Security Interest in Financed Vehicle. The Sponsor has, or the Servicer has started procedures that will result in the Sponsor having, a perfected, first priority security interest in the Financed Vehicle, which security interest was validly created and is assignable by the Sponsor to the Depositor.
Appears in 52 contracts
Samples: Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-A), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-A), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2023-C)
Security Interest in Financed Vehicle. The Sponsor has, or the Servicer has started procedures that will result in the Sponsor having, a perfected, first priority security interest in the Financed Vehicle, which security interest was validly created and is assignable by the Sponsor to the Depositor.. Test 3.3(j) β 1:
Appears in 14 contracts
Samples: Asset Representations Review Agreement (Ford Credit Auto Receivables Two LLC), Asset Representations Review Agreement (Ford Credit Auto Owner Trust 2021-A), Asset Representations Review Agreement (Ford Credit Auto Owner Trust 2020-B)
Security Interest in Financed Vehicle. The Sponsor has, or the Servicer has started procedures that will result in the Sponsor having, a perfected, first priority security interest in the Financed Vehicle, which security interest was validly created and is assignable by the Sponsor to the Depositor.. Test 3.3(j) β 1:
Appears in 3 contracts
Samples: Asset Representations Review Agreement (Ford Credit Auto Owner Trust 2022-B), Asset Representations Review Agreement (Ford Credit Auto Owner Trust 2017-B), Asset Representations Review Agreement (Ford Credit Auto Owner Trust 2017-B)
