130What is an *equipment financing arrangement*?

130 What is an *equipment financing arrangement*? (1) An ***equipment financing arrangement*** is a hire of goods that consists of— (a) a hire purchase agreement; or (b) some other agreement for a term of not less than 9 months. (2) A ***hire purchase agreement*** is a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent or hire or otherwise), but does not include any agreement by which the property in the goods comprised in the agreement passes at the time of the agreement or on or at any time before the delivery of the goods.