Richard Santulli and Virginia Santulli - Page 5

                                        - 5 -                                         
               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.              





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