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acknowledges that it is fully aware of, and consents to
the terms and conditions of the Security Agreement, the
Note and each of the other Basic Agreements. The
obligations of the Debtor hereby guaranteed are herein
called the “Obligations”;
* * * * * * *
SECTION 3. No Subrogation. * * * The Guarantor
hereby further irrevocably waives all contractual, common
law, statutory or other rights of reimbursement,
contribution, exoneration or indemnity (or any similar
right) from or against the Debtor or any other party which
may have arisen in connection with this Guarantee.
Additionally, as required by the loan and security
agreement, IPO II and Indeck Energy were issued an aircraft
insurance policy with respect to the aircraft. The promissory
note, loan and security agreement, and guaranties were recorded
and filed in due course.
In 1997, petitioner was appointed TMP of IPO II, and Indeck
Overseas was appointed manager of IPO II. Both members continue
to serve in their respective capacities.
Petitioner filed a Form 1065, U.S. Partnership Return of
Income, on behalf of IPO II for each of the years in issue. On
July 12, 2002, respondent issued the FPAA to petitioner, as TMP
of IPO II, with respect to the years in issue. In the FPAA,
respondent determined, inter alia, that 100 percent of the
recourse liability shown on the Schedules K-1, Partner’s Share of
Income, Credits, Deductions, etc., was allocable to Mr. Forsythe,
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Last modified: May 25, 2011