Common use of Title and Security Interest Clause in Contracts

Title and Security Interest. Title to the Equipment will vest in Customer upon tender of the Equipment to the carrier. Customer hereby grants to 2ndGear and its successors and assigns a security interest in the Equipment and Software and all proceeds thereof to secure the prompt payment by Customer when due of all amounts payable to 2ndGear and all other obligations of Customer contained in this Agreement. Customer authorizes 2ndGear to file such financing statements as may be necessary to evidence 2ndGear’s security interest.

Title and Security Interest. Title to the Equipment will vest in Customer upon tender of the Equipment to the carrier. Customer hereby grants to 2ndGear 2NDGEAR and its successors and assigns a security interest in the Equipment and Software and all proceeds thereof to secure the prompt payment by Customer when due of all amounts payable to 2ndGear 2NDGEAR and all other obligations of Customer contained in this Agreement. Customer authorizes 2ndGear 2NDGEAR to file such financing statements as may be necessary to evidence 2ndGear2NDGEAR’s security interest.