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principal and interest, due under the note, if any amount of rent
due under the lease was not received by the payor as the payments
became due. The deferral allowed the payor, Cedilla Invest., to
defer payment until December 31, 1994, without paying accrued
interest on that deferred amount. Under paragraph 7 of the
agreement, pertaining to the limited recourse obligations,
Cedilla Invest. was personally liable only for the interest and
principal on the note during the times and in the amounts set
forth in schedule A. The amount of recourse obligation as of
January 1, 1988, was zero. The balance of the obligation was
nonrecourse, and the payee looked only to the collateral for
payment.
IRA presented no evidence as to which entity had legal title
to this equipment under the various agreements. The purchase
agreements of Atlantic indicate that, as a part of each of the
lease agreements with Carena, at the end of the lease term, which
was either 5, 6, or 6� years, depending on the equipment,
Atlantic would make all efforts to obtain legal title to the
equipment so that it could convey the right, title, and interest
in the equipment to the lessee when the end user's lease
terminated. The price to be paid by Atlantic to obtain the legal
title to the equipment was 2 percent of the original value of the
equipment. This indicates that Atlantic had no legal title to
pass through the intermediaries to IRA, other than a future
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