- 8 - D. Note Payable to North Dakota Bank The note bearing code ND was a fixed-rate loan that petitioner issued in a private transaction to the Bank of North Dakota. E. Capital Debentures CD-1, CD-2, and CD-3 were capital debentures. These capital debentures were subordinated and junior in right of payment to all obligations and liabilities of petitioner. F. Zero Coupon Bonds Petitioner issued zero coupon bonds Z-2 and Z-3, which were subordinated capital debentures junior in right of payment to all senior obligations of petitioner. Zero coupon bonds have no stated interest rate but are issued at a substantial discount to face value. At maturity, the holder is entitled to receive the face of amount of the bond. G. Collateralized Mortgage Obligations (CMOs) CMO A-2, CMO A-3, and CMO C-4 were debt instruments secured by mortgages which were outstanding on December 31, 1984. These CMOs were subject to put and call options; the call dates, put dates, and final maturity dates were as follows: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