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Outstanding
Interest Principal Balance
Lender Maturity Date Rate as of 12/31/89
First Fidelity Jan. 16, 1990 12.00% $125,000
MGFP Mar. 31, 1990 10.00 328,500
PKVI LP entered into the $125,000 loan agreement with First
Fidelity on or before October 16, 1989.
PKVI LP also had the same loan agreements outstanding with
Liberty Life on December 31, 1989, as it did on December 31,
1988. The outstanding principal balances of PKVI LP’s loan
agreements with Liberty Life totaled $1,778,241 as of
December 31, 1989; $1,652,584 of this amount was treated as
long-term debt on PKVI LP’s audited financial statements for the
year ended December 31, 1989, and the balance was treated as a
current liability.
The outstanding principal balances of the transfers
associated with the agreements described in the preceding two
paragraphs totaled $2,231,741 as of December 31, 1989. Of this
amount, $579,157 was listed as a current liability on the
Statement of Financial Condition included in PKVI LP’s audited
financial statements for the year ended December 31, 1989, and as
“Mortgages, notes, and bonds payable in less than 1 year” on the
Schedule L attached to PKVI LP’s Form 1065 for 1989. The balance
of this amount was listed as a long-term liability on the
Statement of Financial Condition included in PKVI LP’s audited
financial statements for the year ended December 31, 1989, and as
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