Common use of Security Interest Created Clause in Contracts

Security Interest Created. While it is the intention of Ally Financial and XXXX that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 20__-SN_ Secured Notes from Ally Financial to XXXX, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 20__-SN_ Secured Notes in favor of XXXX which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from Ally Financial.

Appears in 2 contracts

Samples: Pooling and Administration Agreement (Central Originating Lease Trust), Pooling and Administration Agreement (Central Originating Lease Trust)

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