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limited recourse obligations, the payor was personally liable
only for the interest and principal under the note due during the
times, and only during the times, and in the amounts and only to
the extent of such amounts, as set forth in schedule A thereto,
without giving effect to the deferred payments, if any.
Under this provision, recourse obligations were determined
as of the date and occurrence of default. Under schedule A, the
maximum amount of recourse obligation as of January 1, 1988, was
zero. The balance of the obligation was nonrecourse, and the
payee looked only to the collateral for payment.
The purchase agreement between Pluto and Cedilla Invest. was
made pursuant to a certificate of resolutions of the
corporations' board of directors attested to by Meyers.
On December 30, 1979, Funding International purportedly
agreed to a collateral assignment of the lease with respect to
the computer leasing equipment to Cedilla Invest., subject to the
leases of Funding International. The result of the assignment
was that Cedilla Invest. received the payments under the existing
leases from the end users. In December 1979, Cedilla Invest. and
Funding International entered into an agreement of lease and a
remarketing agreement regarding the computer leasing equipment.
The term of the lease between Cedilla Invest. and Funding
International was through December 31, 1988. Under the lease,
the lessee could replace equipment subject thereto.
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