As Member Firms of the EAEL, we recognize our commitment to a philosophy of professionalism and ethical behavior in our relations with our Customers, fellow Members, our Funding Sources, our Vendors and to the Public. Therefore, we hereby adopt on December 12, 1989, the following Code of Ethical Standards as an expression of our commitment:

1. We will at all times conduct our activities with integrity, honesty and professionalism and by our example, we will encourage such conduct by others thereby reflecting credit on the leasing industry.



2. We will maintain respect for all competitors and will seek no unfair advantage by dishonest, unethical or questionable means.



3. We will reply accurately and promptly to all legitimate credit inquiries subject only to our commitment to respect the confidentiality of all information furnished to us on a confidential basis.



4. We will at all times treat in fiduciary capacity all funds received in that capacity, including all funds received from a lessee which might be refundable to the lessee.



5. We will at all times adhere to the terms of our funding commitments, commission agreements and/or purchase orders. We will comply with all terms and conditions of the Vendor's contract which are not in dispute.



6. We will never knowingly make false or misleading statement to or withhold information vital to an intelligent business decision by a lessor, funding source or lessee in connection with a leasing transaction.



7. We will make certain that the lessor, any intermediary and lessee all fully understand each other's position in a transaction and correctly represent those positions.



8. We agree that all alleged violations of this Code will be reviewed by the EAEL Committee on Ethics and Professional Standards who, after an investigation in accordance with the Policy and Procedures of the Committee as may be established from time to time, shall deliver their recommendation to the EAEL Board of Directors. The Policy and Procedures are considered an integral part of this Code. Suggested violations shall be described in writing and may be submitted by any Member in good standing (or by Non-Members as provided in the Policy and Procedures) and may be submitted to either the President of the Association or the Chairman of the Committee. By accepting Membership in the Association, each Member agrees that it shall fully cooperate with the Association and the Committee in any of its inquiries and investigations under the Code. The term "Member" as used in this Codes shall also include Service Provider Members of the Association.



9. On attaining Membership in the Association, each Member agrees that it is bound to and shall comply with all of the terms and provisions of the Code (including the Policy and Procedures) for itself as well as on behalf of its employees, officers, directors and agents, each of whom in turn is bound to and shall comply with the terms and provisions of the Code.