Senior Long-Term Debt

12 Months Ended

Dec. 31, 2019

Senior Long-Term Debt [Abstract]

Senior Long-Term Debt

8. Senior long-term debt:

As of December 31, 2018, the $2.1 million of senior long-term debt consisted of a note payable to a lender. Such debt was utilized during the fourth quarter of 2013 to partially fund the marine vessel and related bareboat charter purchased by the Fund and its affiliate, ATEL 15, LLC. The note bore interest at a fixed-rate of 3.5% per annum, to accrue in arrears on a monthly basis. On May 20, 2019, a non-recourse note approximating $9.2 million was executed for the Fund and ATEL 15 LLC, the proceeds of which were split equally and were used to pay off the senior long-term debt which was initially used to purchase the marine vessel and related “bareboat charter”. The rate on this new note is 3.4%. The non-recourse promissory note is to be serviced by the cash flows generated under a renewed ‘bareboat charter”.