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$11,089,447. According to the POM, these notes were nonrecourse
obligations of Charterhouse.
Hambrose Purchase
Hambrose purchased the additional equipment from
Charterhouse for $11,064,696, subject to all other liens and
leases including the liens of the original third-party lenders,
CIS and Comdisco, and user leases. Hambrose paid for the
additional equipment as follows: $1,200,000 in cash and a
$9,864,696 installment note. This note was unsecured and payable
in seven annual installments, the first, in 1986, of $206,473 and
the remaining six installments of $2,477,681. Concurrently with
Hambrose's purchase of the additional equipment from
Charterhouse, Charterhouse leased back the additional equipment
from Hambrose pursuant to a wrap lease (the additional equipment
wrap lease). The additional equipment wrap lease called for the
following annual fixed rental payments:
Year Unit Minimum Unit Maximum
1985 $0 $0
1986 206,473 413,091
1987 2,477,681 4,957,116
1988 2,477,681 4,957,116
1989 2,477,681 4,957,116
1990 2,477,681 4,957,116
1991 2,477,681 4,957,116
1992 2,477,681 4,957,116
Partnership Purchase
The partnership purchased the additional equipment from
Hambrose for $11,064,696 subject to all other liens and leases
including those of the original third-party lenders, the original
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