Document:

ex-10_6.htm

Vista International Technologies, Inc. 10-Q

Exhibit 10.6

 

 

SUBORDINATION AGREEMENT

This SUBORDINATION AGREEMENT (the “Agreement”) made as of September 19, 2011, by and among Richard C. Strain, an individual residing at 15 Loockerman Avenue, Poughkeepsie, New York  12601 (the “Senior Creditor”), Vista International Technologies, Inc., a Delaware corporation with its principal place of business at 88 Inverness Circle East, N-103, Englewood, CO 80112 (the “Borrower”) and Timothy D. Ruddy, an individual residing at 3885 Vale View Lane, Mead, Colorado 80542 (the “Junior Creditor”).

In consideration of Senior Creditor granting a loan to Borrower, the parties hereto agree as follows:

Section 1.                      Subordination.  Junior Creditor hereby subordinates any and all security interests of the Junior Creditor in any of the Borrower’s personal property and assets (the “Assets”, as more fully described on Schedule A of the Security Agreement between Borrower and Senior Creditor, dated September 16, 2011), and any and all indebtedness now or hereafter incurred by Borrower to the Junior Creditor (the “Junior Indebtedness”), in favor of such loan and any other indebtedness, present or future, of Borrower to Senior Creditor and all extensions or renewals thereof (the “Senior Indebtedness”).  The Junior Creditor hereby agrees that the priorities specified herein are applicable regardless of any statement in any agreement to the contrary, or the time or order of perfection of any applicable security interest, or the time of filing of financing statements.

Section 2.                      Payments on Subordinated Debt.  In furtherance of such subordination, it is agreed that until Senior Indebtedness has been paid, no payments, in cash or any other property, by setoff or any other means, shall be made by Borrower or received by the Junior Creditor on account of the principal or interest on Junior Indebtedness, without Senior Creditor’s prior written consent, except Senior Creditor hereby consents to payment by Borrower to Junior Creditor in an amount equal to $50,000.00 at the closing of the sale described in that certain Real Estate Sales Contract between Borrower and Brown Family Lewisville Railroad Family First, L.P., dated February 14, 2011; that Borrower’s books and records and any evidence of the Junior Indebtedness shall be appropriately marked and endorsed to indicate this subordination; and that upon any liquidation or dissolution involving any distribution to Borrower’s creditors any amount which the Junior Creditor would be entitled to receive, to the extent necessary to meet any deficiency in the payment in full of the loans of the Senior Creditor shall be received by the Junior Creditor in trust for the Senior Creditor and shall forthwith be paid over to it.

Section 3.                      Enforcement of Indebtedness.  The Junior Creditor will not (i) make any demand for payment of or take any action to accelerate any Junior Indebtedness, (ii) seek to collect payment of, or enforce any right or remedies against the Borrower related to or supporting any of the Junior Indebtedness, (iii) commence or join with any other creditor in commending any action against the Borrower arising from or relating to the Junior Indebtedness.

 

  

  

  

 

Section 4.                      Indemnity.  The Junior Creditor hereby indemnifies Senior Creditor from and against any and all claims, losses, damages and liabilities arising from, relating to or in connection with this Agreement and its enforcement.

Section 5.                      Validity.  This Agreement is the legal, valid and binding obligation of each of the parties hereto and their respective successors and assigns, and shall inure to the benefit of the parties hereto and their respective successors and assigns, except that that the Junior Creditor and the Borrower shall not assign each of their respective rights hereunder without the prior written consent of the Senior Creditor.

Section 5.                      Amendments.  No amendment or waiver of any provision of this Agreement shall in any event be effective unless the same shall be in writing and signed, as applicable, by the parties hereto, and such amendment or waiver shall be effective only in the specific instance and for the specific purpose for which given.

Section 6.                      Further Assurances.  The Junior Creditor hereby agrees that from time to time, the Junior Creditor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Senior Creditor may request, in order to protect the right or interest, including the subordination, granted by the Junior Creditor pursuant to this Agreement.

Section 7.                      Waiver of Notices.  The Junior Creditor hereby waives all notices, demands and protests, and all other formalities of every kind in connection with the enforcement of the obligations of the Junior Creditor under this Agreement.

Section 8.                      Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to its conflict of law principles.

Section 9.                      Corrective Filings.  Junior Creditor shall cooperate in making any corrective UCC filings reasonably requested by Senior Creditor to reflect Senior Creditor’s first priority lien in the Assets.

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have each duly executed and delivered this Subordination Agreement as of the date first written above.

 

	 	 	VISTA INTERNATIONAL TECHNOLOGIES, INC.	 
	 	 	 	 	 
