Leasing finance:
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
London
Euromoney Publ.
1990
|
| Edition: | 2. ed. |
| Series: | Euromoney Books
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 270 S. graph. Darst. |
| ISBN: | 1855640341 |
Staff View
MARC
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| 245 | 1 | 0 | |a Leasing finance |c ed. by Tom Clark |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London |b Euromoney Publ. |c 1990 | |
| 300 | |a XVI, 270 S. |b graph. Darst. | ||
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Record in the Search Index
| _version_ | 1804120374113206272 |
|---|---|
| adam_text | Contents
List of exhibits ix
Authors biographies xiii
Preface xv
Chapter 1 Leasing: a global industry
DAVID PORTER
1 Origins of the modern leasing industry 1
1.1 Early history 1
1.2 Modern times 1
1.3 Developing countries 3
1.4 Infrastructure 3
2 Leasing in the 1980s 4
2.1 Regional growth 4
2.2 The global market in 1989 7
2.3 Place in the international capital markets 7
2.4 Major lessors 7
2.5 Nature of the market 7
Chapter 2 The principles
STUART GLASS
1 The nature of leasing 13
1.1 Finance versus operating 13
1.2 The finance lease 15
1.3 The operating lease ... 19
2 Types of leasing activity ;•..• 21
2.1 The capital lease 21
2.2 The true lease 22
2.3 The full pay out lease 22
2.4 The sale and lease back 22
2.5 Lease receivables discounting 23
2.6 The direct or single investor lease 23
2.7 The leveraged lease 25
2.8 Domestic and international leasing 27
3 Leasing companies 27
4 The characteristics 28
4.1 The Leaseurope description 28
4.2 Residual treatment 29
5 The rationale and advantages 30
5.1 The basic rationale 30
5.2 The advantages of leasing to a lessee 31
5.3 The advantages of leasing to a lessor 32
iii
Chapter 3 Marketing and pricing
STUART GLASS
1 Marketing 33
1.1 Market research 33
1.2 Promotion 34
1.3 Obstacles to the sale of leasing 35
2 Sales aid leasing 36
2.1 Forms of sales aid leasing 36
2.2 Lessor/supplier relationships 36
2.3 Advantages to a supplier 37
3 Pricing 38
3.1 Rental quotations 38
3.2 Calculating rentals 39
3.3 Fixed versus variable rentals 44
3.4 The package 46
Chapter 4 Underwriting
STUART GLASS
1 Preliminaries 47
1.1 Information requirements 47
1.2 Quotations 50
2 Credit procedures 51
2.1 Credit approval authorities 51
2.2 Basic credit criteria 51
3 Credit appraisal 52
3.1 Purpose of facility 52
3.2 Nature of the business 52
3.3 Track record 53
3.4 The equipment supplier 53
3.5 Financial information 53
3.6 Security 59
3.7 Management 60
3.8 References 60
4 Implementation 60
4.1 The proposal 60
4.2 The letter of offer 61
Chapter 5 Risk
ROYJ.McLACHLAN
1 Title and security 63
1.1 Supplier s title 64
1.2 Fixtures 64
1.3 Sublease 64
2 Supplier risk 64
2.1 Product liability 64
2.2 Product pricing 65
2.3 Maintenance 65
2.4 Ancillary contracts 65
2.5 Misrepresentation 66
3 Fraud 66
3.1 Targets for criminals 66
3.2 Common patterns and types of fraud 66
3.3 Reducing the risk of fraud 67
4 Funding 67
4.1 Mismatched income and expenditure 67
4.2 Lack of liquidity 68
5 Taxation 68
6 Residual values 68
6.1 Lessor s motivation 68
6.2 Equipment values 68
7 Summary 69
Chapter 6 Documentation
SIMON A.D. HALL
1 Confusion of terminology 71
2 Lack of uniformity of structures 72
3 Types of agreement 72
3.1 Purchase of asset 72
3.2 Lease 73
3.3 Security documents 73
3.4 Participation agreement 73
4 Typical lease provisions 73
4.1 Recitals or introduction to agreement 74
4.2 Definitions 74
4.3 Conditions precedent 74
4.4 The letting or hiring 75
4.5 Rent 75
4.6 Indemnification 77
4.7 Disclaimer of warranties 78
4.8 Protection of title 79
4.9 Maintenance obligations 81
4.10 Insurance 82
4.11 Representations and warranties 86
4.12 Other covenants 88
4.13 Events of default 91
4.14 Remedies 93
4.15 Voluntary termination 95
4.16 Miscellaneous provisions 95
Chapter 7 Legal features of cross border transactions
SIMON A.D. HALL
1 Governing law 97
1.1 Absence of a uniform body of law 97
1.2 Choice of law 100
1.3 Reciprocal enforcement of judgements 101
2 Foreign currency risks 103
3 Withholding tax 106
4 Sovereign immunity 106
5 Arbitration provisions 107
Chapter 8 Taxation
PHILIP MARWOOD
1 Introduction 111
1.1 Tax incentives for lessors 111
1.2 Ownership for tax purposes 111
1.3 Tax benefits for lessees 112
1.4 Attitude of the fiscal authorities 114
2 Individual Country Profiles 114
2.1 United States 114
2.2 Germany 116
2.3 The Netherlands 117
2.4 Japan 119
2.5 United Kingdom 120
2.6 France 122
2.7 Spain 123
3 Cross border operations 124
3.1 Rentals as royalties 124
