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1. Parties: Identification of secured party and debtor
2. Background: Context of the security agreement and underlying transaction
3. Definitions: Key terms used throughout the agreement
4. Grant of Security Interest: Formal creation of security interest in the equipment
5. Description of Collateral: Detailed description of equipment subject to security interest
6. Obligations Secured: Description of debt or obligations secured by the equipment
7. Representations and Warranties: Statements about ownership, condition, and status of equipment
8. Covenants: Ongoing obligations regarding maintenance, insurance, and use of equipment
9. Default Provisions: Definition of default events and consequences
10. Remedies: Rights and actions available upon default
1. Purchase Money Security Interest Provisions: Special provisions required when financing purchase of new equipment
2. Subordination Provisions: Provisions regarding priority among creditors when multiple security interests exist
3. Cross-Collateralization: Provisions extending security interest to other obligations when securing multiple debts
1. Equipment Schedule: Detailed list and description of all equipment covered
2. UCC Financing Statement: Form for perfecting security interest
3. Insurance Requirements: Specific insurance requirements for equipment
4. Maintenance Schedule: Required maintenance procedures and schedules
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