Letter Agreement Regarding Payment Moratorium on Equipment Leases between OxySure Systems, Inc. and Vencore Solutions LLC

Contract Categories: Business Finance › Modification Agreements
Summary

OxySure Systems, Inc. and Vencore Solutions LLC have agreed to a payment moratorium on certain equipment leases, with no interest or additional charges accruing on the outstanding balance of $307,661.83. This moratorium will remain in effect until either a cash settlement or repayment plan is agreed upon, or until February 29, 2012, whichever comes first. The agreement confirms the current status of the leases and OxySure's debt obligations to Vencore.

Read More Arrow
EX-10.15.1 6 ex10_15-1.htm EXHIBIT 10.15.1 ex10_15-1.htm
Exhibit 10.15.1
 
March 4, 2011

Mr. Julian T. Ross
Chairman & CEO
OxySure® Systems, Inc.
10880 John W. Elliot Road, Suite 600
Frisco, TX 75034

Re:
Master Lease Number 6906, Lease Schedule Numbers 01 through and including Number 11 (collectively the “Leases”)
Lessee: OxySure® Systems, Inc. (“Oxysure”)
Lessor: Vencore Solutions LLC (“Vencore”)

Dear Mr. Ross:

The intent of this letter is to reaffirm the status of the above referenced equipment Leases and the Oxysure debt obligations to Vencore.

Vencore has consented to a payment moratorium and such moratorium will continue until the earlier to occur of i) the execution and completion of a mutually agreed upon cash settlement (“Settlement”), ii) the execution of a mutually agreed upon repayment plan (“Plan”) or February 29, 2012.

In February 2009, the remaining contracted payments due under the Leases (the “Balance”) was $307,661.83 and the Balance, as of December 31, 2009, March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010 continued to be $307,661.83.  No interest or other charges are accruing or being assessed against the Balance and the Balance will continue to be $307,661.83 until the earlier to occur of a Settlement or a Plan being entered into or February 29, 2012.

Please do not hesitate to contact me if I can be of further assistance.

Truly,

/s/ Jim Johnson                                           
Jim Johnson
Vencore Solutions LLC
Chief Operating Officer