- 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