Because equipment leasing programs can feature a variety of asset types, ranging from office equipment to airplanes and supertankers, it is important not only to have a thorough understanding of the law, but also have a team with diverse experience across industries. We reviewed equipment leasing programs of most sponsors of programs offered through independent broker-dealers, ranging from privately offered programs to the offering of securities by the one of the largest public equipment leasing funds in history. A review of an equipment leasing fund typically involves:

• A visit to the office of the sponsor of the program meeting with key executives;
• Review of all operative legal documents;
• If the program is active, a review of select lease documentation, or, if not, a review of sample form leases;
• Review of the performance of active leases;
• Review of performance of the sponsor’s prior programs; and
• Analysis of the financial model.

Using the data gathered in the review process, we are able to provide detailed analysis of the program, including:

• Our evaluation of offering document disclosure;
• Identification of program strengths and weaknesses as compared to other similar programs; and
• A highlight of any unusual or particularly favorable or unfavorable terms of the program.