##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2007
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 333-84730
 LEASE EQUITY APPRECIATION FUND I, L.P.
  Delaware
    
    68-0492247(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 
 
 þ o
  o o þ
 o þ




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##### 



LEASE EQUITY APPRECIATION FUND I, L.P.
INDEX TO QUARTERLY REPORT
ON FORM 10-Q
 PAGEPART I FINANCIAL INFORMATIONItem 1. Financial StatementsConsolidated Balance Sheets  March 31, 2007 (unaudited) and December 31, 2006
    
    
    3Consolidated Statements of Operations
Three Months Ended March 31, 2007 and 2006 (unaudited)
    
    
    4Consolidated Statement of Partners Capital and Comprehensive Income
For the Three Months Ended March 31, 2007 (unaudited)
    
    
    5Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2007 and 2006 (unaudited)
    
    
    6Notes to Consolidated Financial Statements  March 31, 2007 (unaudited)
    
    
    7-14ITEM 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    15-19ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    20ITEM 4. Controls and Procedures
    
    
    20PART II OTHER INFORMATIONITEM 6. Exhibits
    
    
    20SIGNATURES
    
    
    21Third Amendment to Secured Loan Agreement with WestLB AGRule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive OfficerRule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial OfficerCertification of Chief Executive Officer pursuant to Section 1350Certification of Chief Financial Officer pursuant to Section 1350




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 LEASE EQUITY APPRECIATION FUND I, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands)
 March 31
    
    
    December 31,2007
    
    
    2006(unaudited)ASSETSCash
    
    $
    1,256
    
    
    $
    4,298Restricted cash
    
    
    5,549
    
    
    
    1,739Accounts receivable
    
    
    49
    
    
    
    76Due from lockbox
    
    
    593
    
    
    
    896Investment in direct financing leases and notes, net
    
    
    86,833
    
    
    
    87,861Investment in operating leases, net of accumulated depreciation of
$1,192 and $1,378, respectively
    
    
    873
    
    
    
    1,039Fair value of interest rate swap
    
    
    162
    
    
    
    392Other assets
    
    
    1,022
    
    
    
    1,136$
    96,337
    
    
    $
    97,437LIABILITIES AND PARTNERS CAPITALLiabilities:Debt
    
    $
    81,236
    
    
    $
    82,364Accounts payable and accrued expenses
    
    
    523
    
    
    
    316Due to related parties
    
    
    3,479
    
    
    
    3,013Security deposits
    
    
    1,802
    
    
    
    1,783Total liabilities
    
    
    87,040
    
    
    
    87,476Partners Capital
    
    
    9,297
    
    
    
    9,961$
    96,337
    
    
    $
    97,437
  3




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LEASE EQUITY APPRECIATION FUND I, L.P.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except for unit data)
 (unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006Income:Interest on equipment financings
    
    $
    1,777
    
    
    $
    1,520Rental income
    
    
    148
    
    
    
    231Gain on sale of equipment and lease dispositions, net
    
    
    99
    
    
    
    104Other
    
    
    174
    
    
    
    1372,198
    
    
    
    1,992Expenses:Interest expense
    
    
    1,207
    
    
    
    1,072Depreciation on operating leases
    
    
    121
    
    
    
    192Provision for credit losses
    
    
    204
    
    
    
    145Management fee to related party
    
    
    289
    
    
    
    234Administrative expense reimbursed to related party
    
    
    149
    
    
    
    104General and administrative expenses
    
    
    320
    
    
    
    1332,290
    
    
    
    1,880Net (loss) income
    
    $
    (92
    )
    
    $
    112Weighted average number of limited partner units
outstanding during the period
    
    
    171,746
    
    
    
    171,746Net (loss) income attributed to limited partners per unit
    
    $
    (0.53
    )
    
    $
    0.65
  4




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LEASE EQUITY APPRECIATION FUND I, L.P.
 
 CONSOLIDATED STATEMENT OF PARTNERS CAPITAL
 AND COMPREHENSIVE LOSS
 FOR THE THREE MONTHS ENDED MARCH 31, 2007
 (in thousands)
 (unaudited)
 AccumulatedGeneral
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    Partners
    
    
    ComprehensivePartner
    
    
    Limited Partners
    
    
    Comprehensive
    
    
    Capital
    
    
    LossAmount
    
    
    Units
    
    
    Amount
    
    
    Income
    
    
    Total
    
    
    TotalBalance, January 1, 2007
    
    $
    (53
    )
    
    
    171,746
    
    
    $
    9,622
    
    
    $
    392
    
    
    $
    9,961Cash distributions paid
    
    
    (3
    )
    
    
    
