Common use of Related Security Clause in Contracts

Related Security. Immediately prior to the purchase of any Contract on a Purchase Date, the Related Seller will have a perfected first priority Lien on all Related Security for such Contract. Following the assignment of each Contract to the Agent for the benefit of the Buyers, the Buyers will have a valid and perfected and enforceable first priority security interest in each Contract and the Related Security. With respect to each Contract, the dental equipment included in the Related Security is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type including such dental equipment; such filings have been duly made and show the Related Seller as secured party; and the Agent has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Related Seller and any trustee in bankruptcy of the Related Seller) claiming an interest in such dental equipment included in the Related Security.

Related Security. Immediately prior to the purchase of any Contract on a Purchase Date, the Related Seller will have a perfected first priority Lien on all Related Security for such Contract. Following the assignment of each any Contract to the Agent for the benefit of the Buyers, the Buyers will have a valid and perfected and enforceable first priority security interest in each such Buyers' Contract and the Related Security. With respect to each Buyers' Contract, the dental equipment included in the Related Security is located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type including such dental equipment; such filings have been duly made and show the Related Seller as secured party; and the Agent has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including the Related Seller and any trustee in bankruptcy of the Related Seller) claiming an interest in such dental equipment included in the Related Security.