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term, "limited recourse" promissory note in the amount of
$2,274,244.
Under the terms of the "limited recourse promissory note",
Cedilla Invest. was personally liable only during the 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 a
"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.
Other than the purchase agreements, bills of sale, and
promissory notes, IRA did not produce any other documents in
connection with these equipment leasing transactions, such as
equipment appraisals, economic forecasts, related correspondence,
legal opinions, rent payment schedules, checks (negotiated or
otherwise) evidencing payments of purchase price or rentals, or
records establishing the existence or actual location of the
equipment at any time during the subject leases.
The intermediary entities inserted in these transactions
(Horizon Leasing Corp., Neptune Leasing Corp.) served no economic
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