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EXHIBIT 99.3
Xxxxxx Group, LLC
December 15, 1999
Page 1
December 15, 1999
Xx. Xxxxx X. Xxxxx
00000 Xxxxxxx Xxxxx
Xxxxxxx, Xxxxx, 00000
Dear Xxx:
This letter will evidence the agreement between you ("Seller") and the
undersigned, XXXXXX GROUP, LLC ("Purchaser"), with respect to the sale by the
Seller to the Purchaser of all of Seller's right, title and interest in certain
Common Stock, Warrants and Options of Equalnet Communications Corp(OTC
BB:ENET.OB) or "Securities" currently held in your name.
Upon the terms set forth herein, the Seller hereby sells, transfers and
assigns the Securities to the Purchaser, without recourse or warranty of any
kind except as expressly set forth herein, and the Purchaser hereby purchases
and agrees to accept from the Seller, the Securities.
In consideration for the Securities being sold hereunder, Purchaser
contemporaneously with the execution of this agreement shall execute and deliver
to Seller Purchaser's Promissory Note in the original principal amount of
$250,000.00 dated December 15, 1999, payable as provided therein and shall
execute and deliver a certain Security Agreement pledging the Securiities as
Collateral for Purchaser's Promissory Note.
Seller hereby represents and warrants to the Purchaser that Seller is the
owner of the Securities and has the right to sell, assign and transfer the same.
Each party agrees to execute such other documents as he may be reasonably
requested to execute by the other party after the date of this agreement to
carry out the purposes of this agreement.
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Xxxxxx Group, LLC
December 15, 1999
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Purchaser is aware the Securities are restricted and subject to Rule 144 of
the Security Code.
If the foregoing accurately reflects your understanding of our agreements
with respect to the matters to which it relates, please acknowledge your
acceptance and agreement below in the space provided.
Very truly yours,
/s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx, President
XXXXXX GROUP, LLC
ACCEPTED AND AGREED to
the 15th day of December, 1999:
/s/ XXXXX X. XXXXX
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Xxxxx X. Xxxxx
