Equipment Leasing and Finance

Structured Financing

Blank Rome’s equipment leasing and finance practice, which was ranked #1 by Chambers & Partners USA, has a wide range of experience and capabilities in structuring, negotiating, and documenting complex financing transactions. We work with clients to create the appropriate finance structure that best suits the expectations and vision of their own business models.

The equipment leasing and finance group is comprised of members of our financial services practice group familiar with all aspects of the Uniform Commercial Code, including Articles 2, 2A, and 9, and draws upon the experience of attorneys from various other practice groups throughout the Firm. We represent captive and independent leasing companies, as well as funding sources and both the debt and equity sides of leveraged-lease transactions. In addition, we are actively involved in workouts and bankruptcy matters impacting our leasing clients.

Corporate and tax attorneys play an integral role in the structuring and documenting of lease transactions. Our tax attorneys have extensive experience with the judicial and regulatory decisions governing the tax status and consequences of the various types of leasing arrangements, as well as the long-standing IRS guidelines on determining true lease versus finance lease status. The tax group also provides assistance, as appropriate, on the integration of the tax consequences of leasing with a client’s overall tax situation, and employs the most current methods of maximizing our clients’ returns in light of the ever-changing laws on both the state and federal levels.

Our equipment leasing and finance practice includes representation of lessors and lessees, as well as participants on both the debt and equity side of leveraged-lease transactions. Blank Rome’s leasing attorneys are experienced in varied aspects of equipment leasing including:

  • direct commercial and consumer leases
  • leasing company finance
  • lease-backed securitization (including structures involving vehicle titling trusts)
  • purchase and sale of lease portfolios
  • recourse and non-recourse discounting of lease transactions
  • residual financing
  • sale-leasebacks
  • warehouse lease finance credit facilities
  • bankruptcy aspects of leasing including assumption and rejection issues, Section 365(d)(5) rights, and lease recharacterization analysis
  • municipal and government leases

Select Engagements

  • $500 million master equipment leasing program, certificates of participation financing
  • Major metropolitan transportation authority in $200 million Japanese leverage lease of buses
  • Major automobile manufacturer in a $300 million CP conduit to finance automobile lease receivables
  • Major national leasing company in bankruptcy cases involving multimillion dollar leases of telecommunications equipment

Experienced Attorneys, Recognized in Their Fields

The leasing group is actively involved in the Equipment Leasing and Finance Association and other trade organizations. Several of Blank Rome’s attorneys have served as panelists at these organizations’ annual and regional meetings. Members of the leasing group have also served as vice chairman of the Article 2A Task Force for the Pennsylvania Bar Association; chairman of the American Bar Association’s Leasing Subcommittee; editor of the Annual Survey on Personal Property Leasing for the Business Lawyer; and on the board of editors for a leading publication focused on equipment leasing. Our attorneys are frequent lecturers on the Uniform Commercial Code and its implications in leasing transactions, and have contributed to leading publications on leasing law.