3.2 Business profit and the permanent establishment rules 125
3.3 Double dipping 127
4 Future Developments 127
Chapter 9 Evaluation
ROGER CHADDER
1 Lessee evaluation 130
1.1 The investment and financing decisions 130
1.2 The EIR approach 131
1.3 The NPV approach 133
1.4 The approaches compared 134
1.5 Temporary non tax paying lessees 135
1.6 Residual values 137
1.7 Sensitivity analysis 137
1.8 Extension of evaluation 138
2 Lessor evaluation 138
2.1 The basic approach EIR 138
2.2 Risks 139
2.3 The evaluation methods 139
2.4 Leverage and gearing 143
2.5 Structuring 143
3 Investment incentive comparison 144
Chapter 10 Accounting the capitalisation issue
SEAN COLLINS
1 Historical survey 147
1.1 Introduction 147
1.2 United States 148
1.3 International 150
1.4 United Kingdom 150
1.5 Other authoritative guidance 151
2 Arguments for and against capitalisation 152
2.1 What is the nature of the lessees undertakings? 152
2.2 Do lessees acquire assets under finance leases? 153
2.3 The question of comparability 153
2.4 Pragmatic arguments 153
2.5 Can the problem be resolved by footnotes? 154
3 Which leases should be capitalised? 155
3.1 The FAS 13 criteria 155
3.2 The FAS and IAS 17 approaches compared 155
4 The mechanics of capitalisation 156
4.1 The accounting entries 156
4.2 Deferred taxation 158
4.3 Alternative methods of apportioning finance charges 159
4.4 Residual value treatments 161
4.5 Variation clauses 162
Chapter 11 Lessor income accounting
SEAN COLLINS
1 The actuarial method before tax 165
1.1 The before tax calculation 167
1.2 Tax implications 167
1.3 Criticism of the actuarial method before tax 170
2 The investment period principle 173
2.1 The actuarial method after tax 173
2.2 Investment period method 174
3 Summary and comparison of methods 176
4 Other problem areas 177
4.1 Front loading of income 178
4.2 Recognition of residual values 179
4.3 Accounting for permanent tax benefits 180
Chapter 12 The financing of leasing companies
NICHOLAS SANDERSON
1 Introduction 181
2 Financial and supervisory framework 182
2.1 Capital adequacy 182
2.2 Lessor accounting 183
2.3 Sources of finance 183
3 The leasing transaction 184
4 The financing options 185
5 Commercial considerations 186
5.1 Underwriting 186
5.2 Pricing 187
5.3 Rental variation 188
5.4 Collateral considerations 188
5.5 Lessor s concerns 189
6 Tax and accounting considerations 189
6.1 Allowances for equipment 190
6.2 Lessor s profit 190
6.3 Financier s position 193
6.4 Fiscal and transaction costs 194
7 Particular transactions 195
7.1 Assignment or novation of the lease and sale of equipment 196
7.2 Sale of receivables and retention of equipment 198
7.3 Sale and lease back of equipment 200
7.4 Secured lending 202
7.5 Agencies and facilities 203
8 Management agreements 206
9 Conclusion and summary 206
Chapter 13 The purchase and sale of leasing companies
NICHOLAS SANDERSON
1 Introduction 209
2 The leasing company 209
2.1 Balance sheet of the company 210
2.2 Tax treatment 212
2.3 Commercial considerations 215
3 The seller 215
3.1 Transfer of leasing business 216
3.2 Preparing the company for sale 217
3.3 Protection of the seller 220
4 The purchaser 225
4.1 Commercial considerations for the purchaser 225
4.2 Protections for the purchaser 226
5 The Structure of the transaction and documentation 228
5.1 Objectives 228
5.2 Documentation 228
5.3 Completion and refinancing 231
6 Conclusion 231
Chapter 14 The leasing phenomenon
TOM CLARK
1 Leasing today 233
2 Cross border operations 234
3 Economic contribution 236
4 Prospects 237
4.1 The pace of change 237
4.2 Expanding markets 237
4.3 Regulatory framework 238
4.4 Product development 239
4.5 The challenge ahead 239
Appendix A International and national leasing associations 241
Appendix B International Accounting Standard 17 245
Appendix C Unidroit Convention on international financial leasing 255
Glossary 263
List of exhibits
Chapter 1 Leasing: a global industry
1.1 Leasing in the 1980s 4
1.2 London Financial Group Global Leasing Report or 1989 Volume by Region 5
1.3 Equipment Leasing in the United States 5
1.4 Equipment Leasing in Japan 6
1.5 Equipment Leasing in Europe 6
1.6 London Financial Group Global Leasing Report Volume, Growth and Market
Penetration 1989 8
1.7 The Capital and Leasing Markets in 1988 9
1.8 1989 Business Investment in the United States and Sources of Financing 9
1.9 Top United States Lessors
(cost of new equipment added for the most recent financial year) 10
1.10 Top European Lessors
(cost of new equipment added for the most recent financial year) 10
1.11 Europe 1989 Leasing by Type of Equipment 11
Chapter 2 The principles
