Common use of Quality of Title Clause in Contracts

Quality of Title. Each Pool Asset is legally and beneficially owned by Seller free and clear of any Lien (other than any Lien arising solely as the result of any action taken by the Purchasers or the Administrator); when the Purchasers make a Purchase or Reinvestment, the Administrator shall have acquired, for the benefit of the Purchasers, a valid and enforceable perfected first-priority undivided percentage ownership interest to the extent of the Receivable Interest in each Pool Asset, free and clear of any Lien (other than any Lien arising solely as the result of any action taken by the Purchasers or the Administrator), enforceable against any creditor of, or purchaser from, Seller or any Originator; and no financing statement or other instrument similar in effect covering any Pool Asset is on file in any recording office except such as may be filed (i) in favor of an Originator in accordance with the Contracts, (ii) in favor of Seller in accordance with the Purchase and Sale Agreement, or (iii) in favor of the Purchasers or the Administrator in accordance with this Agreement or in connection with any Lien arising solely as the result of any action taken by the Purchasers or the Administrator.

Quality of Title. Each Pool Asset is legally and beneficially owned by Seller free and clear of any Lien (other than any Lien created hereby or arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator); when the Purchasers make Administrator, for the benefit of Purchasers, makes a Purchase or Reinvestment, the Administrator it shall have acquired, for the benefit of the Purchasers, acquire a valid and enforceable perfected first-first priority undivided percentage ownership interest to the extent of the Receivable Asset Interest in each Pool Asset, free and clear of any Lien (other than any Lien created hereby or arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator), enforceable against any creditor of, or purchaser from, Seller or any Originator; and no financing statement or other instrument similar in effect covering any Pool Asset is on file in any recording office except such as may be filed (i) in favor of an Originator in accordance with the Contracts, (ii) in favor of Seller in accordance with the Purchase and Sale Agreement, or (iii) in favor of the Purchasers a Purchaser or the Administrator in accordance with this Agreement or in connection with any Lien arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator.

Quality of Title. Each Upon consummation of the first Purchase, each Pool Asset is legally and beneficially owned by Seller free and clear of any Lien (other than any Lien arising solely as the result of any action taken by the Purchasers Purchaser or the Administrator); when the Purchasers make Administrator, for the benefit of Purchaser, makes a Purchase or Reinvestment, the Administrator it shall have acquired, for the benefit of the Purchasers, acquired a valid and enforceable perfected first-first priority undivided percentage ownership interest to the extent of the Receivable Asset Interest in each Pool Asset, free and clear of any Lien (other than any Lien arising solely as the result of any action taken by the Purchasers Purchaser or the Administrator), enforceable against any creditor of, or purchaser from, Seller or any Originator; and no financing statement or other instrument similar in effect covering any Pool Asset is on file in any recording office except such as may be filed (i) in favor of an Originator in accordance with the Contracts, (ii) in favor of Seller in accordance with the Purchase and Sale Agreement, or (iii) in favor of the Purchasers Purchaser or the Administrator in accordance with this Agreement or in connection with any Lien arising solely as the result of any action taken by the Purchasers Purchaser or the Administrator.

Quality of Title. Each Pool Asset is legally and beneficially owned by Seller free and clear of any Lien (other than any Lien created hereby or arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator); when the Purchasers make Administrator, for the benefit of Purchasers, makes a Purchase or Reinvestment, the Administrator it shall have acquired, for the benefit of the Purchasers, acquire a valid and enforceable perfected first-first priority undivided percentage ownership interest to the extent of the Receivable Asset Interest in each Pool Asset, free and clear of any Lien (other than any Lien created hereby or arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator), enforceable against any creditor of, or purchaser from, Seller or any the Originator; and no financing statement or other instrument similar in effect covering any Pool Asset is on file in any recording office except such as may be filed (i) in favor of an Originator Seller in accordance with the ContractsPurchase Agreement, or (ii) in favor of Seller in accordance with the Purchase and Sale Agreement, or (iii) in favor of the Purchasers a Purchaser or the Administrator in accordance with this Agreement or in connection with any Lien arising solely as the result of any action taken by the Purchasers a Purchaser or the Administrator.