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HomeMy WebLinkAbout11-3877Form 669-D Department of the Treasury - Internal Revenue Service (September 2008) Certificate of Subordination of Property From Federal Tax Lien (Sec. 6325(d)(1) and/or Sec. 6325(d)(2) of the Intemal Revenue Code) METCALF TRUCKING LLC of 1513 COMMERCE AVE, City of CARLISLE, County of Carlisle, State of PENNSYLVANIA, is indebted to the United States for unpaid internal revenue tax in the sum of One Hundred Two Thousand Seven Hundred Ninety Seven dollars and Ninety Cents Dollars (102,797.90) as evidenced by: Notice of Federal Tax Lien Serial Number (a) Recording Information (b) Date Recorded (c) Taxpayer Identification Number (d) Amount Shown on Lien (e) 777011711 11-3877 04/25/2011 36-4518084 10,779.92 A lien attaching to all the property of the taxpayer was filed to secure the amount owed. The notice of lien was filed with the Prothonotary's Office, for the Carlisle, and also with the State of Pennsylvania, in accordance with the applicable provisions of law. The lien listed above is attached to certain property described as: All accounts receivables belonging to Metcalf Trucking LLC in existence on May 28, 2011 and coming into existence prior to May 28, 2012. C For a detailed description, please refer to attached forbearance agreement. -v rZ D? a -i C= -urn m _.y NOTE: Always include the address of real property or a descriptive narrative of personal property in this section when using "See Attachment"and a more detailed description is being attached. Under provisions of Internal Revenue code section 6325(d)(1) and/or section 6325(d)(2), the Internal Revenue Service subordinates the lien on the property described above to (Gulf Coast Bank And Trust Company, 200 St. Charles Avenue, New Orleans, LA 70130, File Number 2010061601719). However, the lien remains in effect for all other property, or rights to property, to which the lien is attached. Signature Title Date (Note: Certificate of officer authorized by law to take acknowledge ents is not es ntial to the validity of Dis arge of Federal Tax Lien. Rev. Rul. 71-466,1971-2, C.B. 409.) Catalog No. 16751C Form 669-D (Rev. 9-2008) I I I SUBORDINATION AND FORBEARANCE AGREEMENT 2 This agreement is entered into by and between Gulf Coast Bank and Trust, 200 St. 3 11 Charles Avenue, New Orleans, LA 70130 hereinafter referred to as the "Factor; Metcalf 4 Trucking LLC, 1531 East Commerce Avenue, Carlisle, PA 17015 hereinafter referred to as 5 the "Taxpayer;" and the United States of America, by and through the Director, Advisory, 6 Insolvency & Quality of Internal Revenue for SB/SE, the authorized delegate of the Secretary 7 of the Treasury, hereinafter referred to as the Director. s RECITALS 9 (1). On August 13.2010: September 17.2010. October 12 2010 December 13.2010 10 11 January 19.2011: April 25, 2011 the Internal Revenue Service (hereinafter the Service), filed 11 11 Notices of Federal Tax Liens with the Prothonotary of Cumberland County, Carlisle, 12 11 Pennsylvania. 13 (2). The Tax Liens attach to all the taxpayer's property or rights to property, including after 14 acquired property, such as the Taxpayer's accounts receivable. 15 11 (3). On June 15, 2010 the Factor recorded a UCC financing statement with the 16 11 Pennsylvania Secretary of State, which financing statement included Taxpayer's accounts 17 receivable as collateral for the financing . 1s AGREEMENT 19 (4). As consideration for the Service entering into this agreement, the Taxpayer agrees to 2 ° pay the Service an initial payment in the amount of: Three Thousand dollars ($ 3,000.00) to 21 11be received on May 28.2011. This agreement will be in effect from May 28 2011 through 2 2 May 28.2012. 23 (5). The Taxpayer further agrees to enter into an installment agreement with the Service. 24 Taxpayer will pay the sum of. Three Thousand Dollars ($ 3,000.00) to be received on the 25 1128th day of each month thereafter- and will meet all terms and conditions of the installment 26 agreement with the Service that accompanies this subordination agreement, during the period 27 of the subordination, pending approval of the installment agreement. 2s Forbearance Agreement f r` i` 1 1 2 3 (6). The installment agreement that accompanies the subordination agreement will be 4 monitored by the AIQ - Advisory Function in conjunction with this subordination agreement 5 payments will be sent to: 6 Monica Rivera, Advisor, Employee Number 22976630 7 Internal Revenue Service 8 955 South Springfield Avenue 9 Springfield, New Jersey 07081 10 Second Floor, Advisory 11 (7). If the period of the installment agreement extends beyond the period of the 12 subordination, the taxpayer shall apply for a new subordination agreement at least 60 days. 13 prior to the end date of the current subordination. 