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the equipment with a loan from Pierson, Heldring & Pierson N.V.
(Pierson), a subsidiary of ABN (Pierson loan).
The initial term of the leaseback of the equipment from
Brussels Airport to ABN (the Brussels Leaseback) extended from
December 28, 1990, to December 31, 1997. Under the Brussels
Leaseback, ABN had the option to extend the Brussels Leaseback
for up to 3 additional years.
Because of similarities in the amounts due under the
Brussels Leaseback and the Pierson loan, ABN was to make lease
payments due under the Brussels Leaseback directly to Pierson,
and the lease payments were then to be applied by Pierson in
satisfaction of the payments due on the Pierson loan.
One year later, on December 12, 1991, ABN assigned to Atrium
Finis (Atrium), an equipment leasing and financing partnership
organized under the laws of the United Kingdom, all of its
interest as lessee under the remaining 6-year term of the 7-year
Brussels Leaseback. ABN, however, simultaneously leased back
from Atrium for approximately 3 years, until December 31, 1994,
use of the equipment covered by the Brussels Leaseback, and ABN
retained an option to extend this leaseback for an additional 4
years, until December 31, 1998 (the Atrium Sublease).
On December 12, 1991, ABN prepaid to Atrium approximately
$25 million, reflecting generally lease payments scheduled to be
paid to Atrium by ABN over the course of the 3-year Atrium
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