Common use of Maintenance of Security Interests in Receivables Clause in Contracts

Maintenance of Security Interests in Receivables. The Servicer shall, in accordance with the Credit and Collection Policies, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in any of the Equipment. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer or its assigns for any reason, including the filing of UCC financing statements and any amendments thereto without the related debtor’s signature. Without limiting the generality of the foregoing, the Servicer shall make or maintain all required federal lien filings or registrations in the name of the Issuer, as applicable. Upon discovery by the Issuer or the Servicer of a breach of the Servicer’s obligation to maintain perfection of the security interest in any of the Equipment that is not a SUBI Asset pursuant to this Section 2.11 or, solely as it pertains to the Equipment that is a SUBI Asset, upon receipt of a notification by the Issuer or the Servicer that the Titling Trust Collateral Agent has breached its obligation to maintain perfection in any such Equipment, which breach is reasonably likely to have a Material Adverse Effect on the Issuer, the party discovering or, being notified of the same, as applicable, shall give prompt written notice thereof to any other party hereto. As liquidated damages for such breach, the Issuer shall, on the Transfer Date relating to the Collection Period during which the breach is discovered, request the Servicer to, and the Servicer shall pay to, or at the direction of, the Issuer the Purchase Amount for the applicable Receivables (measured at the end of the Collection Period during which such breach is discovered). Upon such payment, all rights, title and interest of the Issuer in and to such Receivable Assets will be deemed to be automatically released without the necessity of any further action by the Issuer, the Servicer or any other party and such rights, title and interest will become the property of the Servicer.

Maintenance of Security Interests in Receivables. The Servicer shall, in accordance with the Credit and Collection Policies, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in any of the Equipment. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer or its assigns for any reason, including the filing of UCC financing statements and any amendments thereto without the related debtor’s signature. Without limiting the generality of the foregoing, the Servicer shall make or maintain all required federal lien filings or registrations in the name of the Issuer, as applicable. Upon discovery by the Issuer or the Servicer of a breach of the Servicer’s its obligation to maintain perfection of the security interest in any of the Equipment that is not a SUBI Asset each Receivable pursuant to this Section 2.11 or, solely as it pertains to the Equipment that is a SUBI Asset, upon receipt of a notification by the Issuer or the Servicer that the Titling Trust Collateral Agent has breached its obligation to maintain perfection in any such Equipment2.11, which breach is reasonably likely to have a Material Adverse Effect on the Issuer, the party discovering or, being notified of the same, as applicable, same shall give prompt written notice thereof to any the other party hereto. As liquidated damages for such breach, the Issuer shall, on the Transfer Date relating to the Collection Period during which the breach is discovered, request the Servicer to, and the Servicer shall pay to, or at the direction of, the Issuer the Purchase Amount for the applicable Receivables (measured at the end of the Collection Period during which such breach is discovered). Upon such payment, all rights, title and interest of the Issuer in and to such Receivable Assets Receivables will be deemed to be automatically released without the necessity of any further action by the Issuer, the Servicer or any other party and such rights, title and interest Receivables will become the property of the Servicer.

Maintenance of Security Interests in Receivables. The Servicer shall, in accordance with the Credit and Collection Policies, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in any of the Equipment. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer or its assigns for any reason, including the filing of UCC financing statements and any amendments thereto without the related debtor’s signature. Without limiting the generality of the foregoing, the Servicer shall make or maintain all required federal lien filings or registrations in the name of the Issuer, as applicable. Upon discovery by the Issuer or the Servicer of a breach of the Servicer’s obligation to maintain perfection of the security interest in any of the Equipment that is not a SUBI Asset pursuant to this Section 2.11 2.11, or, solely as it pertains to the Equipment that is a SUBI Asset, upon receipt of a notification by the Issuer or the Servicer that the Titling Trust Collateral Agent has breached its obligation to maintain perfection in any such Equipment, which breach is reasonably likely to have a Material Adverse Effect on the Issuer, the party discovering or, being notified of the same, as applicable, shall give prompt written notice thereof to any the other party hereto. As liquidated damages for such breach, the Issuer shall, on the Transfer Date relating to the Collection Period during which the breach is discovered, request the Servicer to, and the Servicer shall pay to, or at the direction of, the Issuer the Purchase Amount for the applicable Receivables (measured at the end of the Collection Period during which such breach is discovered). Upon such payment, all rights, title and interest of the Issuer in and to such Receivable Assets will be deemed to be automatically released without the necessity of any further action by the Issuer, the Servicer or any other party and such rights, title and interest will become the property of the Servicer.