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12/17/78 48 mos. 1,188
12/19/78 48 mos. 1,188
12/19/78 48 mos. 1,188
12/19/78 48 mos. 1,188
12/19/78 48 mos. 1,188
1/27/78 36 mos. 3,381
Sha-Li had purchased the computer equipment with money
borrowed from Manufacturers Hanover Leasing Corp. (MHLC). Sha-Li
borrowed the money pursuant to agreements entitled "Assignment of
Lease Without Recourse and Security Agreement" (the assignment
agreements). Among other provisions, each assignment agreement
contains the following: A statement that, as of the date of the
agreement, unpaid rent under the related BNY lease exceeded the
amount borrowed by Sha-Li pursuant to the agreement; an
assignment to MHLC of Sha-Li's rights to the proceeds
(principally rent) under the related BNY lease; a grant to MHLC
of a security interest in the computer equipment subject to the
related lease; and an agreement by MHLC to take no recourse
against Sha-Li should the lessee default in the payment of any of
its obligations as a result of the lessee's financial inability
to meet those obligations.
Sale by Sha-Li to Proz
Proz Leasing Associates, Inc. (Proz), a New York
corporation, was organized in June 1979 to be a "middle company"
in leasing transactions. Pursuant to an agreement between Proz
and Sha-Li dated as of June 30, 1979 (the Proz computer purchase
agreement), Proz purchased the computer equipment from Sha-Li.
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Last modified: May 25, 2011