CMA Consolidated, Inc. & Subsidiaries, Inc. - Page 58

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          equipment.  With those lease periods specified by the                       
          over lease agreement, CAP would have no actual over lease                   
          residual interests in the K-Mart and Shared equipment.  See                 
          supra note 7.                                                               
               The right to the master lease rental payments owed by CFX              
          Financial for the K-Mart and Shared equipment was separate from             
          the over lease rental payments that CAP owed to Jenrich.  Under             
          the over lease, CAP was obligated to apply those CFX Financial              
          master lease rental payments to pay off the EQ installment note             
          held by CFX Financial.  As to CAP’s over lease rental payments              
          due to Jenrich, they equaled and coincided with the installments            
          that Jenrich was required to make to CAP under Jenrich’s                    
          $4,056,220 equipment purchase installment note (which had been              
          issued in connection with the above CAP-Jenrich transaction in              
          step 2).                                                                    
               4.  On the next day, September 1, 1995, CAP sold to Aardan             
          Leasing Corp. (Aardan), a Delaware corporation, the rights to the           
          master lease rental payments due from CFX Financial relating to             
          the K-Mart and Shared equipment.  The September 1, 1995,                    
          agreement between CAP and Aardan provided that Aardan assume                
          CAP’s obligation (described above in step 1) to CFX Financial               
          under the EQ installment note.                                              









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