    
    
    
    (339
    )
    
    
    
    
    
    
    (342
    )Net loss
    
    
    (1
    )
    
    
    
    
    
    
    (91
    )
    
    
    
    
    
    
    (92
    )
    
    $
    (92
    )Unrealized loss on hedging
derivatives
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (230
    )
    
    
    (230
    )
    
    
    (230
    )Balance, March 31, 2007
    
    $
    (57
    )
    
    
    171,746
    
    
    $
    9,192
    
    
    $
    162
    
    
    $
    9,297
    
    
    $
    (322
    )
  5




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LEASE EQUITY APPRECIATION FUND I, L.P.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 (unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006Cash flows from operating activities:Net (loss) income
    
    $
    (92
    )
    
    $
    112Adjustments to reconcile net (loss) income to net cash provided by operating activities:Gain on sale of equipment and lease dispositions net
    
    
    (99
    )
    
    
    (104
    )Depreciation
    
    
    121
    
    
    
    192Amortization of deferred financing costs
    
    
    32
    
    
    
    32Provision for credit losses, net of recoveries
    
    
    204
    
    
    
    145Changes in operating assets and liabilities:Accounts receivable
    
    
    27
    
    
    
    (15
    )Due from lockbox
    
    
    303
    
    
    
    388Other assets
    
    
    276
    
    
    
    (6
    )Accounts payable and accrued expenses
    
    
    207
    
    
    
    (33
    )Due to related parties, net
    
    
    466
    
    
    
    (242
    )Net cash provided by operating activities
    
    
    1,445
    
    
    
    469Cash flows from investing activities:Investments in direct financing leases and notes
    
    
    (9,870
    )
    
    
    (6,147
    )Acquisitions of equipment under operating leases
    
    
    
    
    
    
    (19
    )Proceeds from direct financing leases and notes, net of earned income
    
    
    10,838
    
    
    
    8,881Security deposits, net
    
    
    19
    
    
    
    41Net cash provided by investing activities
    
    
    987
    
    
    
    2,756Cash flows from financing activities:Increase (decrease) in restricted cash
    
    
    (3,811
    )
    
    
    6Increase in deferred financing costs
    
    
    (193
    )
    
    
    (2
    )Proceeds from debt
    
    
    9,102
    
    
    
    5,944Repayment of debt
    
    
    (10,230
    )
    
    
    (8,633
    )Partners distributions paid
    
    
    (342
    )
    
    
    (342
    )Net cash used in financing activities
    
    
    (5,474
    )
    
    
    (3,027
    )(Decrease) increase  in cash
    
    
    (3,042
    )
    
    
    198Cash, beginning of period
    
    
    4,298
    
    
    
    3,206Cash, end of period
    
    $
    1,256
    
    
    $
    3,404
  6




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LEASE EQUITY APPRECIATION FUND I, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 March 31, 2007
 (unaudited)
 NOTE 1- ORGANIZATION AND NATURE OF BUSINESS
     NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
  Classification
  7




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
 Use of Estimates
      Concentration of Credit Risk
  Revenue Recognition
  8




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
 Revenue Recognition  (Continued)
 Direct Financing Leases.
 Operating Leases.
 Notes Receivable.
  Income Taxes
  Supplemental Disclosure of Cash Flow Information
  2007
    
    
    2006Cash paid for:Interest
    
    $
    1,166
    
    
    $
    1,039
 9




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
 Recently Issued Accounting Pronouncements
   Transfers of Financial Assets
  Fair Value of Financial Instruments
   NOTE 3  RESTRICTED CASH
  10




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 4  DUE FROM LOCKBOX
  NOTE 5 - INVESTMENT IN LEASES AND NOTES
  March 31,
    
    
    December 31,2007
    
    
    2006Direct financing leases
    
    $
    76,767
    
    
    $
    78,470Notes receivable
    
    
    10,497
    
    
    
    9,82287,264
    
    
    
    88,292Allowance for possible losses
    
    
    (431
    )
    
    
    (431
    )$
    86,833
    
    
    $
    87,861
  March 31,
    
    
    December 31,2007
    
    
    2006Total future minimum lease payments
    
    $
    86,088
    
    
    $
    88,238Unearned income
    
    
    (10,157
    )
    
    
    (10,651
    )Residuals, net of unearned residual income
    
    
    836
    
    
    
    883$
    76,767
    
    
    $
    78,470
  Three Months EndedMarch 31,2007
    
    
    2006Allowance for possible losses, beginning of the period
    
    $
    431
    
    
    $
    405Provision for credit losses
    
    
    204
    
    
    
    145Net write-offs
    
    
    (204
    )
    
