2008 Mar/Apr Issue

MARCH/APRIL ISSUE 2008
Finding the Money...
2008 Funding Source Issue

NEW REPORT

Monitor Top Private Independents
In this, the first-ever Monitor Top Private Independents report, we spotlight the entrepreneurs — the top 25 private independent leasing and finance companies doing business in the U.S.

FEATURES

Navigating the Changes: Looking Ahead to Developing Market Forces
By Scott Kiley, Fifth Third Leasing Company
This past year started out in a blaze of glory with plenty of equipment lease and loan products to buy, and an abundant supply of cheap and easy money from many reputable sources. My, how things can change in one year. (Ref # BLK034)

Independent Lessors Face Tougher Conditions in 2008
By David R. Cardew, PHH First Fleet
In a speech on June 7, 1966, Robert F. Kennedy said, “There is a Chinese curse, which says, ‘May he live in interesting times.’ Like it or not, we live in interesting times...” (Ref # IND011)

Equipment Finance Industry Economic Outlook
By Tom Ware, PayNet
At this point, the question of whether we are in a recession yet is really just a matter of semantics. Not only has the economic news been negative recently, but new data shows that payment delinquencies are on the rise. But the news is not all bad… (Ref # CRD079)

Consider All Aspects When Drafting a Choice of Law Provision
By David L. Ganje, Ganje Law
Drafting a choice of law provision is not as easy as it seems if you assume the Uniform Universal Code (UCC) is “universal” in all states. But it isn’t. Therefore, one needs to be extra vigilant in writing these provisions to ensure the outcome isn’t different from what was intended. (Ref # LGL1102)

PROFILE OF SUCCESS

Sticking to Priorities…
By Lisa A. Miller, Freelance Writer
Priority Leasing understands that being number one means their customers always come first. Listed in Inc. magazine’s top 500 fastest growing U.S. companies, one can’t argue with its apparent success. (Ref # PRO094)

SPECIAL SECTION: FUNDING SOURCES & BROKERS FIND WAYS TO PERSEVERE

Funding Sources Find Ways to Combat Credit Woes
By Christopher Moraff, Associate Editor
With the “irrational exuberance” of 2007 now gone, excess liquidity has given way to a desert landscape of collapsed deals. But this year’s Monitor Funding Source Roundtable participants say that where equipment leasing is concerned, there’s still plenty of liquidity to go around. (Ref # FNF116)

How Does the Current Crunch Affect Basic Funding Options?
By Peter Eaton, OFC Capital
In these times of uncertainty with banks becoming tighter with money and terms, one has to wonder the effect this will have on the basic tenants of leasing, including warehouse lines of credit. Peter Eaton discusses the future of lessor funding. (Ref # FNF117)

Even in Shaky Markets, Brokers See the Silver Lining
By Amanda L. Gutshall, Assistant Editor
Although the economy’s taken a turn for the worse, the brokers profiled for Monitor’s Annual Funding Source edition recognize the issues at hand, yet deal up a positive view. Instead of wringing their hands, all are concentrating on core principles and means for continued growth. (Ref # BRK028)

Easing the Way Through the Broker-Lender Relationship
By Thomas Askounis, Alex Darcy and Debra Devassy, Askounis & Borst
In a time when the working relationship between brokers and funding sources has never been more important, attorneys from Askounis & Borst discuss the common missteps and resolutions that can arise and their resolutions. (Ref # LGL1103)

FROM THE PROFESSIONAL ASSOCIATIONS

UAEL: Delivering On All Counts
By Paul Knowlton, UAEL and First Republic Bank Equipment Finance
The UAEL is celebrating its 35th year and association president, Paul Knowlton, shares the UAEL’s history and mission, and its value to its membership. (Ref # ASC023)

EAEL: Embracing Change While Holding Fast
By Bruce Smith, EAEL and Diversified Capital Credit Corp.
The word “change” inspires some and frightens others. Bruce Smith notes that although change has come upon us, the association’s core principles have remained intact. (Ref # ASC024)

NAELB: ‘You’re Not Alone…’
By Brian Montgomery, NAELB and Express Funding Solutions
NAELB president Brian Montgomery touts the resources available for those wishing to join the association, answering the age-old question, “What’s in it for me?” (Ref # ASC025)

CLP Designation: Committed to Excellence
By Cynthia W. Spurdle, CLP Foundation
In the 24 years since a small group of leasing professionals started the Certified Lease Professional designation, it has become the only designation in the leasing and finance industry that recognizes those who strive to be the best in the business. (Ref # ASC026)

COLUMNS

GREASING THE WHEEL: BROKER/FUNDER PARTNERSHIPS
Insure Your Broker’s — And Thereby Your Own Success
By Gerry Egan, TecSource and LearnLeasing.com
Gerry Egan looks beyond the leasing industry to uncover a simple yet profound approach when it comes to working with business partners. In a creative way, Egan applies the approach to funding sources’ relationships with their brokers. (Ref # BRK029)

GREASING THE WHEEL: CHANGE
Change — From Discomfort to Growth
By Linda P. Kester, Writer & Professional Speaker
Everyone has habits and patterns that determine their actions and interactions. And when change disrupts those things, it can cause fear and is rarely, if ever, fun. While it isn’t always easy, change can lead to growth, progress and even confidence. Linda Kester explains how. (Ref # BRK030)

ALTERNATE PERSPECTIVES
Through the Ups & Downs: Leasing Professionals Will Persevere Through Current Market Downturn
By Margie Landreth, Molloy Associates
With the massive layoffs, downsizing and plain uncertainty in businesses these days, many are wondering what else could be out there. Molloy Associates’ Margie Landreth offers some advise for those who are looking for a new job. (Ref # PER021)

LEGAL WATCH
Hell or High Water Clause Comes Under Attack
By Andrew K. Alper, Frandzel Robins Bloom & Csato
Andrew Alper discusses the common missteps taken by both lessors and lessees when drafting a hell or high water provision in equipment lease agreements. He also provides recent examples of the courts’ uneven decisions regarding the matter. (Ref # LGL1104)

DISPATCHES FROM THE TRENCHES
Guaranties: Should You Embrace Them?
By Barry S. Marks and Kenneth P. Weinberg, Marks & Weinberg
How does a guaranty affect a lease? How does the court rule in the case of a guaranty? In this edition, Barry Marks and Ken Weinberg tread through the different types of guaranties as well as the various rules, to show how they can be of benefit — or a detriment to lessors. (Ref # LGL1105)