Customer owns tangible personal property located in Arizona.
The tangible personal property consists of manufacturing equipment, furniture, store fixtures, or office equipment. The Customer wishes to refinance existing debt associated with the Equipment, or to receive cash for the Equipment, in a manner that results in the Equipment, and any associated debt, being removed from the Customer s financial reporting balance sheets. The bill of sale clearly states that the transaction is intended to provide the Company with a security interest in the property and that Customer retains legal title to the property. In addition, the equipment is to remain in the possession of Customer. Following the initial transaction, the Company will lease the property back to the Customer.