Common use of Equipment Title Clause in Contracts

Equipment Title. OVR shall hold first lien on all equipment, with a cost of $5,000 or more per individual item, purchased under this grant for a period of five years from the date of purchase. The value of OVR’s lien, as registered with the Pennsylvania Department of State (“DOS”), will equal the portion of the equipment purchase price financed by OVR through this grant. Grantee will file OVR’s lien with the DOS using the Financing Statement, Uniform Commercial Code UCC-1. Ownership of such equipment will revert to OVR if the terms of the grant are violated, or if the project has terminated while OVR holds the aforementioned lien. Equipment purchased with grant funds may not be offered as collateral in any transactions while OVR holds a lien against such equipment.