Common use of Intent to Transfer Clause in Contracts

Intent to Transfer. CFUSA is selling the Contracts, and on each Substitution Transfer Date is conveying the Substitute Contracts, to the Depositor with the intention of removing the Contracts, or the Substitute Contracts, as the case may be, from the estate of CFUSA pursuant to the applicable provisions of the Bankruptcy Code. Exhibit F Minimum Value Filing Exceptions No financing statements are filed against an Obligor located in a particular State describing Equipment which is the subject of a particular Contract of any Financing Originator, unless the fair market value of the Equipment (determined in accordance with its Customary Policies and Procedures) related to such particular Contract is at least $25,000 (or, in the alternative, at least $50,000 if such Contract is a Lease with a “fair market value” purchase option).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cit Equipment Collateral 2006-Vt2), Pooling and Servicing Agreement (CIT Equipment Collateral 2008-Vt1)

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Intent to Transfer. CFUSA is selling the Contracts, and on each Substitution Transfer Date is conveying the Substitute Contracts, to the Depositor with the intention of removing the Contracts, or the Substitute Contracts, Contracts as the case may be, from the estate of CFUSA pursuant to the applicable provisions of the Bankruptcy Code. Exhibit F Minimum Value Filing Exceptions No financing statements are filed against an Obligor located in a particular State describing Equipment which is the subject of a particular Contract of any Financing Originator, unless the fair market value of the Equipment (determined in accordance with its Customary Policies and Procedures) related to such particular Contract is at least $25,000 (or, in the alternative, at least $50,000 if such Contract is a Lease with a “fair market value” purchase option).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cit Funding Co, LLC), Pooling and Servicing Agreement (CIT Equipment Collateral 2006-Vt1)

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