Common use of Creation, Perfection and Priority of Security Interests Clause in Contracts

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor and the Issuer that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor to the Issuer, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Depositor.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor BANA and the Issuer First Tier Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related First Tier Purchased Assets from the Depositor BANA to the IssuerFirst Tier Purchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerFirst Tier Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorBANA.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of the Depositor and the Issuer that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor to the Issuer, this Agreement creates shall create a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Depositor.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of (x) the Depositor Seller and the Issuer Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor Seller to the IssuerPurchaser, this Agreement creates shall create a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorSeller.

Creation, Perfection and Priority of Security Interests. (A) While it is the intention of (x) the Depositor Seller and the Issuer Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the related Purchased Assets from the Depositor Seller to the IssuerPurchaser, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in each Receivable and the related Purchased Assets in favor of the IssuerPurchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the DepositorSeller.