CLFP - EQUIPMENT LEASE AND
FINANCING DOCUMENTATION
EXAM | COMPREHENSIVE
QUESTIONS AND CORRECT
ANSWERS | GRADED A+ | WITH
EXPERT SOLUTIONS 2026
What is a Lease a document? - answer-A lease is a basic document by which a lessor
agrees to provide equipment or other personal property or rights to a lessees in return
for rental payments.
What are Lease Exhibits document? - answer-Also referred to a "schedules" are used if
the description of lease property is too lengthy to fit into the space allotted on the lease.
Often wise to have lessee initial all exhibits.
What is a Delivery & Acceptance (D&A) document? - answer-Document signed by
lessee indicating the lessee has unconditionally accepted the equipment. Ideally the
date of this document should be subsequent to the date of the lease. Also good
practice to confirm via confirmation call
What are Guaranties? - answer-Document containing all credit support provided by
third parties that are not the primary lessees.
What are Corporate Resolutions? - answer-Document certifying by the corporate
secretary or other officer that the person signing is so authorized. Often easier that
reviewing articles of incorporation and bylaws. Documents in which an officer is
authorizing themselves, notary is recommended.
What are Real Estate Waivers documents? - answer-Document acknowledges an owner
or mortgagee or real property that the leased equipment belongs to the Lessor and can
be removed.
, What are Fixture Filings documents? - answer-Similar to UCC filings, documents filed in
real property records to provide notice to third parties of the lessor's ownership interest
in the equipment.
What are UCC filings? - answer-Papers filed in teh office of SOS whereas the lessee is
incorporated preserving priority lien rights of the creditor and notice to inquiring parties.
What are Cross Default Agreements documents? - answer-Provides that creditor/lessor
have multiple agreements with debtor/lessor. If one defaults, they all default
What is Purchase Order documents? - answer-Issued by lessor indicating lessor intends
to purchase the Equipment from the vendor upon fulfillment of certain conditions by
vendor and lessee
What is an Invoice Document? - answer-A document issued by a vendor to the lessor
seeking payment for equipment. Represents passage of title from vendor to lessor.
What is an Advance/Prefund Document? - answer-Also referred to as a "pre-delivery
hell or high-water agreement", describes terms and conditions under which the lessor
may advance part of ll of the Equipment cost to a vendor prior to full D&A of the
equipment.
What is a Purchase Option document? - answer-A document that describes how and for
what consideration a lessee may be able to a acquire ownership of Equipment at the
end of the lease term.
What is a Standard "One Off" Lease Agreement? - answer-A lease that governs only one
transaction and specifically describes the subject equipment and accompanied by all
additional docuemnts
What is a Master Lease Agreement? - answer-An umbrella document for a series of
lease transactions and provides a template that simplifies the doc process for each
FINANCING DOCUMENTATION
EXAM | COMPREHENSIVE
QUESTIONS AND CORRECT
ANSWERS | GRADED A+ | WITH
EXPERT SOLUTIONS 2026
What is a Lease a document? - answer-A lease is a basic document by which a lessor
agrees to provide equipment or other personal property or rights to a lessees in return
for rental payments.
What are Lease Exhibits document? - answer-Also referred to a "schedules" are used if
the description of lease property is too lengthy to fit into the space allotted on the lease.
Often wise to have lessee initial all exhibits.
What is a Delivery & Acceptance (D&A) document? - answer-Document signed by
lessee indicating the lessee has unconditionally accepted the equipment. Ideally the
date of this document should be subsequent to the date of the lease. Also good
practice to confirm via confirmation call
What are Guaranties? - answer-Document containing all credit support provided by
third parties that are not the primary lessees.
What are Corporate Resolutions? - answer-Document certifying by the corporate
secretary or other officer that the person signing is so authorized. Often easier that
reviewing articles of incorporation and bylaws. Documents in which an officer is
authorizing themselves, notary is recommended.
What are Real Estate Waivers documents? - answer-Document acknowledges an owner
or mortgagee or real property that the leased equipment belongs to the Lessor and can
be removed.
, What are Fixture Filings documents? - answer-Similar to UCC filings, documents filed in
real property records to provide notice to third parties of the lessor's ownership interest
in the equipment.
What are UCC filings? - answer-Papers filed in teh office of SOS whereas the lessee is
incorporated preserving priority lien rights of the creditor and notice to inquiring parties.
What are Cross Default Agreements documents? - answer-Provides that creditor/lessor
have multiple agreements with debtor/lessor. If one defaults, they all default
What is Purchase Order documents? - answer-Issued by lessor indicating lessor intends
to purchase the Equipment from the vendor upon fulfillment of certain conditions by
vendor and lessee
What is an Invoice Document? - answer-A document issued by a vendor to the lessor
seeking payment for equipment. Represents passage of title from vendor to lessor.
What is an Advance/Prefund Document? - answer-Also referred to as a "pre-delivery
hell or high-water agreement", describes terms and conditions under which the lessor
may advance part of ll of the Equipment cost to a vendor prior to full D&A of the
equipment.
What is a Purchase Option document? - answer-A document that describes how and for
what consideration a lessee may be able to a acquire ownership of Equipment at the
end of the lease term.
What is a Standard "One Off" Lease Agreement? - answer-A lease that governs only one
transaction and specifically describes the subject equipment and accompanied by all
additional docuemnts
What is a Master Lease Agreement? - answer-An umbrella document for a series of
lease transactions and provides a template that simplifies the doc process for each
