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FOURTH AMENDMENT TO RENEWAL PROMISSORY NOTE

Promissory Note

FOURTH AMENDMENT TO RENEWAL PROMISSORY NOTE | Document Parties: PEGASI ENERGY RESOURCES CORPORATION. | Teton, Ltd You are currently viewing:
This Promissory Note involves

PEGASI ENERGY RESOURCES CORPORATION. | Teton, Ltd

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Title: FOURTH AMENDMENT TO RENEWAL PROMISSORY NOTE
Date: 8/13/2009

FOURTH AMENDMENT TO RENEWAL PROMISSORY NOTE, Parties: pegasi energy resources corporation. , teton  ltd
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Exhibit 10.2

 

FOURTH AMENDMENT TO RENEWAL PROMISSORY NOTE

 

RECITALS

 

WHEREAS, the undersigned five corporate entities (each, a "Maker;” or collectively, “Makers”) are each co-makers of a certain Renewal Promissory Note (the “Note”) dated May 21, 2007, in the original stated amount of $5,579,847.00, in favor of Teton, Ltd., a Texas limited partnership (“Payee”);

 

WHEREAS, the Note was previously amended by Amendment to Renewal Promissory Note dated May 21, 2008 (the “First Amendment”); by Second Amendment to Renewal Promissory Note and Loan Modification Agreement dated March 3, 2009 (the “Second Amendment”); and by Third Amendment to Renewal Promissory Note dated May 21, 2009 (the “Third Amendment”);

 

WHEREAS, the following additional monies (the “Additional Funds”) have been or are being advanced to Makers by Payee and are now part of the loan evidenced by the Note (the “Loan”): (i) on April 29, 2009, $100,000.00 was advanced to Maker(s) for working capital, and (ii) on May 20, 2009, $250,000.00 was advanced to Maker(s) for working capital;

 

WHEREAS, Makers and Payee desire to further amend the Note to include the Additional Funds;

 

NOW, THEREFORE, in consideration of the premises and the mutual promises contained in this Amendment, Makers and Payee hereby agree as follows:

 

AGREEMENT

 

1. Amendment to Note to Add the Additional Funds. The Note is hereby amended to confirm that the Additional Funds have been added to the outstanding principal balance of the Loan and shall be repaid under the terms of the Note. Consequently, the total outstanding principal balance of the Note is now $5,777,303.00, of which (i) $4,857,303.00 is accruing interest at eight percent (8%) per annum from January 4, 2008, and (ii) $920,000.00 in additional funds (including amounts reflected in the Second Amendment and $350,000.00 in Additional Funds as described herein) have been advanced and are accruing interest at eight percent (8%) per annum from the date of each additional advance, to-wit:

 

Date of Advance:

 

Additional Funds Advanced:

 

8/28/07

 

$

10,000.00

 

8/30/07

 

 

10,000.00

 

1/13/09

 

 

150,000.00

 

2/23/09

 

 

100,


 
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