You have received and reviewed a copy of the lease agreement between Steves and Tsunami Properties, LLC, pursuant to which Steves leases its current manufacturing facility. The lease provides that to secure all of Tenant’s obligations to Lessor under this lease, Tenant grants Lessor a security interest in all of its now owned and hereafter acquired equipment located on the Leased Premises. No financing statement has been filed by or on behalf of Tsunami Properties. Prepare a memorandum that analyzes whether the language of the lease presents a problem for the proposed financing, assuming that Steve’s will buy and relocate to a new facility financed with the loan proceeds. If the language in the lease does present a problem, indicate whether this is a major or minor problem and why, and provide a recommendation to your client as to whether and how to deal with this language in the lease.