- 7 -
Sale by Proz to Petitioner
Pursuant to an agreement between petitioner and Proz dated
as of June 30, 1979 (the petitioner computer purchase agreement),
petitioner purchased the computer equipment from Proz. The
petitioner computer purchase agreement recites a purchase price
of $450,000 ($300 more than payable under the Proz computer
purchase agreement), payable as follows:
1. $500 in cash payable to Proz no later than
June 30, 1979.
2. $1,500 by delivery to Proz of a recourse note
concurrently with execution of the petitioner computer
purchase agreement.
3. $11,500 by delivery to Proz of another recourse note
concurrently with execution of the petitioner computer
purchase agreement.
4. $436,500 by delivery to Proz of a limited recourse
installment note (the petitioner computer installment
note) concurrently with execution of the petitioner
computer purchase agreement.
The petitioner computer installment note is interest bearing and,
identically with the Proz computer installment note, it calls for
96 monthly installment payments, each in the amount of $6,908.79,
commencing on July 1, 1979.
The petitioner computer installment note gives petitioner
the right to defer any or all note payments owed to Proz to the
extent amounts due petitioner under a lease of the computer
equipment to be entered into by petitioner with Sha-Li are not
received when due. Amounts so deferred become due and payable to
Proz when, and to the extent that, petitioner receives from Sha-
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011