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Marketing Agreement
Pursuant to a marketing agreement between petitioner and
Sha-Li dated as of June 30, 1979, petitioner appointed Sha-Li as
marketing agent for the computer equipment after the termination
or expiration of the BNY leases.
Payment History
Until December 1982, Sha-Li's payments of rent to petitioner
pursuant to the Sha-Li lease, petitioner's payments to Proz
pursuant to the petitioner computer installment note, and Proz'
payments to Sha-Li pursuant to the Proz computer installment note
were made by check. Payments were not always timely. For
example, Sha-Li's payments due for July through September 1980
were not made until November 1980; petitioner's payments due for
July through October 1980 were not made until November 1980.
Manufacturers and Traders Trust Co. (Manufacturers) is a
financial institution located in New York City. During 1982,
petitioner, Proz, and Sha-Li all maintained accounts at
Manufacturers. In December 1982, each of petitioner, Proz, and
Sha-Li gave instructions to Manufacturers concerning their
respective accounts. All of the instructions were effective from
November 1982 through June 1987. Sha-Li instructed Manufacturers
to charge its account on the first day of each month in the
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