    
    (250
    )Allowance for possible losses, end of the period
    
    $
    431
    
    
    $
    300
 NOTE 6  OTHER ASSETS
  11




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 7 - DEBT
  March 31, 2007
    
    
    December 31, 2006WestLB AG, New York Branch
revolving line of credit, with
an aggregate borrowing limit of
$125.0 million collateralized by
specific lease receivables and
related equipment, with a 1%
credit reserve of the
outstanding line of credit. As
of June 30, 2006 interest on
this facility was reduced to
LIBOR plus .95% per annum from
1.10% per annum. To mitigate
fluctuations in interest rates
the Fund has entered into
interest rate swap agreements.
The interest rate swap
agreements terminate at various
dates ranging from August 2011
to July 2013. As of March 31,
2007, the interest rate swap
agreements fix the interest rate
on the outstanding balance at
5.68% on a weighted average
basis. Interest and principal
are due monthly. The line of
credit is renewable for a one
year period on December 31, 2007
    
    $
    74,978
    
    
    $
    74,589OFC Capital, a division of ALFA
Financial Corporation,
collateralized by specific lease
receivables equal to 93% of the
aggregate payments due under the
related equipment lease or
equipment finance transaction,
discounted at an interest rate
of 6.9%, funded subject to a
credit reserve of 3% of the loan
amount. Interest and principal
are due monthly, with a final
maturity date of February 15,
2009
    
    
    3,697
    
    
    
    4,408National City Commercial Capital
Corporation f/k/a Information
Leasing Corporation,
collateralized by specified
lease receivables, generally
equal to the sum of the
receivables, discounted to
present value at 5.79%, less a
credit reserve of 8% after
security deposit. Interest and
principal are due monthly, with
a final maturity date of June
10, 2010
    
    
    2,561
    
    
    
    3,367Total outstanding debt
    
    $
    81,236
    
    
    $
    82,364
  2008
    
    $
    32,1292009
    
    
    22,6182010
    
    
    14,3862011
    
    
    6,7242012
    
    
    3,295Thereafter
    
    
    2,084$
    81,236
  12




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 8 - DERIVATIVE INSTRUMENTS
      NOTE 9 - TRANSACTIONS WITH AFFILIATES
    13




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LEASE EQUITY APPRECIATION FUND I, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
March 31, 2007
(unaudited)
 NOTE 9 - TRANSACTIONS WITH AFFILIATES  (Continued)
    Three Months EndedMarch 31,2007
    
    2006Acquisition fees
    
    $
    161
    
    
    $
    123Asset management fees
    
    $
    289
    
    
    $
    234Reimbursed administrative expenses
    
    $
    149
    
    
    $
    104
  NOTE 10 - ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS
   NOTE 11 - COMPREHENSIVE LOSS
  NOTE 12 - NET (LOSS) INCOME PER LIMITED PARTNERSHIP UNIT
  14




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS                (unaudited)
 When used in this Form 10-Q , the words believes anticipates, expects and similar
expressions are intended to identify forward-looking statements. Such statements are subject to
certain risks and uncertainties more particularly described in Item 1A, under the caption Risks
Inherent in Our Business, in our annual report on Form 10-K for fiscal 2006. These risks and
uncertainties could cause actual results to differ materially. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date hereof. We
undertake no obligation to publicly release the results of any revisions to forward-looking
statements which we may make to reflect events or circumstances after the date of this Form 10-Q or
to reflect the occurrence of unanticipated events.
 Overview
       15




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Our Lease Portfolio
  Direct Financing Leases and Notes
 March 31, 2007
    
    
    December 31, 2006Type of Equipment
    
    Net Investment
    
    
    Percentage
    
    
    Net Investment
    
    
    PercentageMedical Equipment
    
    $
    32,620
    
    
    
    37.4
    %
    
    $
    29,140
    
    
    
    33.0
    %Industrial Equipment
    
    
    18,110
    
    
    
    20.8
    
    
    
    19,100
    
    
    
    21.6Computers
    
    
    12,575
    
    
    
    14.4
    
    
    
    13,477
    
    
    
    15.3Office Equipment
    
    
    5,917
    
    
    
    6.8
    
    
    
    6,944
    
    
    
    7.9Software
    
    
    4,028
    
    
    
    4.6
    
    
    
    3,683
    
    
    
    4.2Communications
    
    
    3,097
    
    
    
    3.5
    
    
    
    3,172
    
    
    
    3.6Garment Care
    
    
    2,778
    
    
    
    3.2
    
    
    
    3,373
    
    
    
    3.8Restaurant Equipment
    
    
    2,224
    
    
    
    2.5
    
    
    
