Equipment Sale Agreement
An agreement for the sale of equipment between two equipment finance parties, where the equipment is subject to an existing lease with a customer at the time of the sale. This agreement outlines the core components of the sale transaction, including the transfer of the equipment and the assignment of the seller's rights and assumption of its obligations as lessor under the related lease documents. It addresses key elements such as the purchase price, closing conditions, and the delivery of essential transaction documents like a bill of sale and an assignment and assumption agreement. This Standard Document also contains a seller's disclaimer regarding the equipment's condition.
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