CLFP Exam- Leasing Law & Documentation Questions and Answers (Verified Answers)
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CLFP
Institution
CLFP
Hell or High Water Clause - ️️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 equipmen...
CLFP Exam- Leasing Law &
Documentation
Hell or High Water Clause - ✔️✔️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'
Acceleration Clause - ✔️✔️a term that fully matures the performance due from a party
upon a breach of the contract
Disclaimer of warranties clause - ✔️✔️exculpatory clauses extinguish or limit liability of
a potentially culpable party through the use of disclaimer, assumption of risk and
indemnification clauses as well as releases of liability. Must be Conspicuous.
Waiver of Defense Clause - ✔️✔️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.
'After acquired' clauses - ✔️✔️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.
Guaranty Agreements - ✔️✔️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
guarantees the lessor regular payments from the lessee for a specified number of
months or years
Real Estate Waivers - ✔️✔️this document is the acknowledgement by an owner or
mortgagee of real property that the leased equipment belongs to the lessor and can be
removed. Specifically by parties having an actual interest in the property.
Security Agreements - ✔️✔️secures the obligations of the lessee under the lease.
Landlord's waiver - ✔️✔️document in which a landlord acknowledges that certain
property on its tenant's premises is owned by a third party (the lessor) and is leased to
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