Common use of Related Security Clause in Contracts

Related Security. Immediately prior to the sale by such Originator of any Contract on a Purchase Date, such Originator will have a perfected first priority Lien on all Related Security for each related Contract; provided, however, for those Contracts where the Related Security has a value of $10,000 or less, no UCC financing statement may be on file and therefore Purchaser will not have a perfected first priority Lien on such Related Security. Following the assignment of any Contract by such Originator to Purchaser, the Purchaser will have a valid and perfected and enforceable first priority security interest in such Contract and the Related Security (other than with respect to those Contracts secured by Related Security having a value of $10,000 or less). With respect to each Contract transferred by such Originator, the dental equipment and other goods included in the Related Security are located in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type including such dental equipment; such filings have been duly made and show such Originator as secured party; and the Purchaser has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including such Originator and any trustee in bankruptcy of such Originator) claiming an interest in such dental equipment and other goods included in the Related Security; provided, however no filing may be made for those Contracts where the Related Security has a value of $10,000 or less.

Related Security. Immediately prior to the sale by such Originator purchase of any Contract Buyer Interest on a Purchase Date, such Originator Seller will have a perfected first priority Lien on all Related Security for each related Buyer Contract; provided, however, for those Contracts where the Related Security has a value of $10,000 or less, no UCC financing statement may be on file and therefore Purchaser Seller will not have a perfected first priority Lien on such Related Security. Following the assignment of any Contract by such Originator Buyer Interest to Purchaserthe Agent for the benefit of the Buyers, the Purchaser Buyers will have a valid and perfected and enforceable first priority security interest in such Buyer Contract and the Related Security (other than with respect to those Contracts secured by Related Security having a value of $10,000 or less). With respect to each Contract transferred by such OriginatorBuyer Contract, the dental equipment and other goods included in the Related Security are located Obligor is organized in a state in which the filing of a financing statement under the UCC is required to perfect a security interest in goods of the type including such dental equipmentRelated Security; such filings have been duly made and show such the applicable Originator as secured party; and the Purchaser Agent has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons (including such the applicable Originator and any trustee in bankruptcy of such Originator) claiming an interest in such dental equipment and other goods included in the Related Security; provided, however no filing may be made for those Contracts where the Related Security has a value of $10,000 or less.