Security Interest in Financed Vehicles. Immediately prior to the sale, assignment and transfer thereof pursuant hereto, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of the Seller as secured party.
Appears in 7 contracts
Samples: Receivables Purchase Agreement (Toyota Motor Credit Corp), Receivables Purchase Agreement (Toyota Motor Credit Corp), Receivables Purchase Agreement (Toyota Motor Credit Corp)
Security Interest in Financed Vehicles. Immediately prior to the sale, assignment and transfer thereof pursuant heretothereof, each Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of the Seller AHFC as secured party or all necessary and appropriate action with respect to such Receivable shall have been taken to perfect a first priority security interest in such Financed Vehicle in favor of the Seller AHFC as secured party.
Appears in 1 contract
Samples: Sale and Servicing Agreement (American Honda Receivables Corp)
