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CLFP Exam- Leasing Law & Documentation Questions and Answers
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CLFP Exam- Leasing Law & Documentation Questions and Answers
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CLFP Exam- Leasing Law & DocumentationQuestions and Answers
Waiver of Defense Clause Correct Ans-where the lessee 'agrees not to assert against an
assignee' of the lease payments, any defenses, setoffs, or claims it may have against the lessor,
as the original payee under the lease.
Hell or High Water Clause Correct Ans-where the lessee agrees that its payment obligations
under the lease are 'absolute and unconditional' and are not subject to any defense, setoff, or
counterclaim that the lessee may have against the lessor, its assignee, the manufacture or seller
of the equipment, or against any person for any reason whatsoever-essentially, it agrees to pay
'come hell or high water'
'After acquired' clauses Correct Ans-a clause that may appear in contracts, in which a lender
takes a security interest in 'all property that the debtor acquires after consummation of the loan
agreement'. Essentially, such a clause is intended to extend the protection of the creditor to
include assets that the debtor purchases or otherwise acquires after the loan or debt is
incurred.
'Cross default' Agreements Correct Ans-this agreement provides that if one creditor/lessor
has multiple agreements with debtor/lessee, if one goes into default, they all become in default
Guaranty Agreements Correct Ans-this document contains all credit support provided by
third parties that are not primary lessees. A lease guarantees the lessee use of an asset and
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