Maintenance of Security Interests in Financed Equipment Sample Clauses

Maintenance of Security Interests in Financed Equipment. The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of the Financed Equipment or for any other reason.
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Maintenance of Security Interests in Financed Equipment. The Servicer shall, in accordance with its Servicing Procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment (which may consist of Substitute Equipment); provided however, the Servicer may allow Financed Equipment to be released from any security interest in connection with Section 4.14. The Servicer is hereby authorized to take such steps as are necessary to perfect or re-perfect such security interest for the benefit of the Issuing Entity and the Indenture Trustee in the event of the relocation of any Financed Equipment, any change to the UCC, a substitution of Substitute Equipment or for any other reason. Any out-of-pocket expenses incurred by the Successor Servicer in connection with any such re-perfection shall be reimbursable in accordance with Section 5.6(b)(x).
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Maintenance of Security Interests in Financed Equipment. The Servicer shall take such steps, in accordance with the standard of care required under Section 3.01, as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment and any other collateral pledged to secure the Receivable. The Issuer hereby authorizes the Servicer, and the Servicer hereby agrees, to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event the Servicer receives notice of, or otherwise has actual knowledge of, the fact that such security interest is not perfected as a result of the relocation of Financed Equipment or for any other reason. In the event that the assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed Equipment’s certificate of title (if applicable), to grant to the Issuer a first priority perfected security interest in the related Financed Equipment, the Servicer hereby agrees to serve as the agent of the Issuer for the purpose of perfecting the security interest of the Issuer in such Financed Equipment and agrees that the Servicer’s listing as the secured party on the certificate of title is solely in its capacity as agent of the Issuer. The Servicer shall not release, in whole or in part, any security interest in Financed Equipment created by the related Receivable except as permitted herein or in accordance with its customary standards, policies, practices and procedures.
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Maintenance of Security Interests in Financed Equipment. The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest for the benefit of the Issuer and the Indenture Trustee in the event of the relocation of any Financed Equipment, any change to the UCC or for any other reason. Any out-of-pocket expenses incurred by the Successor Servicer in connection with any such re-perfection shall be reimbursable in accordance with Section 5.6(b)(x).
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Maintenance of Security Interests in Financed Equipment. The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of an item of Financed Equipment or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Equipment's certificate of title, to grant to the Trust a first perfected security interest in the relaxed Financed Equipment, the Servicer hereby agrees to serve as the agent of the Trust for the purposes of perfecting the security interest in such Financed Equipment and that the Servicer's listing as the secured party on the certificate of title is in its capacity as agent of the Trust.
Sample 1

Related to Maintenance of Security Interests in Financed Equipment

  • Maintenance of Security Interests in Financed Vehicles The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason.

  • Perfection of Security Interests in the Collateral The Collateral Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are currently perfected security interests and Liens, prior to all other Liens other than Permitted Liens.

  • Security Interest in Financed Equipment Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of CNHICA as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Equipment in favor of CNHICA as secured party.

  • Maintenance of Security Interests The Borrower will:

  • Creation, Perfection and Priority of Security Interests The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property, which are attached to this Agreement as Appendix B, are true and correct to the extent that they are applicable.

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