Douglas A. and Janet Vander Heide - Page 8

                                        - 8 -                                         

          $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           



Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  Next

Last modified: May 25, 2011