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THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE

Promissory Note

THIRD 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: THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE
Date: 8/13/2009

THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE, Parties: pegasi energy resources corporation. , teton  ltd
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Exhibit 10.1

 

THIRD 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 ”), and by Second Amendment to Renewal Promissory Note and Loan Modification Agreement (the “ Second Amendment ”) dated March 3, 2009;

 

WHEREAS, the Note called for an interest payment to be made on May 21, 2009;

 

WHEREAS, Makers and Payee desire to amend the Note to eliminate the May 21, 2009, interest payment;

 

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 .  The Note is hereby amended to eliminate the requirement for an interest payment to be made on May 21, 2009.  As a result of this amendment, all accrued interest payable under the terms of the Note shall be payable on May 21, 2010; and no payment on the Note shall be required to be made on May 21, 2009.  The final maturity date of the Note is unchanged and remains May 21, 2010.

 

2.           This Amendment is not an agreement to any further or other amendment of the Note.

 

3.           Makers expressly acknowledge and agree that except as expressly amended in this Amendment, the Note remains in full force and eff


 
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