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.

Appears in 17 contracts

Samples: Servicing Agreement (Ford Credit Auto Lease Trust 2015-B), Servicing Agreement (Ford Credit Auto Lease Trust 2015-B), Servicing Agreement (Ford Credit Auto Lease Trust 2015-A)

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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.

Appears in 5 contracts

Samples: Servicing Agreement (Ford Credit Auto Lease Trust 2011-B), Servicing Agreement (Ford Credit Auto Lease Trust 2011-B), Servicing Agreement (Ford Credit Auto Lease Trust 2011-A)

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