Common use of Valid Security Interest Clause in Contracts

Valid Security Interest. The Collateral Agent has a valid security interest, or the Servicer has commenced procedures that will result in a valid security interest, in the Collateral Leases and the Collateral Leased Vehicles and all proceeds thereof.

Valid Security Interest. The Collateral Agent has a valid security interest, or the Servicer has commenced procedures that will result in a valid security interest, interest in the Collateral Leases and the Collateral Leased Vehicles and all proceeds thereof.