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 (GE Equipment Midticket LLC, Series 2006-1), 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)
