Modification Agreement to Promissory Note between Acorn and Visionary Enhancement, LLC
This document modifies a $100,000 promissory note from Acorn to Visionary Enhancement, LLC. It adds that if the DSIT Closing Date does not occur by September 1, 2016, the note and all accrued interest become due on that date. It also states that repayment of this note will be on equal footing with Acorn's debt to Leap Tide Capital Partners III, LLC. All other terms of the original note remain unchanged.
3844 Kennett Pike
Suite 204-4, Mall Building, Powder Mill Square
Greenville, Delaware 19807
Phone: (302) 656-1708
TO: Visionary Enhancement, LLC
Dear Sirs:
Reference is made to our promissory note payable to you in the principal amount of $100,000 with a Funding Date of January 15, 2016 (the “Note”).
The Note is modified by the addition of the following two paragraphs (shown below in bold) to be inserted at the end of the Note.
If the DSIT Closing Date shall not have occurred by September 1, 2016, this Note and all interest accrued thereunder shall be payable on September 1, 2016.
The obligation to pay the principal of and any interest accrued on this Note shall be parri passu with the indebtedness of Acorn under the Loan and Security Agreement with Leap Tide Capital Partners III, LLC.
The Note as originally executed and delivered to you remains in full force and effect, as modified pursuant hereto.
| Very truly yours, | |
| Jan H Loeb | |
| President and CEO |
