Common use of Title to Leases and Equipment Clause in Contracts

Title to Leases and Equipment. Immediately following the transfer and contribution by the Originator to the Seller of the Leases and the Equipment, the transfer and contribution by the Seller to the Issuer of the Leases and the grant by the Seller to the Issuer of the security interest in the Seller's interests in the Equipment, in each case as contemplated in Section 1, (a) the Leases and the Equipment will be free and clear of all Liens, except the rights of each Lessee under the related Lease, the rights of the Seller and the Issuer hereunder and the Lien in favor of the Trustee granted pursuant to the Indenture, and (b) there will be no delinquent taxes or other outstanding charges affecting the Equipment which have given or may give rise to any Liens prior to, or equal or coordinate with, the Lien of Trustee under the Indenture.

Title to Leases and Equipment. Immediately following the transfer and contribution by the Originator to the Seller of the Leases and the Equipment, the transfer and contribution by the Seller to the Issuer of the Leases and the grant security interest granted by the Seller to the Issuer in all of the security interest in the Seller's interests interest in the Equipment, in each case as contemplated in Section 1, (a) the Leases and the Equipment will be free and clear of all Liens, except the rights of each Lessee under the related Lease, the rights of the Seller and the Issuer hereunder and the Lien in favor of the Trustee granted pursuant to the Indenture, and (b) there will be no delinquent taxes or other outstanding charges affecting the Equipment which have given is or may give rise to any Liens Lien prior to, or equal or coordinate with, the Lien of the Trustee under the Indenture.