Common use of Security Interest in the Equipment Clause in Contracts

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Seller or, in the case Equipment included in the Series 2013-2 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Seller or the Titling Trust Collateral Agent, as applicable, as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Original Seller or, in the case the Equipment is included in the Series 20132014-2 1 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such the Seller or the Titling Trust Collateral Agent, as applicable, applicable as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Original Seller or, in the case the Equipment is included in the Series 2013-2 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such the Seller or the Titling Trust Collateral Agent, as applicable, applicable as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Receivable Seller or, in the case Equipment included in the Series 20132014-2 1A SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Receivable Seller or the Titling Trust Collateral Agent, as applicable, as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Seller or, in the case Equipment included in the Series 20132014-2 1 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Seller or the Titling Trust Collateral Agent, as applicable, as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Seller or, in the case Equipment included in the Series 20132015-2 1 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Seller or the Titling Trust Collateral Agent, as applicable, as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Receivable Seller or, in the case Equipment included in the Series 2013-2 1A SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Receivable Seller or the Titling Trust Collateral Agent, as applicable, as secured party.

Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except Receivables Sale Agreement to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable Seller or, in the case Equipment included in the Series 2013-2 1 SUBI, the Titling Trust Collateral Agent 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 Equipment in favor of such Seller or the Titling Trust Collateral Agent, as applicable, as secured party.