By Peter Humphreys and Howard Mulligan, partners at McDermott Will & Emery LLP

In the period beginning with the first quarter of 2002, issuance of securities backed by equipment-lease receivables had dropped off due to a number of factors, including a general downturn in the post - 9/11 economy and, more to the point, a plethora of consolidation among lessors and buy-outs of equipment originators by larger entities that, for various reasons, did not pursue securitization as a financing vehicle.

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