Finance Lease. If such Receivable is in form of a finance lease rather than a true lease or a secured loan, the terms of such Receivable provide that it is non-cancelable and that, by the end of the lease term, the lessee may elect to purchase the related Equipment upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.
Appears in 4 contracts
Samples: Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2013-1), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2013-1), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2014-1)
Finance Lease. If such Receivable is in form of a finance lease rather than a true lease or a secured loan, the terms of such Receivable provide that it is non-cancelable and that, by the end of the lease term, the lessee may elect to purchase the related Equipment upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.
Appears in 4 contracts
Samples: Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2012-1), Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2012-1), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2012-1)
Finance Lease. If such Receivable With respect to each Purchaser Asset that is in form of a finance lease lease, rather than a true lease or a secured loan, the terms of such Receivable Purchaser Asset provide that that, it is non-cancelable and that, that by the end of the lease term, the lessee may elect to purchase the related Equipment upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.
Appears in 3 contracts
Samples: Receivables Purchase and Sale Agreement (Cef Equipment Holding LLC), Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2011-1), Receivables Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2011-1)
Finance Lease. If such Receivable With respect to each [Receivable] that is in form of a finance lease lease, rather than a true lease or a secured loan, the terms of such Receivable [Receivable] provide that it is non-cancelable and that, by the end of the lease term, the lessee may elect to purchase the related Equipment upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.]
Appears in 2 contracts
Samples: Receivables Purchase and Sale Agreement (Cef Equipment Holding LLC), Receivables Purchase and Sale Agreement (GECB Equipment Funding, LLC)
Finance Lease. If such Receivable With respect to each [Receivable] that is in form of a finance lease lease, rather than a true lease or a secured loan, the terms of such Receivable [Receivable] provide that it is non-cancelable and that, by the end of the lease term, the lessee may elect to purchase the related Equipment upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.
Appears in 2 contracts
Samples: Receivables Sale Agreement (Cef Equipment Holding LLC), Receivables Sale Agreement (GECB Equipment Funding, LLC)
