Common use of Security Interest in Financed Vehicle Clause in Contracts

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the its sale, assignment and transfer and assignment thereof to the Depositor pursuant hereto and the First Step Receivables Assignmentto this Agreement, each Receivable was shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had actions have been commenced that would will result in the valid perfection of a first priority security interest in the such Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Standard Receivable was and Fixed Value Receivable shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer of the Receivable by the Seller to the Depositor, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each such Receivable was secured by a validly perfected valid, binding and enforceable first priority perfected security interest in the Financed Vehicle in favor of the Seller as secured party in the related Financed Vehicle, or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured partyin the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables AssignmentAssignments, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer of the Receivable by the Seller to the Depositor, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each such Receivable was secured by a validly perfected valid, binding and enforceable first priority perfected security interest in the Financed Vehicle in favor of the Seller as secured party in the related Financed Vehicle, or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor. Documents Receivable File

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer sale and assignment thereof pursuant hereto and to the First Step Receivables AssignmentIssuer as herein contemplated, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action with respect to such Receivable had been commenced that would result in the valid perfection of taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Seller as secured party, which security interest is assignable and has been so assigned by the Seller to the Depositor and by the Depositor to the Issuer.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer sale and assignment thereof pursuant hereto and to the First Step Receivables AssignmentDepositor as herein contemplated, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action with respect to such Receivable had been commenced that would result in the valid perfection of taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Seller as secured party, which security interest is assignable and has been so assigned by the Seller to the Depositor.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer, transfer assignment and assignment thereof pursuant hereto and the First Step Receivables Assignmentconveyance thereof, each Receivable was shall be secured by a first priority, validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority priority, validly perfected security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer, transfer assignment and assignment thereof pursuant hereto and the First Step Receivables Assignmentconveyance thereof, each Receivable was is secured by a first priority, validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority priority, validly perfected security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables AssignmentAssignment[s], each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer sale and assignment thereof pursuant hereto and to the First Step Receivables AssignmentTrust as herein contemplated, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action with respect to such Receivable had been commenced that would result in the valid perfection of taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Seller as secured party, which security interest is assignable and has been so assigned by the Seller to the Trust.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer, transfer assignment and assignment thereof pursuant hereto and the First Step Receivables Assignmentconveyance thereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the its sale, assignment and transfer and assignment thereof to the Purchaser pursuant hereto and the First Step Receivables Assignmentto this Agreement, each Receivable was shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had actions have been commenced that would will result in the valid perfection of a first priority security interest in the such Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer sale and assignment thereof pursuant hereto and to the First Step Receivables AssignmentTrust as herein contemplated, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action with respect to such Receivable had been commenced that would result in the valid perfection of taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Seller as secured party, which security interest is assignable and has been so assigned by the Depositor to the Trust.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and to the First Step Receivables AssignmentIssuer, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the related Seller as secured party or of all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the related Seller as secured party.

Security Interest in Financed Vehicle. (a) Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and to the First Step Receivables AssignmentPurchaser, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and or all appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party, and (b) as of the Cutoff Date, according to the records of the Seller, no Financed Vehicle has been repossessed.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and under the First Step Receivables AssignmentPurchase Agreement, each Receivable was shall be secured by a validly perfected first priority Lien and security interest in the Financed Vehicle in favor of the Seller First Investors as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller First Investors as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the saletransfer, transfer assign- ment and assignment thereof pursuant hereto and the First Step Receivables Assignmentconveyance thereof, each Receivable was shall be secured by a first priority, validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority priority, validly perfected security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the its sale, assignment and transfer and assignment thereof to the Depositor pursuant hereto and the First Step Receivables Assignmentto this Agreement, each Receivable was shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had actions have been commenced that would will result in the (2010-B Sale and Servicing Agreement) valid perfection of a first priority security interest in the such Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables AssignmentAssignment[s], each such Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced completed that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the saleassignment thereof, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured partyupon completion of processing by the applicable state agency, and the Seller has a clear legal right to repossess the Financed Vehicle upon the occurrence of certain matters including non-payment under the Receivable.

Security Interest in Financed Vehicle. Immediately prior to the its sale, assignment and transfer and assignment thereof to the Depositor pursuant hereto and the First Step Receivables Assignmentto this Agreement, each Receivable was shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had (2010-B Receivables Purchase Agreement) actions have been commenced that would will result in the valid perfection of a first priority security interest in the such Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the ------------------------------------- sale, assignment and transfer and assignment thereof pursuant hereto and to the First Step Receivables AssignmentTrustee, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller Company as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller Company as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmenthereto, each Receivable was shall be secured by a validly perfected first priority Lien and security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Standard Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the ------------------------------------- sale, assignment and transfer and assignment thereof pursuant hereto and to the First Step Receivables AssignmentIssuer, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the related Seller as secured party or of all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the related Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmenthereto, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party or all necessary necxxxxry and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentsale hereof, each Receivable was is secured by a first priority, validly perfected first priority security interest in the Financed Vehicle in favor of the Seller Depositor as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority priority, validly perfected security interest in the Financed Vehicle in favor of the Seller Depositor as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto to the Purchase and Sale Agreement and pursuant to the First related Second Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party or all necessary necxxxxry and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had actions with respect to such Receivable shall have been commenced that would result in the valid perfection of taken to perfect a first priority security interest in the Financed Vehicle in favor of the Seller as secured party.

Security Interest in Financed Vehicle. Immediately The Seller has a validly perfected first priority security interest in each Receivable, and immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmenthereto, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller Originator as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller Originator as secured party.

Security Interest in Financed Vehicle. Immediately prior to the sale, assignment, and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentthereof, each Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller National Auto as secured party or all necessary and appropriate action had actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller National Auto as secured party.

Security Interest in Financed Vehicle. Immediately prior subsequent to the sale, assignment and transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmentto Purchaser, each Related Receivable was shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority such security interest is prior to all other Liens upon and security interests in the such Financed Vehicle in favor of the Seller as secured partyVehicle, except Permitted Liens.

Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignmenthereto, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party or all necessary necexxxxy and appropriate action had been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller CARI as secured party.

Security Interest in Financed Vehicle. Immediately prior to the its sale, assignment and transfer and assignment thereof to the Depositor pursuant hereto and the First Step Receivables Assignmentto this Agreement, each Receivable was shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party party, or all necessary and appropriate action had actions have been commenced that would will result in the valid perfection of a first priority security interest in the such Financed Vehicle in favor of the Seller as secured party.. (2009-A Sale and Servicing Agreement)