2.1 Classification of a lease 14
2.2 The two party leasing relationship 23
2.3 The three party leasing relationship 24
2.4 The relationship between parties to a leveraged lease 26
Chapter 3 Marketing and pricing
3.1 Lessor/Supplier relationships 37
3.2 Calculation of a flat rate 39
3.3 Rentals payable monthly in arrears 40
3.4 Rentals payable monthly in advance 40
3.5 Different compounding periods 40
3.6 Formulae for rental calculations 41
3.7 Calculation of monthly rental in arrears 42
3.8 Calculation of monthly rental in advance 42
3.9 Calculation of monthly rental with three payments in advance 43
3.10 Formulae for calculation of monthly rental, taking into account a residual value 43
3.11 Calculation of monthly rental, taking into account a residual value 44
3.12 The components of a rental 46
Chapter 4 Underwriting
4.1 Financial spread sheet 56
4.2 Checklist for preparing leasing proposal 60
Chapter 8 Taxation
8.1 20% Straight Line Tax Depreciation Versus Rentals 113
8.2 Depreciation Versus Rentals 113
8.3 Depreciation Rates in Japan 120
8.4 Rates of Withholding Tax 125
8.5 Existence of permanent establishment and measure of profits 126
Chapter 9 Evaluation
9.1 Lease assumptions 131
9.2 Non tax paying lessee EIR 132
9.3 Tax paying lessee EIR 132
9.4 Non tax paying lessee NPV 133
9.5 Tax paying lessee NPV 134
9.6 EIR versus NPV 134
9.7 Lease evaluation decision chart 136
9.8 Temporary non tax paying lessee 137
9.9 Lessee becoming tax paying in 1991 137
9.10 Internal rate of return (IRR) 140
9.11 Dual rate of return (DRR) 141
9.12 Net of tax margin 143
9.13 The leveraged lease evaluation pitfall 144
9.14 Investment incentive comparison 145
Chapter 10 Accounting the capitalisation issue
10.1 Trend in UK lessee accounting 151
10.2 Lease assumptions 157
10.3 Discounting rentals 157
10.4 Movements in outstanding obligation 157
10.5 Effects on financial statements reflecting capitalisation 158
10.6 Tax timing differences 159
10.7 Financial statements reflecting deferred taxation 159
10.8 Sum of the digits method 160
10.9 Sum of the digits eight year lease 161
10.10 Discounting calculation 161
10.11 FAS 13 present values 162
10.12 Accounting entries reflecting residual values 163
10.13 Profit and loss account figures reflecting residual values 163
Chapter 11 Lessor income accounting
11.1 Lessor accounting assumptions 165
11.2 Lessor income recognition actuarial method before tax ( $) 167
11.3 Tax and accounting depreciation 168
11.4 Tax and accounting profit ( $) 168
11.5 Deferred tax ( $) 169
11.6 Tax charge (%) 170
11.7 Lessor s cash flows ( $) 171
11.8 Lessor s financial statements ( $) 172
11.9 Investment period method ( $) 175
11.10 Profit before tax comparison ( $) 177
11.11 Front loading of income ( $) 179
11.12 Impact of tax free grants 180
Chapter 13 The purchase and sale of leasing companies
13.1 Balance sheet for typical UK leasing company 210
13.2 Calculation of the price for a leasing company Version 1 218
13.3 Calculation of the price for a leasing company Version 2 220
13.4 Structure of sale documentation 230
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| indexdate | 2024-07-09T16:41:04Z |
| institution | BVB |
| isbn | 1855640341 |
| language | English |
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| physical | XVI, 270 S. graph. Darst. |
| publishDate | 1990 |
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| publisher | Euromoney Publ. |
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| spelling | Leasing finance ed. by Tom Clark 2. ed. London Euromoney Publ. 1990 XVI, 270 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Euromoney Books Lease and rental services Leases Leasing (DE-588)4034823-4 gnd rswk-swf Leasing (DE-588)4034823-4 s DE-604 Clark, Tom Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003886522&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Leasing finance Lease and rental services Leases Leasing (DE-588)4034823-4 gnd |
| subject_GND | (DE-588)4034823-4 |
| title | Leasing finance |
| title_auth | Leasing finance |
| title_exact_search | Leasing finance |
| title_full | Leasing finance ed. by Tom Clark |
| title_fullStr | Leasing finance ed. by Tom Clark |
| title_full_unstemmed | Leasing finance ed. by Tom Clark |
| title_short | Leasing finance |
| title_sort | leasing finance |
| topic | Lease and rental services Leases Leasing (DE-588)4034823-4 gnd |
| topic_facet | Lease and rental services Leases Leasing |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003886522&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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