Title; Security Interest. Title to each Accepted Bus shall and does vest immediately in the LEA upon acceptance of the Bus by the DPI and the delivery of an Acceptance Certificate to CONTRACTOR by the DPI; provided, however, in the event of termination of this Agreement pursuant to Section 8.02 (a) and Section 8.02(b) hereof, title to the Accepted Buses will immediately vest in CONTRACTOR. Upon any vesting of title to the Accepted Buses in CONTRACTOR pursuant to the preceding sentence, the LEA shall deliver the Accepted Buses to CONTRACTOR promptly without fraud or delay and in good order, condition and repair, except for reasonable wear and tear, free and clear of all lettings, liens and encumbrances created or suffered by the LEA, and without any payment or allowance whatever by CONTRACTOR on account of any improvements made by the LEA, to a mutually-agreed upon location in the State of North Carolina. CONTRACTOR will have all legal and equitable rights and remedies to take possession of the Accepted Buses. In order to further secure its obligations hereunder, the LEA hereby (i) grants to CONTRACTOR a first and prior security interest in any and all right, title, and interest of the LEA in the Accepted Buses and on any proceeds therefrom; (ii) agrees that this Agreement may be filed as a financing statement evidencing such security interest; and (iii) agrees to execute and deliver all financing statements, certificates of title and other instruments necessary or appropriate to evidence such security interest.
Title; Security Interest. 8.1. Upon Lessee’s acceptance of any Equipment under a Lease and in accordance with the related Escrow Agreement, title to such Equipment shall vest in Lessee, subject to Lessor’s security interest therein and all of Lessor’s other rights under such Lease including, without limitation, Sections 6, 20 and 21 hereof.
Title; Security Interest. Title and ownership of the goods sold hereunder shall remain with Seller until payment is made in full, including any additional charges provided for herein. Seller reserves, and Buyer hereby grants to Seller, a purchase money security interest in and to the goods, together with the cost of any services related thereto, as security for the performance of Buyer's obligations under this Agreement. Seller reserves the right to file a UCC-1 Financing Statement together with any attachments thereto as evidence of such a security interest.
Title; Security Interest. Title to the Materials will pass to Buyer when payment of the purchase price is made in full. Until such time, the Materials will remain personal property (regardless of attachment to realty), and Seller will have a security interest and the right, at its discretion, to file a UCC-1 Financing Statement or equivalent to perfect its security interest.
Title; Security Interest. (a) This Agreement is an equipment financing agreement. If it is ever characterized as a lease, contrary to the intentions of Company and Trinity, it shall constitute a “finance lease” as that term is defined in Article 2A of the Uniform Commercial Code and, except as permitted herein, or in a related Schedule, Trinity shall not acquire any right, title or interest in or to such Equipment.
Title; Security Interest. Title to rented and lease option property and to all accessories, replacements, or substitutions is and will remain the property of Xxxxx. If equipment was sold to Applicant , Applicant hereby grants Xxxxx a security interest in any of Applicant’s inventory or property that is sold or supplied by Xxxxx or contains any product provided by Xxxxx; any of Applicant’s accounts or contractual rights to receive payment arising from or connected with the sale of Xxxxx’x product or the rental of Xxxxx’x equipment; and all equipment of Applicant repaired, reconditioned or serviced by or with the aid of Xxxxx’x products or services and all proceeds of such equipment. Applicant hereby appoints Xxxxx as its attorney in fact in order to perfect Xxxxx’x security interest as prescribed within the Uniform Commercial Code of any applicable state without Applicant’s signature or further participation.
Title; Security Interest. Title to the Equipment will pass to Purchaser upon receipt by Seller of 100% payment in full.
Title; Security Interest. 8.1 With respect to all Equipment, Lessor shall have title to the Equipment during the Lease Term. However, for federal income tax purposes and State ad valorem tax purposes and for purposes of the Uniform Commercial Code and bankruptcy laws, Lessor and Lessee shall treat the schedule of Rent Payments in the Lease as a conditional sales agreement. Upon Lessee’s acceptance of any Equipment under its Lease, such Equipment shall be subject to Lessor’s security interest therein and all of Lessor’s other rights under such Lease including, without limitation, Sections 6, 20 and 21 hereof. Upon payment in full by Lessee of all amounts due to Lessor under a Lease, including, without limitation, as a result of the exercise by the Lessee of the purchase option set forth in Section 15 of this Master Lease, title to the related Equipment shall immediately transfer to Lessee “AS-IS, WHERE-IS,” without representation or warranty by Lessor, express or implied, except for a representation that such Equipment is free and clear of any Liens created by Lessor, without further action by or notice to Lessor. Lessor agrees to execute and deliver to Lessee all documents reasonably requested by Lessee to evidence the transfer of legal and beneficial title to such Equipment to Lessee and to evidence the termination of all of Lessor’s interests in such Equipment.
Title; Security Interest. (a) Title to the Equipment is vested in Lessee, subject to Lessor’s security interest therein and all of Lessor’s other rights hereunder including, without limitation, Sections 5, 18, and 19. (b) As collateral security for the Secured Obligations, Lessee hereby grants to Lessor a first priority security interest in the Equipment (now existing or hereafter acquired) and any and all proceeds thereof. Lessee agrees to execute and deliver to Lessor all necessary documents to evidence and perfect such security interest, including, without limitation, UCC financing statements. (c) “Secured Obligations” means Lessee’s obligations to pay all Rent Payments and all other amounts due and payable hereunder and to perform and observe all covenants, agreements and conditions (direct or indirect, absolute or contingent, due or to become due, or existing or hereafter arising) of Lessee hereunder.
Title; Security Interest. Title to the Equipment is deemed to be in Lessee so long as no Event of Default pursuant to section 19 below has occurred and/or this Lease has not been terminated pursuant to the provisions of Section 8 above. Upon the earlier of (i) termination of this Lease in accordance with Section 8 above or (ii) the occurrence of an Event of Default by Lessee pursuant to Section 19 below, title will immediately revert to Lessor free of any right, title or interest of Lessee unless Lessor elects otherwise. In order to secure all of Lessee’s obligations hereunder, Lessee hereby (a) to the extent permitted by law, grants to Lessor a first and prior security interest in any and all rights, titles and interest of Lessee in the Lease, the Equipment and in all additions, attachments, accessions, accessories, replacements, improvements and substitutions thereto, now or hereafter acquired, together will all rents, issues, income, profits and proceeds thereof, including insurance proceeds; (b) agrees that financing statements evidencing such security interest may be filed; and (c) agrees to execute and deliver all certificates of title and other instruments necessary or appropriate to evidence and perfect such security interest. Lessee further agrees that the Uniform Commercial Code will apply as between the parties hereto and Assignees of Lessor.
