- 15 -
The Proz' telecommunications note additionally gives Proz
the right to defer payments on the petitioner telecommunications
installment note if Proz fails to receive payments from
petitioner under petitioner's "Limited Recourse Promissory Note -
Security Agreement". Amounts so deferred become due and payable
to RTS when, and to the extent that, Proz receives such payments
from petitioner. In any event, Proz must pay all deferred
amounts no later than December 31, 1999. No interest accrues on
amounts so deferred.
Pursuant to the Proz telecommunications purchase agreement,
Proz acquired the telecommunications equipment subject to the
loan agreement and the U.S. Telephone lease.
Sale by Proz to Petitioner
Pursuant to an agreement between petitioner and Proz dated
December 30, 1982 (the petitioner telecommunications purchase
agreement), petitioner purchased the telecommunications equipment
from Proz. The petitioner telecommunications purchase agreement
recites a purchase price of $3,610,205 ($5,000 more than payable
under the Proz telecommunications purchase agreement), payable as
follows:
1. $180,510 by check or wire transfer to RTS concurrently
with the execution of the petitioner telecommunications
purchase agreement.
2. $3,429,695 by delivery to RTS of an installment note
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011