

6.	LEASES AND NOTES RECEIVABLE FROM THIRD PARTIES

From time to time, the Company engages in lending and leasing activities involving various types of equipment. The Company recognizes interest income as payments are due, typically monthly, and expenses all costs associated with its lending and leasing activities as incurred. These leases and notes receivable are typically collateralized by the underlying equipment and require scheduled lease payments or periodic principal and interest payments. As of December 31, 2013 and 2012, the outstanding balance of leases and notes receivable from third parties was $14.5 million and $30.6 million, respectively. During the years ended December 31, 2013, 2012 and 2011, the Company made advances on notes receivable from third parties of $20.5 million, $4.1 million and $42.6 million, respectively, and received repayments on notes receivable from third parties of $33.3 million, $36.8 million and $6.8 million, respectively. During the years ended December 31, 2013, 2012 and 2011, the Company received net lease payments of $3.6 million, $3.4 million and $9.0 million, respectively, from third parties. As of December 31, 2013, none of the Company’s third party leases and notes receivable are past due or in default and the Company has made no provisions for credit losses.