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 [Loan] [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 to the extent the Equipment secures any [loan] [receivable] that is cross-collateralized with such [Loan] [Receivable]) in favor of the applicable Original Seller [or, in the case the Equipment is included in the Series 201[●]-[●] 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 the 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 [Loan] [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 to the extent the Equipment secures any [loan] [receivable] that is cross-collateralized with such [Loan] [Receivable]) in favor of the applicable Original Seller [or, in the case the Equipment is included in the Series 201[●]-[●] 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 the such Seller [or the Titling Trust Collateral Agent, as applicable] as secured party.