Security Interest Granted Hereunder. To the extent any conveyance of a Financed Student Loan by the Depositor to the Issuer is determined not to be a sale, the transfer of such Financed Student Loan provided for herein creates a valid and continuing security interest in such Financed Student Loan in favor of the Issuer and the Eligible Lender Trustee on behalf of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers of the Depositor.
Appears in 4 contracts
Samples: Sale and Servicing Agreement, Sale and Servicing Agreement (Key Consumer Receivables LLC), Sale and Servicing Agreement (KeyCorp Student Loan Trust 2006-A)
Security Interest Granted Hereunder. To the extent any conveyance of a Financed Student Loan by the Depositor to the Issuer is determined not to be a sale, the transfer of such Financed Student Loan provided for herein creates a valid and continuing security interest in such Financed Student Loan in favor of the Issuer and the Eligible Lender Trustee on behalf of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers of the Depositor.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Keycorp Student Loan Trust 2004-A), Sale and Servicing Agreement (Keycorp Student Loan Trust 2003-A), Sale and Servicing Agreement (Key Bank Usa National Association)