What this side letter says is only payments are due, not any payments above and beyond. Which was commissions on sales as long as the debt was due. So we saved money with the deal, that was it.
On February 12, 2015 the Company entered into a further Side Letter Agreement with Magna under which Section 8.0. of the Purchase Agreement, dated April 29, 2014, between them shall only apply to payments due pursuant to quarterly reports filed by the Company up to and including that quarterly report filed for the period ending June 30, 2014. Moreover, any amount due to Magna under said Section of the Purchase Agreement pursuant to a quarterly report filed for a period ending subsequent to June 30, 2014 shall no longer be considered due or payable. For the avoidance of doubt, the only payment due by the Company pursuant to said Section shall pertain to the aforementioned Note dated October 27, 2014 in principal amount of $38,870.69 issued to Magna pursuant to those certain fees earned under said Section of the Purchase Agreement per the Company’s quarterly report filed for the period ending June 30, 2014.
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