As a small construction company owner, you know how important it is to act quickly. Renting equipment can allow you to do this. Online auctioneer IronPlanet and Finning International, the world`s largest caterpillar distributor, have announced an agreement for finning to market heavy machinery for common use through Cat Auction Services, IronPlant`s unlimited auction marketplace. A rental is also useful if you want to reduce maintenance costs, as we do all the maintenance for you using bespoke service packages. In addition, the storage fee can be totally waived – just call us and we will pick up the equipment or simply drop it off when you are done with it. Another good reason to rent – you can try it before you buy! If you`re not sure if a particular device is right for you, rent a similar machine from our extensive stock and give it a try. If you opt for the purchase, ask us for attractive financing opportunities and equipment protection plans that will allow you to easily own the best rental equipment available. Caterpillar Inc. and Finning International, headquartered in Peoria, Illinois, announced last week that Caterpillar and O.E.M.
Remanufacturing Company, a subsidiary of Finning, have entered into an agreement for Caterpillar to acquire OEM Reman`s rail and non-cat engine. There are many advantages to owning your equipment, including that it belongs to you and gives you full control over it. But contractors realize that, in many cases, it can be helpful to explore renting small construction machinery. Here`s the reason: „A lot of what we`re going to be discussing at the ARA Show press conference is inevitably going to deal with the new ANSI standards, we`re focusing on the improvements we`ve made outside of what`s prescribed to produce an assortment that helps rebalance the ROI equation,“ said Ken McDougall, President of Skyjack. „Some ansi compliance pathways have led to increased costs, which is why we`ve tried to mitigate it as much as possible. We focus on how Skyjack has achieved compensatory ownership cost improvements for owners. We also monitor condition monitoring and have analysts who monitor the performance of the rental fleet. This means we can predict breakdowns and keep you informed so you can plan maintenance accordingly. Skyjack has new machines and technological advancements at the ARA Show in Orlando, Florida. With new leadership in mind, the next generation of devices running on rental sites and improved digital products showcased at the show, this OEM promises a focus on productivity and an exciting start to 2020.
In addition, Caterpillar and OEM Reman have agreed to enter into a first two-year agreement under which OEM Reman Caterpillar will provide reprocessing services for these businesses. Caterpillar will assume all sales and marketing functions, and OEM Reman will perform reprocessing work for the first term of the agreement. In today`s challenging business environment, our customers are increasingly relying on rental equipment to meet peak production requirements and to solve device shortages.. . . .
In a practice note in the „Parties“ section of the new Syndicated Facilities Agreement, Practical Law`s banking and finance team discusses in detail the different parties to a syndicated credit transaction and the process in which a financial party normally referred to as an „arranger“ is appointed and solicited by the borrower (for a fee, of course) to arrange the syndicated credit facility, including the participation of other enthusiastic lenders to form the consortium. For example, the real-time gross settlement system, managed by the Reserve Bank of Australia and used by all Australian financial institutions to transfer funds between banks, is closed every working day before 5pm. At the request of the borrower, a facility agent cannot transfer money between banks after 5 p.m. In a world where all finances are international, it is almost inevitable that a consortium of lenders will be made up of both domestic and foreign banks. It is also very likely that a foreign-based financial institution will be chosen by the borrower as a facility agent or security agent. Several clauses of the Agreement on Syndicated Practical Law Facilities are intended to remind lenders of these issues, and further clarification of competition laws, as they apply to syndicated lenders, is set out in various comments in this paper. Although biased, we strongly recommend these obligations to banking and financial lawyers and syndicated lenders. If you are not a Subscriber to Practical Law, simply request a trial version to access the full range of banking and financial resources, including syndicated facility agreements on the subject. Most syndicated credit documents, including the agreement on syndicated facilities with a practical right, allow for a variety of communication methods, from paper to telephone to email. The same documents even allow notifications to be sent by fax (younger readers, it`s like a photocopier, except that it sends the document via the phone line. Don`t worry about them – they are almost obsolete). This is the reason why, among other things, even a document as current as the unionized establishment agreement for practical law only allows for an eight-hour period during which notifications can be sent, received and implemented. And at a time when flexible work practices and work-life balance are becoming increasingly valuable and important, this clause in union credit documents can remain for a long time.
The range of communication technologies available to lenders and borrowers allows parties to communicate in real time at any time. When on a Saturday at two o`clock in the morning, a borrower wishes to apply for a loan under a facility agreement, they can do so if the termination clause contained in the document allows for email notification of credit withdrawal notices. So far, few public examples have shown that large banks are merging with non-bank lenders to form a syndicated credit group. However, there are no legal obstacles to this agreement and offer both challenges and opportunities for traditional syndicated lenders, facilities and security trustees. In drafting these new updated documents, the team found that there are some very interesting and useful sections in syndicated facility agreements, too often overlooked by banking and financial lawyers, banks, and other lenders and borrowers….