Other Documentation Requirements

1. UCC-1's are required on all transactions over $7,000.00.  Some circumstances (i.e. portfolio fundings) may require the filing of a UCC-3 to assign security interest to First Bank.

2. Generally, a verbal verification of the lease terms and confirmation of the delivery and acceptance of the equipment should be performed.  This will be recorded with the tape becoming a part of the lease documentation.  The verification should be performed with the person who signed the lease agreement.  this person may, however, authorize another employee to perform the verification.  This authorization should be confirmed on tape and the check to the vendor should not be released until a taped authorization to release funds is obtained from the signer of the lease or a personal guarantor.

3. Proof of insurance information and a binder should be provided for transactions over $25,000.00.  Self-insurance may be acceptable under some circumstances (i.e., refuse containers, software, large companies) as approved by credit.

4. Sale/Lease-back transactions require a bill of sale transferring ownership of the equipment.

5. Transactions involving equipment to be rented to entities other than the lessee, require a rental addendum to the lease agreement.