Grant of Security Interest; Subordination. (a) The parties hereto intend that the transfer, sale and assignment pursuant to Section 2.1 hereof shall constitute a purchase and sale and not a loan. Notwithstanding anything to the contrary set forth in this Section 2.2, if a court of competent jurisdiction determines that the sale provided for herein constitutes the grant of security for a loan (the “Deemed Loan”) and not a purchase and sale or contribution, then:
Appears in 13 contracts
Samples: Receivables Purchase and Sale Agreement (GECB Equipment Funding, LLC), Loan Purchase and Sale Agreement (GE Equipment Transportation LLC, Series 2012-2), Loan Purchase and Sale Agreement (GE Equipment Transportation LLC, Series 2012-2)
Grant of Security Interest; Subordination. (a) The parties hereto intend that the transfer, sale and assignment pursuant to Section 2.1 hereof shall constitute a purchase and sale and not a loan. Notwithstanding anything to the contrary set forth in this Section 2.2, if a court of competent jurisdiction determines that the sale provided for herein constitutes the grant of security for a loan (the “Deemed LoanLoan ”) and not a purchase and sale or contribution, then:
Appears in 7 contracts
Samples: Receivables Purchase and Sale Agreement (GE Equipment Transportation LLC, Series 2014-1), Receivables Purchase and Sale Agreement (GE Equipment Transportation LLC, Series 2014-1), Receivables Purchase and Sale Agreement (GE Equipment Transportation LLC, Series 2013-2)
Grant of Security Interest; Subordination. (a) The parties hereto intend that the transfer, sale and assignment pursuant to Section 2.1 hereof shall constitute a purchase and sale and not a loan. Notwithstanding anything to the contrary set forth in this Section 2.2, if a court of competent jurisdiction determines that the sale provided for herein constitutes the grant of security for a loan (the “"Deemed Loan”") and not a purchase and sale or contribution, then:
Appears in 2 contracts
Samples: Loan Purchase and Sale Agreement (GE Equipment Midticket LLC, Series 2006-1), Loan Purchase and Sale Agreement (Cef Equipment Holding LLC)
