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being represented by various installment notes, which were
nonrecourse obligations of Charterhouse and were secured by the
Initial Equipment.
On or about March 29, 1985, Hambrose purchased the Initial
Equipment from Charterhouse for $474,415, subject to the liens of
the original third-party lenders, the original purchaser, and the
end user leases. This $474,415 purchase price was payable as
follows: $23,000 in cash on May 8, 1985, and $451,415 by an
unsecured installment note. Concurrent with Hambrose's purchase
of the Initial Equipment from Charterhouse, Hambrose leased back
the Initial Equipment to Charterhouse pursuant to the terms of a
wrap lease (Initial Equipment Wrap Lease), which provided for
fixed rent, payable in four consecutive annual installment
payments of $153,212 each, with the first payment due on
March 31, 1986.
On or about March 29, 1985, the partnership purchased the
Initial Equipment from Hambrose for $474,415 subject to all the
liens of the original third-party lenders, a lien on and security
interest in the Initial Equipment in favor of Hambrose, and
subject to the user leases and the Initial Equipment Wrap Lease.
This $474,415 purchase price was payable as follows: $1,000 in
cash on the closing in October 1985; $27,000 in cash on or before
December 31, 1985; and a $446,415 promissory note (secured by the
Initial Equipment) that was payable in four consecutive annual
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