Agreement to Defer Interest Payment on March 2007 Debenture between Kinzer Technology LLC and Theater Xtreme Entertainment Group, Inc.

Contract Categories: Business Finance › Forbearance Agreements
Summary

Kinzer Technology LLC and Theater Xtreme Entertainment Group, Inc. have agreed that Theater Xtreme may defer its interest payment due on April 1, 2008, under a $2,700,000 debenture, until July 1, 2008. On July 1, 2008, Theater Xtreme must pay both the regular interest due and all previously deferred interest payments, bringing all interest payments current. This agreement is confirmed by signatures from both parties.

Read More Arrow
EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm
KINZER TECHNOLOGY
Richmond, Virginia 23233


March 25, 2008

 
Mr. Scott Oglum
Chief Executive Officer
Theater Xtreme Entertainment Group, Inc.
250 Corporate Blvd Suite E&F
Newark, DE  19702


 
RE:
Kinzer Technology LLC (“Kinzer”) w. Theater Xtreme Entertainment Group, Inc. (“Theater Xtreme”) March 2007 $2,700,000 Debenture (“Debenture”)
     
     
Dear Scott:

Per your request, this letter shall serve as Kinzer’s agreement that Theater Xtreme be permitted to defer that interest payment due on April 1, 2008 under the Debenture (and as required in our letter of October 2, 2007) to July 1, 2008. Theater Xtreme shall be required to make its regular interest payment due as of such date as well as the Deferred Interest Payments as set forth in the letter of October 2, 2007 and the interest payment deferred hereby due April 1, 2008 (which shall bring current all installment payments of interest).

Please countersign below to acknowledge our mutual agreement and return to me.

 
Sincerely,
   
 
/s/ Philip J. Dunn
   
 
Philip J. Dunn
 
Vice President and Treasurer


Acknowledged and Agreed



BY:
/s/ Scott Oglum
Date: March 31, 2008
 
Scott Oglum
  
 
Chief Executive Officer
  
 
Theater Xtreme Entertainment Group, Inc.