Does the CEO own the Medi-RI equipment personally
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Posted On: 10/19/2021 2:31:56 PM
Does the CEO own the Medi-RI equipment personally now?..please read >>>
if so....Medi-RI equipment headed to his other start up company's facility in Mississippi soon? Anyone familiar with the ins and outs of the Forbearance language?
https://www.sec.gov/Archives/edgar/data/13434...ex10-1.htm
2. Forbearance.
This FORBEARANCE AGREEMENT (this “Agreement”) is entered into as of the 11thday of January 2019 (the “Effective Date”), by and between Sun Pacific Holding Corp., a Nevada corporation (the “Borrower”) and Nicholas Campanella, a resident of Manapalan, New Jersey (the “Lender”).
WHEREAS, the Borrower and the Lender are parties to a certain Convertible Promissory Note and a Line of Credit, assumed by the Borrower upon the acquisition of Sun Pacific Power Corp. (as the same may from time to time be amended, modified, supplemented or restated, the “Financing Agreements” or “Financing Documents”) pursuant to which the Lender made a series of loans to the Borrower in the original principal amount of $332,474.00 and $135,528.00, respectively (the “Loans”).
(a) Consideration for the Forbearance. As consideration for the forbearance of the Loans, the Borrower hereby grants a security interest to any and all equity holdings or interests otherwise in the Borrower’s wholly owned subsidiary, MedRecycler, LLC, a Nevada limited liability company and the holding company of the Borrower’s waste to energy business (the “Collateral”). As evidence of the Collateral, the Borrower shall deliver to Eilers Law Group, P.A, acting as escrow agent (the “Escrow Agent”), such documentation effectuating the transfer of the Collateral, in whole or in part, to the Lender.
(b) Forbearance Period. Subject to the terms and conditions set forth herein, the Lender shall forbear from exercising its rights and remedies against the Borrower under the Financing Documents with respect to the Existing Defaults during the period (the “Forbearance Period”) commencing on the Effective Date and ending on the earlier to occur of (i) December 31, 2019, (ii) failure of the Borrower to comply with any of the terms or undertakings of this Agreement, and (iii) the occurrence after the Effective Date of any Event of Default (other than the Existing Defaults).
if so....Medi-RI equipment headed to his other start up company's facility in Mississippi soon? Anyone familiar with the ins and outs of the Forbearance language?
https://www.sec.gov/Archives/edgar/data/13434...ex10-1.htm
2. Forbearance.
This FORBEARANCE AGREEMENT (this “Agreement”) is entered into as of the 11thday of January 2019 (the “Effective Date”), by and between Sun Pacific Holding Corp., a Nevada corporation (the “Borrower”) and Nicholas Campanella, a resident of Manapalan, New Jersey (the “Lender”).
WHEREAS, the Borrower and the Lender are parties to a certain Convertible Promissory Note and a Line of Credit, assumed by the Borrower upon the acquisition of Sun Pacific Power Corp. (as the same may from time to time be amended, modified, supplemented or restated, the “Financing Agreements” or “Financing Documents”) pursuant to which the Lender made a series of loans to the Borrower in the original principal amount of $332,474.00 and $135,528.00, respectively (the “Loans”).
(a) Consideration for the Forbearance. As consideration for the forbearance of the Loans, the Borrower hereby grants a security interest to any and all equity holdings or interests otherwise in the Borrower’s wholly owned subsidiary, MedRecycler, LLC, a Nevada limited liability company and the holding company of the Borrower’s waste to energy business (the “Collateral”). As evidence of the Collateral, the Borrower shall deliver to Eilers Law Group, P.A, acting as escrow agent (the “Escrow Agent”), such documentation effectuating the transfer of the Collateral, in whole or in part, to the Lender.
(b) Forbearance Period. Subject to the terms and conditions set forth herein, the Lender shall forbear from exercising its rights and remedies against the Borrower under the Financing Documents with respect to the Existing Defaults during the period (the “Forbearance Period”) commencing on the Effective Date and ending on the earlier to occur of (i) December 31, 2019, (ii) failure of the Borrower to comply with any of the terms or undertakings of this Agreement, and (iii) the occurrence after the Effective Date of any Event of Default (other than the Existing Defaults).
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