	 	 	/s/ Bradley A. Ripps	 
	 	 	By:	Bradley A. Ripps	 
	 	 	Title:	Interim CEO	 
	 	 	 	 	 
	 	 	 	 
	 	 	
/s/ Timothy D. Ruddy

	 
	 	 	
Timothy D. Ruddy

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	
Richard C. Strainex-10_7.htm

Vista International Technologies. Inc. 10-Q

Exhibit 10.7

 

	
Internal Revenue Service

56 INVERNESS DRIVE EAST

ENGLEWOOD, CO 80112-5129

	 Department of the Treasury
	
 

 

ERIK MORLANG

1660 S ALBION ST STE 918 

DENVER, CO 80222-4046

	
Letter Date:

09/13/2011

IRS Employee to Contact:

CATHERINE A ROJAS

Contact Telephone Number:

(720) 956-4231

Employee Identification Number:

02-32893

 

 

 

 

We are sending you the enclosed material under the provisions of a power of attorney or other authorization you have on file with us. For your convenience, we have listed below the name(s) of the taxpayer(s) to whom this material relates.

 

If you have any questions, please contact the person whose name and telephone number are shown above.

 

Sincerely yours,

 

 

 

CATHERINE A ROJAS 

REVENUE OFFICER

 

Enclosures

 

L2850

 

Taxpayer(s)' Name(s):

VISTA INTERNATIONAL TECHNOLOGIES

 

Letter 937 (Rev. 8-2000)

Catalog Number: 30760X

 

  

  

  

 

POA Copy

 

 

	
Internal Revenue Service

56 INVERNESS DRIVE EAST

ENGLEWOOD, CO 80112-5129

	 Department of the Treasury

	
VISTA INTERNATIONAL TECHNOLOGIES INC

% FRED TOLAND

88 INVERNESS CIR E STE N-103

ENGLEWOOD, CO 80112-5529430

	
         Letter Date:

            09/13/2011

          Taxpayer Identification Number: 

            84-1572525

         Telephone Number:

           (866) 897-4289

 

We have approved your request to pay your taxes in installments. Your first payment of $5,000.00 is due on 09/28/2011. You agreed to make future payments of $5,000.00 on the 28th of each following month until you have paid the full amount you owe.

 

The amount you owe as of 09/13/2011 is $69,840.95 . This amount does not include all accrued penalties and interest. We will charge penalties and interest until you pay the full amount you owe, because you didn't pay your total tax when it was due.

 

Please be sure to send your monthly payments early enough for them to reach us by the due date. Print your social security number or employer identification number clearly on your check or money order. If you change your address, please send your new address with your next payment.

 

Note: If the IRS is charging backup withholding on any of your accounts, it will continue. Having an installment agreement doesn't interrupt backup withholding.

 

Although we have established an installment plan for you, we must protect the government's interest. Therefore, a Notice of Federal Tax Lien

 

HAS ALREADY BEEN FILED

 

A Notice of Federal Tax Lien is a public notice that the government has a claim against your property to satisfy a debt. We will release (remove) the lien when you finish paying what you owe.

 

CONDITIONS OF THIS AGREEMENT:

 

	 	
·   

	
We must receive each payment by the date shown above. If you have a problem, contact us immediately.

	 	
·  

	
This agreement is based on your current financial condition. We may change or cancel it if our information shows that your ability to pay has changed significantly.

	 	
·  

	
We may cancel this agreement if you don't give us updated financial information when we ask for it.

	 	
·  

	
While this agreement is in effect, you must pay any federal taxes you owe on time.

	 	
·  

	
We will apply your federal tax refunds (if any) to the amount you owe until it is fully paid.

	 	
·  

	
If you don't meet the conditions of this agreement, we will cancel it, and may collect the entire amount you owe by levy on your income, bank accounts or other assets, or by seizing your property.

	 	
·  

	
We may cancel the agreement at any time if we find that collection of the tax is in jeopardy.

	 	
·  

	
There is a $105.00 installment agreement fee.

	 	
·  

	
If agreement defaults, you must pay a $45.00 reinstatement fee if agreement is reinstated.

	 	
·  

	
We will apply all payments on this agreement in the best interest of the United States.

 

The Internal Revenue Service will be sending you monthly reminder notices which will include the mailing address to send your payments. Detach the bottom portion of the reminder notice and include it with your payment.

 

Letter 2850 (Rev. 1/2007)

 

 

  

  

  

 

POA Copy

 

In the interim, please send payments to the following address: 

Internal Revenue Service

Ogden, UT 83402-0039

 

Additional Conditions:

 

This installment agreement includes taxes for the following forms and tax periods:

 

	 Form 	 Tax Period	 Period	 Tax Period	 Form 	  Tax Period
	 941 	 03/31/2009	 941 	 06/30/2009	 941 	  09/30/2009
	 941	 12/31/2009	 	 	 	 

 

If you need assistance or have a question concerning your agreement, please call the telephone number at the top of the first page of this letter.

 

Sincerely yours,

 

CATHERINE A ROJAS 

REVENUE OFFICER

Employee Identification Number: 02-32893

 

 

Letter 2850 (Rev. 1/2007)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]