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E. IRA-1980 Foreign/Domestic Transaction ("Alfred Teves
Transaction")
A purported purchase agreement dated December 31, 1980, by
and between Funding International and Funding Systems
International GmBH (Funding GmBH) was consummated, pursuant to
which Funding GmBH sold certain equipment to Funding
International for $931,321, paid by a check in the amount of
$18,721, and a nonrecourse note in the amount of $912,600.
The schedule attached to the bill of sale with respect to
the property contained duplicate schedules of certain equipment
located in Belgium at two locations: One at Alfred-Teves
Strasse, 3170 Gifhorn, and one at Muller Strasse, 4-14, 5275
Bergneustadt 1. All of this equipment is referred to as the
Alfred Teves transaction.
The $912,600 note executed by Funding International included
a provision for deferral of payment by the payor, in the event
amounts due for rent with respect to the lease between payor and
payee were not made. The amount deferred would become payable on
December 31, 1995, and would not accrue interest. The note was
nonrecourse in that the payee looked solely to the collateral for
payment of the obligation.
Consistent with the agreement of purchase, Funding
International and Funding GmBH entered into an agreement wherein
the equipment was leased back to Funding GmBH.
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