14 (8). The Taxpayer further agrees to remain current in the filing and paying of all Federal 15 Taxes during the period of this agreement and will furnish proof of current Federal Tax 16 Deposits by-weekly. 17 (9). The Taxpayer further agrees to furnish to the Service each month a listing of its current 18 accounts receivable. 19 (10). The Taxpayer also agrees to identify which of its current accounts receivable 20 11have been pledged to the Factor for collection by the Factor and upon which advances have 21 been made. 22 (11). The listing in (7) above and information cited in (8) above will be furnished 23 11 monthly to: 24 Monica Rivera, Advisor, Employee Number 22976630 2s Internal Revenue Service 26 955 South Springfield Avenue 27 Springfield, New Jersey 07081 28 Second Floor, Advisory Forbearance Agreement 1 2 (12). The installment agreement that accompanies this subordination agreement will 3 make reference to this subordination agreement, specifically to paragraphs (4) through (11) 4 above. 5 (13). In consideration of the foregoing, the Director agrees not to assert the Service's 6 tax lien priority under I.R.C. §§ 6323 (a) or to levy pursuant to I.R.C. § 6331 against the 7 Taxpayer's accounts receivable, which accounts are used as security for advances made by 8 the Factor to the Taxpayer prior to the termination of this agreement. 9 (14). The failure of the Taxpayer to comply with the terms set forth in paragraphs (4) 10 through (9) above will constitute a default of this agreement and default of the accompanying 11 installment agreement. 12 (15). Upon failure of the Taxpayer to comply with the terms set forth in paragraphs (4) 13 through (9) above, the Director or other authorized representative will notify the parties to this 14 agreement in writing by certified mail that a default has occurred The Taxpayer has 30 days to 15 cure either the default in the subordination agreement or the default in the accompanying 16 11 installment agreement. 17 11 (16). If the Taxpayer does not cure the default within 30 days of the date of the 18 abovementioned letter, then this agreement is deemed terminated and the Service will no 19 longer forbear from enforcing its lien rights (including levy) against the Taxpayer's accounts 20 receivable that have not been pledged for advances made prior to the termination of this 21 11 agreement, as otherwise permitted under the Internal Revenue Code. 22 II (17). The failure of the Director or other authorized representative of the Service to 23 11 notify the parties of any default will not constitute a waiver of either the default of the 24 installment agreement or the subordination agreement. 25 II (18). Pursuant to I.R.C. § 6103(c), the Taxpayer consents to the disclosure of tax 26 return information to the Factor to the extent required to show that this agreement is in default. 27 28 Forbearance Agreement 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (19). This agreement concerns only the specific accounts receivable which the Taxpayer has pledged to the Factor as security for the advances made by the Factor to the Taxpayer. (20). Any change to the compensation to the Factor or to the Factor's security interest in the Taxpayer's assets must be approved by Service or the Service will not forbear from asserting its lien priority as to the changed compensation. Forbearance Agreement JUN-16-2011 14:54 PHILA ADVISORY UNIT P.006/007 "J:.•G? Jun 10, 21611 PKi DWiPIDLtLT w +a?s? rNtDL% ?0/v JUN-e9-2011 13:43 2 Signature Page I 1 AS Fsciot; Gulf Coast k 2nd Tnist. fate s 10 ze? f 6 By. Ii?CITl&S !'? ?CJOGJ /, /© 0 7 a 7'aVaYer: N8t0 Twking LLC 1•o BY Jerald L. 2.1 12 0aie. rnerriber Ct?riStine Me?ca?? ?lernbe'r 13 13f1 od States of A"*m nirector, Advisory, )riso)v r4y & Quality 14 i=oi O tornai/R?!eWOUS Service; SBJSE 16 By- WNW K )Gto Advj-v4ry•(3roup Manager 17 IS. 19 20 21 22 23 24 25 2d 27 ' 2e 1?iTr719fv2 P.06 f f 9nnIA 6951 LZG EL6 1'K Tmisoxi JUN-16-2011 14:54 PHILA ADVISORY UNIT P.007i007 cbvv u IYJvY 15:27 AM 10. 2011 FR- BWIhMLY 4264938 PAGE* 6i9 ?uM-Q-'-2@i: 13:43 :PS i?_7777' r'.LK_ l i i? Signature PW 1 r ??-: tic T ire b I??S .r . r' • j UM AGO J^f8t-as of Amero. ;: innsrr? AQvimpr}: d?osv6eaCy E ouehry 16? S9NjCe, ?.'S? is 'i A*k sd i ?r?qr p?? ? 1S 20 i 23 24 ,5 s 26 ' • I' 2E i. r 11?ot,?'?: j b00'd 69ev its 046 fH Q'I2(axisa sHi 07:91 TIOZ-91-or TOTAL. P M7