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$1,183,487 was paid in cash and $14,460,345 by various
installment notes.5 These installment notes were nonrecourse
obligations as to Charterhouse.
Hambrose then purchased the Additional Equipment from
Charterhouse for $15,420,834, subject to all other liens and
leases, including the liens of the original third-party lenders,
CIS, Comdisco, and the user leases.6 The $15,420,834 purchase
price was payable by $1,400,000 in cash and the remaining
$14,020,834 by an installment note, bearing 13.17722 percent
interest per annum, and payable in seven annual installments of
principal and interest as follows:
Year Amount
1986 $ 570,167
1987 3,421,004
1988 3,421,004
1989 3,421,004
1990 3,421,004
1991 3,421,004
1992 3,421,004
Concurrent with Hambrose's purchase of the Additional Equipment
from Charterhouse, Hambrose leased the Additional Equipment back
to Charterhouse pursuant to a wrap lease (Additional Equipment
Wrap Lease).
5 The difference between the total purchase price for
Charterhouse and the amount of CIS's and Comdisco's financing is
not explained in the record.
6 Hambrose purchased the Additional Equipment pursuant to a
purchase commitment given by it to Charterhouse earlier in the
year.
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Last modified: May 25, 2011