Letter Agreement Regarding Short-Term Loan and Repayment Terms Between Sahyoun Holdings LLC and Stratus Services Group, Inc.

Contract Categories: Business Finance › Note Agreements
Summary

Sahyoun Holdings LLC agrees to provide Stratus Services Group, Inc. with a $200,000 short-term loan, documented as a 90-day demand note. Stratus must repay $250,000 by August 1, 2002, using distributions from SEP, LLC, which are expected from SEA Consulting Services Corp. If these funds are not available, Joseph Raymond, CEO of Stratus, is personally responsible for repayment by September 1, 2002. The agreement is signed by representatives of both companies and outlines the repayment conditions and personal guarantee.

Read More Arrow
EX-2.9 3 a2079946zex-2_9.txt EXHIBIT 2.9 Exhibit 2.9 SAHYOUN HOLDINGS LLC 4 WHITE HOUSE WAY MONROE, NJ 08831 April 15, 2002 Mr. Joseph Raymond, CEO Stratus Services Group, Inc. 500 Craig Road Manalapan, NJ Subject: Letter Agreement Dear Joe: This letter shall serve to document our agreement regarding a change in the Allocation Agreement between Stratus Services Group, Inc., Sahyoun Holdings, and myself, Charles Sahyoun. Due to Stratus's current need for capital, Sahyoun Holdings will provide Stratus Services Group, Inc. with $200,000 in the form of a short term, 90 day, demand note. Stratus shall agree to reimburse Sahyoun Holdings, LLC by August 1, 2002 in the amount of $250,000. Such $250,000 shall be payable from distributions currently scheduled to be paid to Stratus Services Group, Inc., from proceeds received by SEP, LLC. Distributions made by SEP, LLC are in accordance with proceeds received from SEA Consulting Services Corp, on or about July 30, 2002. If for any reason, such proceeds due SEP, LLC are not received, and are there for not distributable, the repayment amount of $250,000 shall be paid by you, Joseph Raymond, from your person assets, on or about September 1, 2002. If you agree to the above terms, please sign below to signify your acknowledgement and understanding of this agreement. Sincerely, /s/ Charles Sahyoun ------------------------------------- Charles Sahyoun President, Sahyoun Holdings, LLC /s/ Joseph J. Raymond - -------------------------------------- Mr. Joseph Raymond CEO, Stratus Services Group, Inc. /s/ Michael A. Maltzman /s/ Joseph J. Raymond - -------------------------------------- ------------------------------------- Mr. Michael Maltzman Mr. Joseph Raymond CFO, Stratus Services Group, Inc. Individual