivered to the Administrative Agent a fully executed Account Control Agreement relating to each Lock-Box and Collection Account, pursuant to which each applicable Collection Account Bank has agreed to comply with the instructions originated by the Administrative Agent directing the disposition of funds in such Lock-Box and Collection Account without further consent by the Borrower, the Servicer or any other Person. The Administrative Agent has \u201ccontrol\u201d (as defined in Section 9-104 of the UCC) over each Collection Account.", "snippet_links": [{"key": "the-administrative-agent", "type": "definition", "offset": [30, 54]}, {"key": "fully-executed", "type": "definition", "offset": [57, 71]}, {"key": "account-control-agreement", "type": "clause", "offset": [72, 97]}, {"key": "relating-to", "type": "definition", "offset": [98, 109]}, {"key": "pursuant-to", "type": "definition", "offset": [148, 159]}, {"key": "collection-account-bank", "type": "definition", "offset": [182, 205]}, {"key": "agreed-to", "type": "definition", "offset": [210, 219]}, {"key": "comply-with-the", "type": "clause", "offset": [220, 235]}, {"key": "funds-in", "type": "definition", "offset": [317, 325]}, {"key": "consent-by-the-borrower", "type": "clause", "offset": [379, 402]}, {"key": "the-servicer", "type": "definition", "offset": [404, 416]}, {"key": "any-other-person", "type": "definition", "offset": [420, 436]}, {"key": "section-9", "type": "clause", "offset": [492, 501]}], "samples": [{"hash": "6Y1yt3pxTvR", "uri": "/contracts/6Y1yt3pxTvR#perfection", "label": "Receivables Financing Agreement (Integra Lifesciences Holdings Corp)", "score": 37.3394927979, "published": true}, {"hash": "io5yjFvK21V", "uri": "/contracts/io5yjFvK21V#perfection", "label": "Receivables Financing Agreement (Concentrix Corp)", "score": 37.2217674255, "published": true}, {"hash": "1z1TLwtHpxP", "uri": "/contracts/1z1TLwtHpxP#perfection", "label": "Receivables Financing Agreement (Alliance Laundry Holdings Inc.)", "score": 36.6960983276, "published": true}], "hash": "70776658db053e9897ac9f4910bdeed4", "id": 7}, {"size": 79, "snippet": "CNHICA has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to CNHCR under the Purchase Agreement in the Receivables. With respect to the Receivables that constitute tangible chattel paper, the Servicer, as custodian, solely as agent of the Issuing Entity and the Indenture Trustee, received possession of such original copies of such tangible chattel paper that constitute or evidence the Receivables, and CNHICA has caused, or will have caused within ten days of the effective date of the Purchase Agreement, the filing of financing statements against CNHICA in favor of CNHCR in connection herewith describing such Receivables and containing a statement that: \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Buyer.\u201d", "snippet_links": [{"key": "ten-days", "type": "clause", "offset": [46, 54]}, {"key": "the-closing-date", "type": "clause", "offset": [58, 74]}, {"key": "filing-office", "type": "clause", "offset": [141, 154]}, {"key": "applicable-law", "type": "definition", "offset": [194, 208]}, {"key": "in-order-to", "type": "clause", "offset": [209, 220]}, {"key": "granted-to", "type": "definition", "offset": [251, 261]}, {"key": "the-purchase-agreement", "type": "definition", "offset": [274, 296]}, {"key": "the-receivables", "type": "clause", "offset": [300, 315]}, {"key": "with-respect-to", "type": "clause", "offset": [317, 332]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [365, 387]}, {"key": "the-servicer", "type": "definition", "offset": [389, 401]}, {"key": "issuing-entity", "type": "definition", "offset": [440, 454]}, {"key": "the-indenture-trustee", "type": "clause", "offset": [459, 480]}, {"key": "possession-of", "type": "clause", "offset": [491, 504]}, {"key": "copies-of", "type": "definition", "offset": [519, 528]}, {"key": "effective-date-of-the", "type": "clause", "offset": [668, 689]}, {"key": "filing-of-financing-statements", "type": "clause", "offset": [714, 744]}, {"key": "in-favor-of", "type": "definition", "offset": [760, 771]}, {"key": "in-connection", "type": "definition", "offset": [778, 791]}, {"key": "purchase-of", "type": "clause", "offset": [865, 876]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [971, 998]}], "samples": [{"hash": "hNXhFx2EekD", "uri": "/contracts/hNXhFx2EekD#perfection", "label": "Purchase Agreement (CNH Equipment Trust 2021-B)", "score": 30.5674190521, "published": true}, {"hash": "ldsDLciScfI", "uri": "/contracts/ldsDLciScfI#perfection", "label": "Purchase Agreement (CNH Equipment Trust 2021-B)", "score": 30.553730011, "published": true}, {"hash": "aNmCNiyztHf", "uri": "/contracts/aNmCNiyztHf#perfection", "label": "Purchase Agreement (CNH Equipment Trust 2021-A)", "score": 30.200548172, "published": true}], "hash": "ed717b94529c3231d23cf0fb9bd1d556", "id": 8}, {"size": 72, "snippet": "The Bank has submitted or will have caused to be submitted, on the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Bank to \u2587\u2587\u2587\u2587 and the security interest in the Receivables granted to \u2587\u2587\u2587\u2587 hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: \u201cA purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser\u201d.", "snippet_links": [{"key": "the-bank", "type": "clause", "offset": [0, 8]}, {"key": "effective-date-of-this-agreement", "type": "clause", "offset": [67, 99]}, {"key": "financing-statements", "type": "definition", "offset": [131, 151]}, {"key": "filing-office", "type": "clause", "offset": [166, 179]}, {"key": "applicable-law", "type": "definition", "offset": [219, 233]}, {"key": "in-order-to", "type": "clause", "offset": [234, 245]}, {"key": "sale-of-the-receivables", "type": "clause", "offset": [258, 281]}, {"key": "security-interest-in-the-receivables", "type": "clause", "offset": [312, 348]}, {"key": "granted-to", "type": "definition", "offset": [349, 359]}, {"key": "the-servicer", "type": "definition", "offset": [380, 392]}, {"key": "copies-of", "type": "definition", "offset": [459, 468]}, {"key": "tangible-chattel-paper", "type": "definition", "offset": [489, 511]}, {"key": "purchase-of", "type": "clause", "offset": [645, 656]}, {"key": "rights-of-the-secured-party", "type": "clause", "offset": [751, 778]}], "samples": [{"hash": "17zxRF31OSQ", "uri": "/contracts/17zxRF31OSQ#perfection", "label": "Purchase Agreement (Capital One Prime Auto Receivables Trust 2025-1)", "score": 32.8439407349, "published": true}, {"hash": "4UJK0g9Zpis", "uri": "/contracts/4UJK0g9Zpis#perfection", "label": "Purchase Agreement (Capital One Prime Auto Receivables Trust 2025-1)", "score": 32.8275146484, "published": true}, {"hash": "7X88KjmLq0M", "uri": "/contracts/7X88KjmLq0M#perfection", "label": "Purchase Agreement (Capital One Auto Receivables LLC)", "score": 32.2854194641, "published": true}], "hash": "34297aa87a61c1106c578b4355022f2d", "id": 9}, {"size": 70, "snippet": "The Seller has taken all steps necessary to perfect its security interest against the related Obligors in the property securing the EFLLC Receivables.", "snippet_links": [{"key": "the-seller", "type": "clause", "offset": [0, 10]}, {"key": "security-interest", "type": "clause", "offset": [56, 73]}, {"key": "related-obligors", "type": "definition", "offset": [86, 102]}, {"key": "the-property", "type": "clause", "offset": [106, 118]}, {"key": "efllc-receivables", "type": "definition", "offset": [132, 149]}], "samples": [{"hash": "hAYgHMdoK2z", "uri": "/contracts/hAYgHMdoK2z#perfection", "label": "Purchase Agreement (Exeter Select Automobile Receivables Trust 2026-1)", "score": 37.3832991102, "published": true}, {"hash": "9fvaPDustSV", "uri": "/contracts/9fvaPDustSV#perfection", "label": "Purchase Agreement (Exeter Automobile Receivables Trust 2026-2)", "score": 37.2436676025, "published": true}, {"hash": "gaNcK7u3mK", "uri": "/contracts/gaNcK7u3mK#perfection", "label": "Purchase Agreement (Exeter Automobile Receivables Trust 2026-2)", "score": 37.2245025635, "published": true}], "hash": "cb60240c840e1904b3d74979f4789054", "id": 10}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNwZXJmZWN0aW9uIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 5468, "parents": [["representations-and-warranties", "Representations and Warranties"], ["miscellaneous", "Miscellaneous"], ["miscellaneous-provisions", "Miscellaneous Provisions"], ["representations-and-warranties-of-the-seller-parties", "Representations and Warranties of the Seller Parties"], ["further-assurances-remedies", "Further Assurances; Remedies"]], "title": "Perfection", "children": [["", ""], ["chief-executive-office", "Chief Executive Office"], ["representations-and-warranties", "Representations and Warranties"], ["counterparts", "Counterparts"], ["organization-and-good-standing", "Organization and Good Standing"]], "id": "perfection", "related": [["perfection-and-priority", "Perfection and Priority", "<strong>Perfection</strong> and Priority"], ["perfection-etc", "Perfection, Etc", "<strong>Perfection</strong>, Etc"], ["perfection-of-liens", "Perfection of Liens", "<strong>Perfection</strong> of Liens"], ["perfection-and-priority-of-liens", "Perfection and Priority of Liens", "<strong>Perfection</strong> and Priority of Liens"], ["title-perfection-and-priority", "Title, Perfection and Priority", "Title, <strong>Perfection</strong> and Priority"]], "related_snippets": [], "updated": "2026-05-23T04:46:04+00:00", "also_ask": [], "drafting_tip": "Specify the method of perfection, identify the relevant jurisdiction, and reference applicable laws to ensure enforceability and avoid disputes over priority.", "explanation": "The Perfection clause establishes the requirements for a party to perfect its security interest in collateral, ensuring that its claim is legally enforceable against third parties. In practice, this often involves filing a financing statement or taking possession or control of the collateral, depending on the type of asset involved. By specifying the steps necessary for perfection, the clause protects the secured party\u2019s rights and priority in the event of debtor default or bankruptcy, thereby reducing the risk of competing claims."}, "json": true, "cursor": ""}}