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interests were made in the ordinary course of business on normal credit terms, including interest rates and collateral, as those pre- vailing at the time for comparable transactions with unrelated per- sons. The aggregate amount of loans to executive officers of TCF was $25,000 and $9.1 million at December 31, 2002 and 2001, respectively. Included in these amounts were loans made to the Executive Deferred Compensation Plan trustee on behalf of the executive officers. During 2002, TCF’s Board of Directors decided to eliminate the loan feature from its officers’ and directors’ deferred compensation plans and requested and received repay- ment in full of all outstanding loans totaling $9.8 million. The deferred compensation plans sold 166,665 shares of TCF common stock owned by plan participants to repay the outstanding loans to the plans. See Note 15 for additional information regarding loans to the deferred compensation plan. In the opinion of management, the above mentioned loans to outside directors and their related interests and executive officers do not represent more than a normal credit risk of collection. 

TCF’s net investment in leveraged leases is comprised of the following: 

The investment in leveraged leases represents net unpaid rentals and estimated unguaranteed residual values of the leased assets, less related unearned income. TCF has no general obligation for prin- cipal and interest on notes representing third-party participation related to leveraged leases; such notes, which totaled $34.6 million at December 31, 2002, are recorded as an offset against the related rental receivable. As the equity owner in a leveraged lease, TCF is taxed on total lease payments received and is entitled to tax deduc- tions based on the cost of the leased assets and tax deductions for interest paid to third-party participants. A portion of the investment in leveraged leases at December 31, 2002 included a 100% equity interest in a Boeing 767-300 aircraft on lease to Delta Airlines in the United States. This leveraged lease has renewal and purchase options by the lessee at the end of the 9.75 year lease term. The air- craft is in service, the lessee is current on the lease payments and the lease expires in 2010. This lease represents TCF’s only material direct exposure to the commercial airline industry. 

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Future minimum lease payments for direct financing and sales-type leases as of December 31, 2002 are as follows: 

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