Common use of Lessor’s Security Interest Clause in Contracts

Lessor’s Security Interest. With respect to each Property Schedule executed pursuant hereto, Lessee grants to Lessor, for the benefit of Lessor and its permitted successors and assigns, a security interest in the Property, including substitutions, repairs, replacements and renewals, and the proceeds thereof, which is a first lien on Lessee’s interest in such Property. Lessee hereby authorizes Lessor to file all financing statements which Lessor deems necessary or appropriate to establish, maintain and perfect such security interest. If Lessee performs all of Lessee’s obligations under this Agreement, subject to the right of Lessor to waive any such obligation by written notice thereof delivered to Lessee, then, upon Lessee’s exercise of a purchase option under Section 4 below with respect to any item of Property, Lessor's interest in the Property automatically terminates.