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and assumed liabilities were nonrecourse obligations as to
Charterhouse.
Hambrose then purchased the additional equipment from
Charterhouse for $14,421,478, subject to all other liens and
leases, including the liens and leases of the original third-
party lenders, Comdisco, and user leases. The $14,421,478
purchase price was payable by $1,700,000 in cash and by a note,
payable in nine installments of principal and interest as
follows:
Year Amount
1984 $ 412,833
1985 1,696,747
1986 1,883,388
1987 2,090,561
1988 2,320,522
1989 2,575,780
1990 2,859,116
1991 3,173,618
1992 2,571,326
The purchase agreement contained the identical indemnification
provision as the Hambrose-Charterhouse purchase agreement
relating to the initial equipment.
Hambrose then leased the additional equipment back to
Charterhouse pursuant to a wrap lease. As with the initial
equipment, the wrap lease provided for no rights of set-off. The
lease agreement contained the identical indemnification provision
as the wrap lease of the initial equipment. The annual payments
due Hambrose from Charterhouse under the wrap lease were
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