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There is change afoot in the equipment leasing marketplace, and it portends a potentially seismic shift in the perception, usefulness and utility of the well-tested HOHW clause.
Among equipment leasing lawyers, there is perhaps no contractual provision more important, more universal, more indispensable — perhaps more sacrosanct — than the widely revered and utilized hell-or-high-water clause. Under this provision, which appears in one form or another in virtually every commercial equipment lease agreement signed over the past 40 years, the lessee agrees that the lease is non-cancelable, that the lessee’s obligations under the lease are irrevocable, that rental payments must continue to be made under any and all circumstances (including the loss or destruction of the leased equipment), and that all defenses, setoffs, and counterclaims to any action for enforcement of the lessee’s obligations are waived.
By Brian Holland
Corporations with private fleets in the U.S., as well as for-hire carriers, have begun ordering faster than before. As the economy continues to strengthen, this trend will continue to grow and so will the need to replace aging equipment.
By Steven Strom
Diagnosing financial distress, and the ability to address the relevant issues, is a necessary role of board members and senior executives.
By Nicole Hay and Thomas Scannell
Texas businesses and their attorneys should be aware of legal and practical issues that may arise in the event of a shipping insolvency. Two particularly murky areas that have been illuminated by recent case law are maritime liens and reclamation rights.
By Robert J. Stefani
This article discusses the characteristics of maritime liens, the priority of these liens in relation to the desired first-priority secured position of a lender or lessor, and prudent practices for assessing and mitigating the risks posed by such liens.