Common use of Maintenance of Security Interests in Secured Notes Clause in Contracts

Maintenance of Security Interests in Secured Notes. The Administrator shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Secured Note in the Lease Assets and other First Step Purchased Property as set forth in Section 2.09 of the Servicing Agreement. The Owner of each Secured Note hereby authorizes the Administrator to re-perfect such security interest on behalf of such Owner, as necessary for any reason.

Maintenance of Security Interests in Secured Notes. The Administrator shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Secured Note in the Lease Assets and other First Step Purchased Property as set forth in Section 2.09 of the Servicing Agreement. The Owner of each Secured Note hereby authorizes Note, by its acceptance of a Secured Note, shall be deemed to authorize the Administrator to re-perfect such security interest on behalf of such Owner, as necessary for any reason.