Interest in Equipment. Immediately prior to the grant of a security interest therein under this Agreement, either (i) each Receivable shall be a true lease, and the Originator owned the related Equipment, which Equipment has been validly transferred to the Borrower and to which the Borrower has acquired good title, and the Borrower has granted a first priority perfected security interest therein to the Collateral Agent for the benefit of the Secured Parties or (ii) each Receivable shall be secured by a validly existing first priority perfected security interest in the Equipment in favor of the Originator (as original lien holder or assignee) as secured party, and such security interest is or shall be prior to all other Liens upon and security interests in such Equipment, other than Permitted Liens, which now exist or may hereafter arise or be created and such security interest has been assigned by the Originator to the Borrower and by the Borrower to the Collateral Agent, for the benefit of the Secured Parties. Immediately after the transfers and conveyances to the Borrower as contemplated in the First Tier Purchase Agreement, all necessary action will have been taken by the Originator to validly convey to the Borrower (A) all right, title and interest of the Originator in and to each Receivable and all Scheduled Payments to become due thereunder and (B) all right, title and interest of the Originator in and to the related Equipment.
Interest in Equipment. In addition to, and without in any way limiting the provisions of, Section 12 of the Master Lease, Lessee hereby grants to Lessor a first priority security interest in the Equipment covered by this Lease Schedule, together with (a) all general intangibles relating thereto, (b) all documents relating thereto, (c) any cash or cash equivalent deposits made by Lessee to Lessor comprising a security deposit, (d) all accounts, chattel paper and general intangibles arising out of the sale, transfer or other disposition of any of such Equipment, (e) all of Lessee’s rights to receive the return of any premiums for, or proceeds of, any insurance, indemnity, warranty or guaranty with respect to any of such Equipment, and (f) all products and proceeds of any of the foregoing property.
Interest in Equipment. For income tax purposes, the parties hereto agree that it is their mutual intention that Lessee shall be considered the owner of the Equipment and, as such, Lessee shall take depreciation deductions with respect to the Equipment in accordance with Section 168 of the Internal Revenue Code of 1986, as amended.
Interest in Equipment. Notwithstanding anything in any Lease Document to the contrary, the Equipment is and shall at all times be and remain the sole and exclusive personal property of Lessor, and notwithstanding any trade-in or down payment by Lessee or on its behalf with respect to the Equipment, Lessee shall have no right, title or interest therein or thereto except as to the use thereof subject to the terms or conditions of this Lease.
Interest in Equipment. Operator hereby acknowledges and agrees that: (i) it does not have, and it hereby disclaims, any present or future right, title or interest (other than Operator’s contractual right to use the Equipment, as and to the extent provided in the Use Agreement) in or to the Equipment, or any part thereof, and it will keep all of the same free and clear of Liens attributable to Operator, other than Permitted Liens, and (ii) title to any upgrades, modifications, additions, parts, and other related equipment, property or software, attached or added to, incorporated into, or otherwise made a part of the Equipment by Operator or any service provider or vendor pursuant to the Use Agreement, will vest in Lessor, free and clear of Liens for which Operator is responsible, other than Permitted Liens.
Interest in Equipment. The Equipment covered by this Lease Schedule is and shall at all times be and remain the sole and exclusive personal property of Lessor, and notwithstanding any trade-in or down payment by or on behalf of Lessee with respect to such Equipment, Lessee shall have no right, title or interest therein or thereto except as to the use thereof subject to the terms or conditions of this Lease Schedule.