    2,432
    
    
    
    2.7Building systems
    
    
    1,889
    
    
    
    2.2
    
    
    
    2,048
    
    
    
    2.3Other
    
    
    4,026
    
    
    
    4.6
    
    
    
    4,923
    
    
    
    5.6$
    87,264
    
    
    
    100.0
    %
    
    $
    88,292
    
    
    
    100.0
    %
 Operating Leases
 March 31, 2007
    
    
    December 31, 2006Type of Equipment
    
    Net Investment
    
    
    Percentage
    
    
    Net Investment
    
    
    PercentageIndustrial Equipment
    
    $
    310
    
    
    
    35.5
    %
    
    $
    266
    
    
    
    25.6
    %Office Equipment
    
    
    220
    
    
    
    25.2
    
    
    
    283
    
    
    
    27.2Communications
    
    
    181
    
    
    
    20.8
    
    
    
    205
    
    
    
    19.7Computers and software
    
    
    144
    
    
    
    16.5
    
    
    
    250
    
    
    
    24.1Medical Equipment
    
    
    16
    
    
    
    1.8
    
    
    
    33
    
    
    
    3.2Restaurant Equipment
    
    
    2
    
    
    
    0.2
    
    
    
    2
    
    
    
    0.2$
    873
    
    
    
    100.0
    %
    
    $
    1,039
    
    
    
    100.0
    %
 16




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Direct Financing Leases and Notes
 March 31, 2007
    
    
    December 31, 2006Type of Business
    
    Net Investment
    
    
    Percentage
    
    
    Net Investment
    
    
    PercentageServices
    
    $
    50,709
    
    
    
    58.1
    %
    
    $
    51,425
    
    
    
    58.2
    %Manufacturing
    
    
    9,472
    
    
    
    10.9
    
    
    
    9,030
    
    
    
    10.2Retail Trade
    
    
    7,217
    
    
    
    8.3
    
    
    
    7,747
    
    
    
    8.8Construction
    
    
    4,662
    
    
    
    5.3
    
    
    
    4,694
    
    
    
    5.3Wholesale Trade
    
    
    4,331
    
    
    
    5.0
    
    
    
    4,386
    
    
    
    5.0Transportation/Communication/Energy
    
    
    3,364
    
    
    
    3.9
    
    
    
    3,409
    
    
    
    3.9Agriculture/Forestry/Fishing
    
    
    2,933
    
    
    
    3.4
    
    
    
    2,829
    
    
    
    3.2Finance/Insurance/Real Estate
    
    
    2,447
    
    
    
    2.8
    
    
    
    2,552
    
    
    
    2.9Public Administration
    
    
    337
    
    
    
    0.4
    
    
    
    620
    
    
    
    0.7Other
    
    
    1,792
    
    
    
    1.9
    
    
    
    1,600
    
    
    
    1.8$
    87,264
    
    
    
    100.0
    %
    
    $
    88,292
    
    
    
    100.0
    %
 Operating Leases
 March 31, 2007
    
    
    December 31, 2006Type of Business
    
    Net Investment
    
    
    Percentage
    
    
    Net Investment
    
    
    PercentageConstruction
    
    $
    355
    
    
    
    40.7
    %
    
    $
    313
    
    
    
    30.1
    %Services
    
    
    305
    
    
    
    35.0
    
    
    
    438
    
    
    
    42.2Wholesale Trade
    
    
    67
    
    
    
    7.7
    
    
    
    82
    
    
    
    7.9Finance/Insurance/Real Estate
    
    
    54
    
    
    
    6.1
    
    
    
    66
    
    
    
    6.3Manufacturing
    
    
    41
    
    
    
    4.7
    
    
    
    63
    
    
    
    6.1Transportation/Communication/Energy
    
    
    40
    
    
    
    4.6
    
    
    
    61
    
    
    
    5.9Retail Trade
    
    
    2
    
    
    
    0.2
    
    
    
    4
    
    
    
    0.4Public Administration
    
    
    1
    
    
    
    0.1
    
    
    
    2
    
    
    
    0.2Other
    
    
    8
    
    
    
    0.9
    
    
    
    10
    
    
    
    0.9$
    873
    
    
    
    100.0
    %
    
    $
    1,039
    
    
    
    100.0
    %
  17




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Results of Operations
 Three Months Ended March 31, 2007 compared to Three Months Ended March 31, 2006
  
    
    Interest income on equipment financings increased to $1.8 million for the
three months ended March 31, 2007 as compared to $1.5 million for the three
months March 31, 2006 an increase of $257,000 (17%). This is due to an increase in our
financing assets to $86.8 million as of March 31, 2007 as compared to $78.0 million as
of March 31, 2006, an increase of $8.8 million (11%). This growth was driven by our
General Partners increased sales to us and marketing efforts supported by lines of
financing.
    
