Finance Lease. With respect to each CEF Asset that is in form a lease rather than a secured loan, the terms of such CEF Asset provides 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 6 contracts
Samples: Loan Sale Agreement (Cef Equipment Holding LLC), Loan Sale Agreement (Cef Equipment Holding LLC), Loan Sale Agreement (Cef Equipment Holding LLC)
Finance Lease. With respect to each CEF Asset that is in form a finance lease rather than a true lease or a secured loan, the terms of such CEF Asset provides 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 3 contracts
Samples: Receivables Sale Agreement (Cef Equipment Holding LLC), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2011-1), Receivables Sale Agreement (GE Equipment Midticket LLC, Series 2011-1)
