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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />NOTES TO THE COMBINED FINANCIAL STATEMENTS
<br />Years Ended December 31, 2008 and 2007
<br />NOTE 9 - Long-term debt:
<br />Long-term debt of The Company and The Affiliate consists of the following at December 31, 2008:
<br /> TOTAL CURRENT LONG-TERM
<br />Notes payable to a financial institution payable
<br />in monthly installments of $3,224, non-interest
<br />bearing agreement, through December 2012,
<br />collateralized by equipment. (discount is
<br />based on imputed interest rate of 7.0%) $ 113,538 $ 38,688 $ 74,850
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $2,676 including interest
<br />at 6.5% per annum, through November 2013,
<br />collateralized by equipment. 135,812 32,112 103,700
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $5,959, including interest
<br />at6.65% per annum, through July 2012,
<br />collateralized by equipment. 239,899 71,508 168,391
<br />Notes payable to a financial institution, payable
<br />in monthly installments of $6,664, including interest
<br />at4.0% per annum, through December 2011,
<br />collateralized by equipment. 226,533 79,968 146,565
<br />Note payable to a financial institution, payable
<br />in monthly installments of $388, including interest
<br />at 5.9% per annum, through September 2010,
<br />collateralized by a vehicle. 8,149 4,656 3,493
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $6,936, including interest
<br />at 6.44% per annum, through April 2010,
<br />collateralized by equipment. 83,486 83,232 254
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $1 ,895, non-interest
<br />bearing agreement, through January 20 I 0,
<br />collateralized by equipment. (discount is
<br />based on imputed interest rate of 7.4%) 24,634 22,740 1,894
<br />Sub-total $ 832,051 $ 332,904 $ 499,147
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<br />Benitez & Company, CPA's
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