The record date for the Consent Solicitation is 5:00 p.m., New York City time, on July 24, 2013. The overall purpose of the Proposed Amendments, as described more fully in the Consent Solicitation Statement, is to (i) provide TAF with the flexibility to enter into leases with lessees and generally manage the portfolio in a manner that better reflects the current market and other conditions affecting the current portfolio, (ii) facilitate the on-going leasing and sale of TAFs aircraft portfolio in order to maximize the value of the remaining assets of TAF, taking into account rapidly changing market conditions and the age of TAFs aircraft, (iii) reduce the minimum level of hull, repossession (political risk) and airline liability insurance to levels that better reflect current market conditions and the state of the aircraft portfolio, (iv) eliminate the time delay and costs associated with obtaining rating agency confirmation or the approval of the rating agencies and providing notice to the rating agencies prior to taking certain actions by TAF as currently required under the Indenture and (v) otherwise amend the Indenture to effectuate the foregoing. In addition, the Proposed Amendments would establish a process for the gradual repayment to the Class A liquidity provider of funds held in a cash collateral account as a result of a downgrade of such provider (which funds were originally drawn from such Class A liquidity provider) and for the orderly funding of a smaller replacement cash collateral account for Class A interest and expenses. For the reasons described in the Consent Solicitation Statement, the controlling trustee of TAF, having consulted with the administrative agent, the servicers and its legal, tax and other advisors, recommends that the holders of the Notes consent to the Proposed Amendments. Copies of the Consent Solicitation Statement and the other Consent Solicitation materials (including the Letter of Consent) are available from Global Restructuring Services, Inc., as information agent, the contact details of which are set out below.
Equipment Lease Finance Industry Confidence Up Again In July
15.6% of survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, down from 19.4% in June. 81.3% believe demand will remain the same during the same four-month time period, up from 71% the previous month. 3.1% believe demand will decline, down from 9.7% in June. 21.9% of executives expect more access to capital to fund equipment acquisitions over the next four months, up from 19.4% in June. 78.1% of survey respondents indicate they expect the same access to capital to fund business, a decrease from 80.6% the previous month. No one expects less access to capital, unchanged from June. When asked, 25% of the executives reported they expect to hire more employees over the next four months, a decrease from 29% in June. 68.8% expect no change in headcount over the next four months, up from 67.7% last month. 6.3% expect fewer employees, up from 3.2% of respondents who expected fewer employees in June.