Best Lawyers in Canada for Equipment Finance Law
Practice Area Overview
Equipment Finance is best defined as a finance transaction, whether loan or lease, secured by long term tangible assets of a company (other than real estate). It is distinct from traditional bank financing in that the primary focus of the credit is the value of the asset being financed (as opposed to the creditworthiness of the obligor). It also differs from asset based lending which focuses primarily on short-term assets, the receivables and inventory of the company. While the creditworthiness of the obligor is important in structuring an equipment finance transaction, it tends to reduce the inherent risk and thereby the interest rate; as such, it increases the range of available funders but the primary basis for credit approval remains the asset being financed. A number of active equipment finance companies are non-Canadian, and a thorough knowledge of cross-border issues is required to work with those funders.
Finance Sources
Equipment financiers include commercial banks, independent leasing and finance companies, manufacturers and their related finance companies, and conduit based programs. What distinguishes the equipment finance industry from other sectors such as banking or asset based is the inter-relationship of the finance providers. A transaction originated by one finance provider is often sold to another member of the equipment finance community. Finance companies are often both co-operative and competitive at the same time. A skilled equipment finance lawyer needs to be sensitive to this interrelationship when structuring transactions.
Types of Assets
Financed assets include every form of personal property from computer equipment, software, office equipment, mining, and agriculture to aircraft, railcars, and ships. Each asset class has its own unique challenges and requirements.
Structure
The form of an equipment finance transaction is varied but the most typical structures are:
- Leases (each of true, finance, and synthetic)
- Conditional Sales Contracts
- Loan and Security Agreements
- Instalment Payment Agreements
- Interim Finance Agreements
- Vendor Program Agreements
Related Transactions
The equipment finance transaction is often part of a much broader finance strategy and as such, an equipment finance lawyer is involved in the following types of transactions as well as classic traditional loans and lease documentation:
- Syndications
- Securitizations
- Concurrent Leases
- Wholesale Finance
- Portfolio and Asset Sales
- Lending to Finance Companies
- Program and Remarketing Agreements
Skills
Equipment finance lawyers need to be well-versed in a number of areas of law including:
- Personal property security
- Insolvency and bankruptcy
- Tax law (both commodity and cross-border)
- Regulations relevant to finance and lease transactions, and the financiers who participate (including anti-money laundering)
- Regulations relevant to consumer, privacy and similar
- Inter-lender legal relationships and rights
- Law supporting the concepts necessary for securitization
- Accounting and financial concepts required for structuring and covenant setting
Select a location from the list below to find the best legal talent for your needs.
Province
David Amato focuses on corporate finance and is co-chair of our asset-based lending team. As counsel to various foreign and domestic financial institutions, insurance companies, private equity funds and other credit providers, he has significant experience in sophisticated debt financing transactions and has led numerous multijurisdictional, international and domestic debt financing mandates (including cash-flow, asset based, acquisition, leveraged buyout, debtor-in possession, mine and proje...
David Bain practises commercial law with a specialty in debt financing. Since 1983 he has advised a wide range of clients on various aspects of commercial law with particular emphasis on debt financing and lending transactions, including project finance. Mr. Bain serves clients including Canadian and foreign banks and non-bank and private lenders, as well as corporate borrowers in a variety of industries. Over the past 30 years he has been involved in many of British Columbia's most significa...
Jane Bogaty practices corporate and commercial law in the Banking and Finance group of Lapointe Rosenstein Marchand Melançon. Jane advises individual lenders, syndicates of lenders as well as corporate borrowers on a variety of financings. Jane also represents manufacturers and distributors of equipment and machinery providing floor and other types of financing for their clients in Quebec for whom she frequently drafts and negotiates loan, security and other ancillary agreements and do...
Étienne Brassard is a partner and member of the Business Law group. His practice primarily focuses on private financing, mergers and acquisitions as well as corporate law. He regularly advises local and international businesses in relation to all forms of private financings, from traditional or convertible debt to equity investments. Étienne has developed considerable expertise in securing traditional bank or equipment financing by way of leasing, the whole in view of operating ...
Brent Clark is a leading banking and finance lawyer in Fasken’s Vancouver office. Acting primarily for banks, credit unions, pension funds and other borrowers and lenders in secured and unsecured financing transactions, he is highly recognized by peers and clients for his expertise in asset-based lending and banking and finance law. An established practitioner in his field, Brent represents all types of lenders and borrowers, in both real and personal property secured financing transact...
Arnold Cohen’s practice includes financing and insolvency and restructuring. His financing practice focuses on asset-based lending (both Canadian and cross-border transactions), in which he represents leading US and Canadian asset-based lenders and factors. Mr. Cohen also regularly represents lenders and corporate borrowers in the financing of real estate, receivables and equipment, as well as acquisition, project, structured and traditional bank financings, all on both a syndicated and...
Rob is a corporate/commercial and real estate lawyer with particular expertise in banking and finance, equipment lending and project finance. Prior to joining KRB, he was a Partner at a top-tier Canadian law firm, where he started his career in 1978. Rob’s practice includes corporate restructuring, mergers and acquisitions and general corporate advice. He has broad experience in Canadian and international loan syndications and equipment financing, and has represented Canadian and foreig...
Benjamin Gross is a partner in the Corporate/Commercial group in our Montréal office. In this role, he advises a wide range of clients on commercial, real estate and financing transactions, including the drafting of complex documents related to PPP contracts or international and cross-border transactions. With over 25 years of experience, Benjamin’s practice focuses on financing, real estate, and mergers and acquisitions, often involving bankruptcy and insolvency, aviation and th...
David Kierans is a partner in the firm's Montréal office and sits on the office’s Management Committee. David practises in corporate and commercial law with particular emphasis on secured lending, real estate acquisition and finance and asset-backed financing. He has, among other activities, acted for financial institutions with respect to mortgage loan investments, equity investments in real estate and other assets, disposition of assets, structured financing transactions involv...
Serge Levy is a partner in the Banking & Finance Group. His practice is focused on banking law, corporate finance, financial services and commercial law. He is routinely involved in high-profile, sophisticated debt financing transactions representing corporate borrowers and financial institutions alike, on both a secured and unsecured basis. Serge has acquired a wealth of experience in the area of cross-border leveraged finance transactions with a focus on traditional (cash flow) as well ...
A leader in banking law and finance, Martin Sills specialises in Canadian and cross-border financing transactions. He regularly represents chartered banks, asset-based lenders, and other Canadian and foreign financial institutions, as well as corporate borrowers dealing with complex financing transactions. From drafting legal documentation on asset-based lending to syndicated loans, automotive financing, leasing, real estate transactions, and inter-creditor relations, he perfectly masters the...
Our Methodology
Recognition by Best Lawyers is based entirely on peer review. Our methodology is designed to capture, as accurately as possible, the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical area and legal practice area.
The Process
Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services. Our belief has always been that the quality of a peer review survey is directly related to the quality of the voters.