- 493 -
times and to the extent of the amounts referenced in schedule B
annexed thereto. Schedule B specifically provided that the
payor's (Cedilla Invest.'s) "maximum aggregate amount" of
personal liability was zero. Further, and also under the terms
of the note, Cedilla Invest.'s only obligation with respect to
payment of the amounts due thereunder was expressly in the nature
of "nonrecourse obligation", and the payee "shall look solely and
only to the Collateral for the payment and performance" of
Cedilla Invest.'s obligations under the note.
On December 22, 1986, Cedilla Invest. also purportedly
purchased certain IBM-manufactured computer equipment from Lexet
for a stated purchase price of $1,452,127. This equipment had
been previously or simultaneously acquired by Lexet from Proz
Leasing Associates, Inc., which entity had previously acquired
the equipment from JAL Group, Inc. (in 1980), and previously or
simultaneously from Sha-Li Leasing Corp. The equipment was
transferred subject to an end user lease with Information
Services Group, a division of Mars, Inc., Randolph, New Jersey.
The stated purchase price of $1,452,127 was, according to
the terms of the purchase agreement, payable: $7,200 cash at the
time of the execution of the agreement; a short-term promissory
note payable on May 15, 1987 in the amount of $79,200; and a
long-term "limited recourse" promissory note in the amount of
$1,365,727. Under the terms of the "limited recourse promissory
Page: Previous 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 NextLast modified: May 25, 2011