MASTER OPERATING LEASE/RENTAL AGREEMENT (MRA)

The ISIS LF Finance Operating Lease/Rental product is documented by way of a Master Operating Lease/ Rental Agreement (MRA). This agreement outlines all the terms and conditions of the WALGA approved contract. The document is signed by the appropriate senior members of the LG organisation before any specific transactions are written. The MRA outlines the persons who are authorised to sign schedules to the MRA. The MRA contains no transactional information such as asset detail, term, start date, rental payments.

For each rental transaction, a schedule to the MRA is prepared and is signed by the LG manager(s) approved to sign under the MRA. This streamlines the documentation process. The schedule to the MRA will outline all the details of a specific transaction including asset detail, term, start date, rental payments. Each schedule will be given a unique transaction number and will be cross referenced to the MRA.

A MRA has some similarities to a “line of credit” where a client has a pre-approved credit limit of finance available for an Operating Lease and then has flexibility in the choice of timing and amounts of draw downs/variations within the pre approved limit.