    Other income increased to $174,000 for the three months ended March 31,
2007 as compared to $137,000 for the three months ended March 31, 2006, an
increase of $37,000 (27%). Other income consists primarily of late fee income. Late
fee income has increased due to the increase of the financing portfolio and an increase
in payment collection efforts.
  
    
    Rental income decreased to $148,000 for the three months ended March 31,
2007 as compared to $231,000 for the three months ended March 31, 2006, a
decrease of $83,000 (36%). This decrease is principally the result of operating leases
reaching term.
  
    
    Interest expense increased to $1.2 million for the three months ended
March 31, 2007 as compared to $1.1 million for the three months ended March 31, 2006,
an increase of $135,000 (13%). This increase is primarily due to the increase of our
debt incurred to acquire equipment financing assets. Debt increased to $81.2 million
as of March 31, 2007 as compared to $74.6 million as of March 31, 2006, an increase of
$6.6 million (9%).
    
    Our provision for credit losses increased to $204,000 for the three months
ended March 31, 2007 as compared to $145,000 for the three months ended March 31, 2006,
an increase of $59,000 (41%). This increase was within our expectation. We provide for
bad debts when losses are likely to occur based on a migration analysis of past due
payments and economic conditions.
    
    Management fees increased to $289,000 for the three months ended March 31,
2007 as compared to $234,000 for the three months ended March 31, 2006, an increase of
$55,000 (24%). This increase is directly attributable to the increase in receipts from
commercial financing assets, since management fees are paid based on lease payments
received.
    
    Administrative expenses reimbursed to related party increased to $149,000
for the three months ended March 31, 2007 as compared to $104,000 for the three
months ended March 31, 2006, an increase of $45,000 (43%). This increase is due to the
growth in our commercial financing assets.
    
    Our general and administrative expenses increased to $320,000 for the three months
ended March 31, 2007 as compared to $133,000 for the three months ended March 31, 2006,
an increase of $187,000 (141%). General and administrative expenses mainly consist of
legal fees and accounting fees. This increase is principally the result of increased
legal costs associated with collection efforts.
  
    
    Depreciation on operating leases decreased to $121,000 for the three
months ended March 31, 2007 as compared to $192,000 for the three months ended March
31, 2006, a decrease of $71,000 (37%). This decrease is principally the result of
operating leases reaching term.
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##### Table of Contents



Liquidity and Capital Resources
     March 31,2007
    
    
    2006Net cash provided by operating activities
    
    $
    1,445
    
    
    $
    469Net cash provided by investing activities
    
    
    987
    
    
    
    2,756Net cash used in financing activities
    
    
    (5,474
    )
    
    
    (3,027
    )(Decrease) increase in cash
    
    $
    (3,042
    )
    
    $
    198
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##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 ITEM 4. CONTROLS AND PROCEDURES
    
 PART II  OTHER INFORMATION
 
 ITEM 6. EXHIBITS
 Exhibit No.
    
    Description3.1
    
    
    Amended and Restated Agreement of Limited Partnership (1)3.2
    
    
    Certificate of Limited Partnership (2)4.1
    
    
    Forms of letters sent to limited partners confirming their investment (2)10.1
    
    
    Fourth Amendment to Secured Loan Agreement with WestLB AG, New York Branch, dated
March 30, 200731.1
    
    
    Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer.31.2
    
    
    Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer.32.1
    
    
    Certification of Chief Executive Officer pursuant to Section 1350 of Chapter 63 of
Title 18 of the United States Code.32.2
    
    
    Certification of Chief Financial Officer pursuant to Section 1350 of Chapter 63 of
Title 18 of the United States Code.
 
 (1)
    
    Filed previously as Appendix A to our Post-Effective Amendment No. 3 to our
Registration Statement on Form S-1, filed on January 24, 2004.(2)
    
    Filed previously as an Exhibit to Amendment No. 1 to our
Registration Statement on Form S-1 filed on June 7, 2002. 
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##### Table of Contents



SIGNATURES
  LEASE EQUITY APPRECIATION FUND I, L.P.A Delaware Limited PartnershipBy: LEAF Financial Corporation, its General PartnerMay 15, 2007
    
    
    
    /s/ Crit DeMentCRIT DEMENTChairman and Chief Executive Officer of the General PartnerMay 15, 2007
    
    
    
    /s/ Robert K. MoskovitzROBERT K. MOSKOVITZChief Financial Officer, Treasurer of the General Partner
 21