Scott Chait has broad experience in the equipment leasing and finance industry, having served as in-house counsel for two of the top 100 equipment leasing and finance companies in the United States (as measured by The Monitor 100); as an attorney with a law firm focusing on equipment leasing and finance; and in an in-house counsel role as well as a non-legal role within the business operations and documentation units at another well-known equipment leasing and finance company.
Mr. Chait has represented numerous industry participants, including banks, finance companies, funds, and independent lessors and brokers. He advises on a wide range of asset and transaction types in the large, medium, and small ticket sectors, having negotiated, structured and drafted all manners of direct originations, syndications and assignments, refinancings and workouts, and vendor/dealer referral and remarketing programs. His broad experience as an in-house attorney, as outside counsel with a law firm, and in an operations and documentation role, brings a unique perspective and increased focus on efficiency.
Mr. Chait also routinely advises senior management and other business professionals on complex legal issues under Articles 2A and 9 of the Uniform Commercial Code and other commercial law, including lien perfection and priority, documentation, deal structuring, workouts, compliance, and internal policies and procedures.
An active contributor to the equipment leasing and finance community, Mr. Chait regularly provides training and seminars to business teams, speaks at industry trade forums, and writes for industry publications.
- Developed policy manuals and procedures to address legal and operational risk, including lien perfection and priority, lessor/lender liability, insurance requirements, and corporate verification.
- For the US operations of several global bank-owned equipment finance companies, prepared standard and non-standard documentation related to direct originations, syndications and assignments, refinancings and workouts, and vendor/dealer referral and remarketing programs, including: equipment lease and loan agreements, guaranties, landlord and mortgagee waivers, intercreditor agreements, warehouse and revolving line of credit agreements, progress payment agreements, pre-delivery funding agreements, assignments, nonrecourse loan and security agreements, NDAs, commitment letters, term sheets, and sale agreements.
- Represented finance company in connection with financing transactions with various transportation, materials handling and construction companies who subleased the financed assets to unaffiliated third parties.
- Structured, documented and negotiated warehouse and revolving line of credit products offered by bank-owned subsidiary to independent lessors.
- Liaised with UK counsel and advised business partners in negotiating and documenting resolution of a $200 million disputed end of term purchase option for a fleet of European railcars.
- Researched and prepared comprehensive memoranda and form disclosure statements in connection with new state commercial disclosure laws applicable to equipment finance and leasing companies.
- Negotiated and documented workouts as well as managed and advised outside counsel in connection with litigation and bankruptcy matters, with a focus on creating cost efficiencies and quick resolutions.
News, Events, & Insights
- Global law firm Rimon PC adds Scott Chait as Equipment Leasing and Finance Partner in New Jersey
News November 28, 2022