- 499 -
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.
On December 22, 1986, Cedilla Invest. also purportedly
purchased certain Wang-manufactured computer equipment and
peripherals from Dard for a stated purchase price of $746,608.
This equipment had the same transactional history as the property
described above in the $3,615,100 transaction except that F/S
Computer Corp. was involved instead of Funding Systems
International as the intermediary lessee. The equipment in this
transaction was subject to several end user leases with various
entities located in North America.
The stated purchase price of $746,608 was, according to the
terms of the purchase agreement, payable as follows: $3,700 cash
at the time of the execution of the agreement; a short-term
promissory note payable on May 15, 1987, in the amount of
$40,700; and a long-term "limited recourse" promissory note in
the amount of $702,208.
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