- 492 - IRA also executed in favor of Horizon a promissory note dated December 31, 1980, in the amount of $120,000, and another promissory note dated December 31, 1980, in favor of Horizon in the amount of $111,900.57 Pursuant to the transaction for the sale and leaseback of the computer equipment, Funding International executed a collateral assignment of leases to IRA. F. Cedilla Invest. "Lexet Transactions" On December 22, 1986, Cedilla Invest. purportedly purchased certain IBM-manufactured computer equipment from Lexet Leasing Corp. (Lexet) for a stated purchase price of $1,260,016. This equipment had been previously or simultaneously acquired by Lexet from Beta Gamma Leasing Corp., which entity had previously or simultaneously acquired the equipment from O.P.M. The equipment was subject to an end user lease with General Motors Corp., Cadillac Division, Detroit, Michigan. The stated purchase price of $1,260,016 was, according to the terms of the purchase agreement, payable as follows: $6,300 in cash on the date of the agreement; a short-term promissory note payable on May 15, 1987, in the amount of $69,300; and a long-term "limited recourse" promissory note in the amount of $1,184,416. Under the terms of the "limited recourse promissory note", Cedilla Invest. was only personally liable during the 57 The record contains no explanation for these notes.Page: Previous 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 Next
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