Equipment & asset finance
Our team works with banks, financiers and equipment distributors and lessors to help clients establish equipment finance programs.
At any particular time we are acting for a range of clients, advising them on their security position under PPSA and guarantee structures and drafting a range of documents including hire purchase agreements, rental and lease agreements, bailment facilities, introducer agreements, principal and agency agreements and master finance agreements.
As a consequence of the rapid and continuing development of technology platforms, there is a growing emphasis on electronic contracts as part of the interaction between financier and customer. As well, equipment financing through white label non-branded channels has expanded rapidly. We see ourselves as an integral part of this industry and participate regularly in industry groups to ensure that we are on the same page as our clients.
Australian branch of an international bank: Managed the project for an Australian bank that wanted to introduce an electronic consumer and business loan and mortgage documentation process into the market before its competitors. This project was the first time a major Australian bank had sought to introduce electronic documentation and execution for loan contract documentation. The project involved meetings with in-house legal teams, business and development managers and IT to analyse the existing arrangements in conjunction with legislative requirements.
Securitisation of loan receivables: Negotiation with international and major Australian banks on behalf of the Australian subsidiary of an international equipment manufacturer and distributor in relation to a $250 million securitisation of asset backed loan receivables portfolio.
White label financing: Advising and drafting relationship and customer facing documentation for implementation of white label financing arrangements for a major Australian automotive and marine financier. A similar program was implemented in respect of a master hire purchase arrangement funded by an ASX listed bank for a start-up equipment financier.
Dealer floorplan arrangements: Acting for an ASX listed Australian bank to review and implement a new structure for its dealer network which included reviewing and updating its bailment facility floorplan agreement, incorporating the necessary PPSA provisions and reviewing the dealer commission structure in the dealer agreement.
Business restructure: Advising a major equipment rental franchisor on the implementation of a unique franchisee funding model involving a hybrid bailment arrangement.