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Debt

6 Months Ended

Jun. 30, 2013

5. Notes Payable

Notes payable consisted of the following approximate amounts:

		June 30, 2013				December 31, 2012
Installment notes payable to banks; interest rate of 7.50%, due in monthly installments of $10,665, including interest with final payment in April 2013			0				42,000
Installment note payable to banks; interest rate of 5.25%, due in monthly installments of $7,441, including interest, with final payment in July 2014			94,000				136,000
Installment note payable to banks; interest rate of 4.23% due in quarterly installments of $10,311 including interest, with final payment in September 2015			88,000				117,000
		$	182,000			$	295,000

The notes are secured by specific equipment with a carrying value of approximately $273,000 as of June 30, 2013, and are nonrecourse liabilities of the Partnership. As such, the notes do not contain any financial debt covenants with which we must comply on either an annual or quarterly basis. Aggregate maturities of notes payable for each of the periods subsequent to June 30, 2013 are as follows:

		Amount
Six months ended December 31, 2013			62,000
Year ended December 31, 2014			90,000
Year ended December 31, 2015			30,000
		$	182,000

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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