- 500 -
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.
On December 22, 1986, Cedilla Invest. also purportedly
purchased certain computer equipment and peripherals from Dard
for a stated purchase price of $640,710. This equipment also had
the same transactional history as the equipment involved in the
$746,608 transaction. The equipment was transferred subject to
several end user leases with various entities.
The stated purchase price of $640,710 was, according to the
terms of the purchase agreement, payable as follows: $3,200 cash
payable at the time of the execution of the agreement; a short-
term promissory note payable on May 15, 1987, in the amount of
$35,200; and a long-term "limited recourse" promissory note in
the amount of $602,310.
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