Gain on Extinguishment of Debt

12 Months Ended

Dec. 31, 2012

Note 8. Gain on Extinguishment of Debt

Gain on extinguishment of debt for the years ended December 31, 2012, 2011, and 2010 consisted of the following (in thousands):

	Year Ended December 31,
Gain on Extinguishment of Debt	2012		2011		2010
Extinguishment of senior credit facility and junior subordinated notes (1)		$—		$174,846		$—
Termination of loan participation sold (2)		—		75,000		1,124
Securitized debt obligations (3)		—		21,185		2,010
Total		$—		$271,031		$3,134


(1)	Represents the gain recorded on the extinguishment of certain of our legacy debt obligations as part of our March 2011 Restructuring. See Note 1 for further discussion.
(2)	Represents the gain recorded on the termination of a loan participation sold which had previously been impaired. See Note 2 for discussion of loan participations sold.
(3)	Represents the gain recorded as a result of realized losses in consolidated securitization vehicles. As losses in these vehicles are realized, they result in the extinguishment of certain subordinate classes of securitized debt of such consolidated securitization vehicles. See Notes 5 and 17 for discussion of consolidated securitization vehicles.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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