The Financial Lease Contract is a crucial document used in Australian business transactions where organizations seek to acquire the use of substantial assets without immediate full capital expenditure. This agreement is particularly relevant when businesses require equipment, machinery, or other capital assets but prefer off-balance-sheet financing or want to preserve working capital. The document comprehensively addresses all aspects of the financial lease arrangement, including payment terms, maintenance responsibilities, insurance requirements, and end-of-lease options, while ensuring compliance with Australian financial services regulations, the Personal Property Securities Act 2009 (Cth), and relevant tax legislation. Financial Lease Contracts are distinguished from operating leases by their longer terms and the transfer of substantially all risks and rewards of ownership to the lessee, making them an important tool for business asset financing in Australia.
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1. Parties: Identifies and provides full details of the lessor and lessee, including ACN/ABN for companies
2. Background: Sets out the context of the agreement, including the purpose of the lease and the asset to be leased
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Lease Grant: Formal grant of the lease and specification of the lease term
5. Financial Terms: Details of lease payments, payment schedule, interest rates, and payment methods
6. Delivery and Acceptance: Terms regarding the delivery of the asset and acceptance procedures
7. Title and Risk: Clarifies ownership rights and risk allocation between parties
8. Use and Maintenance: Specifies permitted use of the asset and maintenance responsibilities
9. Insurance: Insurance requirements and responsibilities
10. Default and Termination: Events of default and consequences, termination rights and procedures
11. End of Lease Options: Options available at lease end (purchase, renewal, return)
12. Representations and Warranties: Standard representations and warranties from both parties
13. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. Security Deposit: Required when the lease includes a security deposit requirement
2. Guarantees: Used when personal or corporate guarantees are required for the lease
3. Assignment and Subletting: Included when transfer rights need to be specifically addressed
4. Environmental Compliance: Required for assets that may have environmental impacts
5. Import/Export Compliance: Needed for assets that may be moved internationally
6. Tax Indemnity: Included when specific tax implications need to be addressed
7. Force Majeure: Optional clause for handling unforeseen circumstances
8. Step-in Rights: Included for high-value assets where lessor may need to take control
1. Asset Schedule: Detailed description of the leased asset including specifications, serial numbers, and condition
2. Payment Schedule: Detailed breakdown of all payments, including dates, amounts, and any variable components
3. Maintenance Schedule: Required maintenance procedures and intervals
4. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Return Conditions: Specific conditions the asset must meet upon return at lease end
6. Permitted Locations: List of locations where the asset may be used or stored
7. Calculation of Early Termination Payments: Formula and examples for calculating early termination payments
8. Form of Acceptance Certificate: Template for the acceptance certificate to be signed upon delivery
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Mining
Construction
Transportation and Logistics
Agriculture
Healthcare
Information Technology
Telecommunications
Aviation
Renewable Energy
Commercial Real Estate
Retail
Industrial Equipment
Relevant Teams
Legal
Finance
Treasury
Operations
Procurement
Risk Management
Compliance
Asset Management
Commercial
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Contract Manager
Risk Manager
Asset Manager
Operations Director
Procurement Manager
Financial Controller
Lease Administrator
Corporate Lawyer
Commercial Manager
Equipment Manager
Compliance Officer
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