The equipment leasing hell-or-high-water clause is “on trial” and the audience will decide its fate at the Equipment Leasing and Finance Association (ELFA) Convention in Orlando.
The mock trial, taking place at 3 p.m. on Monday October 23, will present a serious debate in a fun and entertaining format. Does the hell-or-high-water clause in lease contracts remain relevant in a world of managed solutions and non-equipment financings? Or should it be “forced into retirement?” asks Paul Bent, senior managing director and legal services practice leader for The Alta Group consultancy.
Real-life attorney Allan Umans, vice president and general counsel of Pacific Rim Capital, will preside as judge, and Rafael Castillo-Triana, CEO of The Alta Group Latin American Region and an attorney in real life, will appear for the prosecution. Bent will appear as counsel for the defense.
Expert witnesses taking the stand will include Diane Croessmann, executive director – Worldwide, Lenovo Financial Services, Henry Duncan, chief risk officer of Societe Generale Equipment Finance USA, Dominic Liberatore, deputy general counsel of De Lage Landen Financial Services, and Scott A. Thacker, CEO of Ivory Consulting. The audience itself will serve as the jury, delivering an eagerly awaited verdict on this important topic.
Another interesting breakout session will focus on Innovation and Transformation: The Asset Finance Shift – FinTech at 11 a.m. Tuesday October 24. The panel will discuss the changing asset finance marketplace and alternative finance technologies and frameworks that equipment finance companies are using to deliver innovative products more quickly and profitably.
William Wagner, CMO and vice president of marketing, and Mukul Mittal, executive vice president of product development, of Cloud Lending Solutions; Scott Preiser, general manager-equipment finance for Live Oak Bank Equipment Finance, and Patricia Voorhees, a director with Alta’s management consulting and M&A practices, will serve on the panel.
“The ELFA Convention is the highlight event of our industry every year. A great opportunity to ‘ground’ our view of major developments in the year ahead,” said Alta CEO John C. Deane. Deane will briefly address the Financial Institutions Business Council luncheon, which Alta is hosting, at 12:45 p.m. Tuesday October 25 on Best Practices of Bank-Owned Equipment Finance Companies.
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