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Re: AMENDED AND RESTATED FORBEARANCE AGREEMENT (the "Forbearance Agreement"), dated as of August 11, 2005, as amended as of August 25, 2005, September 1, 2005, September 8, 2005, September 15, 2005, September 29, 2005, October 6, 2005, October 12, 2005 and October 19, 2005 by and between CAPITAL TEMPFUNDS, a division of CAPITAL FACTORS LLC, ("Capital"), and STRATUS SERVICES GROUP, INC. ("Borrower")

Forbearance Agreement

Re: AMENDED AND RESTATED FORBEARANCE AGREEMENT (the You are currently viewing:
This Forbearance Agreement involves

Stratus Services Group, Inc. | Michael A. Maltzman, CFO | CAPITAL FACTORS LLC,

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Title: Re: AMENDED AND RESTATED FORBEARANCE AGREEMENT (the "Forbearance Agreement"), dated as of August 11, 2005, as amended as of August 25, 2005, September 1, 2005, September 8, 2005, September 15, 2005, September 29, 2005, October 6, 2005, October 12, 2005 and October 19, 2005 by and between CAPITAL TEMPFUNDS, a division of CAPITAL FACTORS LLC, ("Capital"), and STRATUS SERVICES GROUP, INC. ("Borrower")
Date: 11/7/2005
Industry: Business Services     Sector: Services

Re: AMENDED AND RESTATED FORBEARANCE AGREEMENT (the
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EXHIBIT 10.55

 

 

 

CAPITAL TEMPFUNDS

a division of CAPITAL FACTORS LLC,

One Brixam Green, 15800 John J. Delaney Drive, Suite 300,

Charlotte, North Carolina 28277

 

November 3, 2005

 

Michael A. Maltzman, CFO

Stratus Services Group, Inc.

500 Craig Road

Suite 201

Manalapan, New Jersey 07726

 

Re: AMENDED AND RESTATED FORBEARANCE AGREEMENT (the “Forbearance Agreement”), dated as of August 11, 2005, as amended as of August 25, 2005, September 1, 2005, September 8, 2005, September 15, 2005, September 29, 2005, October 6, 2005, October 12, 2005 and October 19, 2005 by and between CAPITAL TEMPFUNDS, a division of CAPITAL FACTORS LLC, (“Capital”), and STRATUS SERVICES GROUP, INC. (“Borrower”)

 

Dear Mr. Maltzman:

 

It is mutually agreed between the parties hereto that the Forbearance Agreement be further amended as follows (all capitalized terms not defined herein shall have the meaning given such term in the Forbearance Agreement):

 

(a)  

Clause (a) of the first sentence Section 3 of the Forbearance Agreement, is hereby further amended to replace “November 4, 2005” with “November18, 2005”;

 

(b)  

Section 7 of Forbearance Agreement shall be amended by adding new subsections “g” and “h” thereto as follows;

 

“(g) No later than November 11, 2005, Borrower and ALS, LLC or its affiliated company, Advantage Services Group (collectively, “Advantage”) shall have entered into a binding agreement, approved in all respects by Capital, for the sale by Borrower of all of the assets described in the first “bullet point” contained in that certain Term Sheet dated November 1, 2005 between Borrower and Advantage; and

 

(h) No later than November 18, 2005, there shall be invested in Borrower no less than $1,000,000 in the form of a) equity, b)subordinated indebtedness (pursuant to term


 
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