HPSC, INC. LIMITED RECOURSE NOTE AND SECURITY AGREEMENTLimited Recourse Note and Security Agreement • November 14th, 2003 • HPSC Inc • Finance lessors • Massachusetts
FOR VALUE RECEIVED, the undersigned, HPSC, Inc. (“HPSC”), hereby promises to pay to the order of DOLLIE A. COLE (the “Payee”), the sum of EIGHT HUNDRED SEVENTY THOUSAND SEVEN HUNDRED THIRTY TWO DOLLARS AND TWELVE CENTS ($870,732.12). This Limited Recourse Note and Security Agreement (“this Note”) shall be payable upon the terms and conditions and entitled to the security and benefits, all as set forth in the HPSC Gloucester Funding 2003-1 LLC I and HPSC Gloucester Funding 2003-1 LLC II 13.947% Asset Backed Note, Series 2003-1, Class F (the “Class F Note”) issued pursuant to an Indenture, dated as of March 31, 2003, by and among HPSC Gloucester Funding 2003-1 LLC I and HPSC Gloucester Funding 2003-1 LLC II, as Issuers, HPSC, Inc., as Servicer and Originator and BNY Midwest Trust Company, as Indenture Trustee (the “Indenture”). An interest in the Class F Note, equal to $965,000, was transferred to, and paid for in full by, HPSC (the “HPSC Interest in the Class F Note”). Such transfer was
