Equipment Leasing + Finance

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Morrison & Foerster advises clients involved in the financing, leasing, and leveraged leasing of equipment, including financial institutions (fixed and variable rate lenders), lessees, equity participants, and trustees.

Our lawyers provide counsel on issues associated with leasing transactions, including sales of lease receivables in connection with securitization programs, problems unique to sale-leaseback transactions, availability of Sections 1110 and 1168 of the Bankruptcy Code to lessors and lenders, distinctions between true and finance leases under both tax law and GAAP accounting rules (and application of these rules to provide for favorable "double-dip" treatment in cross-border leases), subleasing issues, disaffirmance issues relating to executory contracts, trust issues, and insurance and condemnation issues.

We have the capability and depth to provide assistance in every substantive area of the law that bears on leasing, including tax, bankruptcy, commercial, and corporate law.

The transactions in which the firm has been involved range from single-investor finance and operating leases to complex cross-border leveraged lease and defeasance transactions.

Equipment financed includes manufacturing and power generation facilities, aircraft, trucks and truck trailers, office furniture and equipment, shipping containers, computers, nuclear power plants, satellites and satellite transponders, and railcars.

We also have established a widely recognized expertise in advising manufacturers in connection with their vendor leasing programs. Such representations usually entail the establishment of master program documentation for financing sources, designed to enable the firm to render the true-sale opinions generally required by accountants to obtain off-balance sheet treatment of the transactions, as well as day-to-day negotiations of leases with end-users. The firm is also active in assisting leasing companies in the acquisition and disposition of leasing companies, portfolios, and single-lease assets. Morrison & Foerster is also known for special expertise in connection with the leasing and financing of software.

Cross-Border Lease Financing
We represented a global leasing fund, in cross-border lease financing of technology equipment in the U.S., Canada, UK, France, Germany, The Netherlands, and China.
GE Capital
We currently represent GE Capital as lessor in software lease transactions.
Hitachi Data Systems
We represent Hitachi as lessor of large-capacity storage devices.
McGrath RentCorp
We represented McGrath RentCorp, a leading rental provider of modular buildings and electronic test equipment, in its $90 million acquisition of privately held Adler Tank Rentals.
Textainer Group Holdings Ltd.
We represented Textainer Group Holdings, the world's largest lessor of intermodal containers based on fleet size, in a securitization transaction and issuance of $300 million of floating rate asset-backed notes, and in a $75 million credit facility.

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