ORIX USA Corporation
000 Xxxxxxxx Xxxxxxxxx
Xxxxx 0000
Xxx Xxxxxxx, XX 00000
TEL 000-000-0000/FAX: 000-000-0000
January 11, 1994
Xxxxx Xxxxxxxx, President
Airship International Ltd.
0000 Xxxxxxxx Xxxx
Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
Re: Airship N600LP; Lease No. 25232,
Letter Agreement Modification to payment terms
Dear Xxx:
At your request, we have presented a request for a reduction in
monthly payments for the months of December, 1993, January, February and March,
1994.
Your request being reasoned on the fact of reduction in monthly cash
flow occasioned by the cancellation of the "MetLife" aerial advertising
agreement and six-month interruption in the Cumberland ("Gulf") aerial
advertising agreement.
ORIX has agreed as follows:
1. Monthly payments will be reduced from $121,000 to $80,000 for
12/93, 1/94, 2/94 and 3/94.
2. Full payments of $121,000 per month will resume in April, 1994.
3. Commencing (a) concurrent with revenue generating contracts for
four airships, whether these contracts are month to month or longer fixed term,
or (b) on July 4, 1994, whichever comes first, the monthly payments shall be
increased by $20,000 per month until such time as the total of the prior
reductions have been brought current (4 mos. x $41M = $164 due divided by $20M =
8 months at $141,000 and 1 month @ 125,000).
4. In addition, provided there are no defaults under the terms of this
Letter Agreement, no late charges will be assessed during the months of reduced
payments.
January 10, 1994
Page 2
We sincerely wish you every success in finalization of the Sony
contract, resolution of the Cumberland contract, and a swift determination for a
long term commitment on Shamu.
Very truly yours,
Xxxxx Xxxxxxx
SVP, Credit & Operations
Agreed to and accepted this
13th day of January, 1994.
Airship International Ltd. Xxxxx Xxxxxxxx, as
Individual Guarantor
/s/ Xxxxx X. Xxxxxxxx /s/ Xxxxx X. Xxxxxxxx
______________________________ ____________________________
Xxxxx Xxxxxxxx, President
