Promissory Notes Exchange Agreement between Ascent Solar Technologies, Inc. and Global Ichiban Ltd (September 13, 2017)

Contract Categories: Business Finance › Exchange Agreements
Summary

Ascent Solar Technologies, Inc. and Global Ichiban Ltd have agreed to exchange all of Global Ichiban's existing promissory notes, totaling $3,504,197.45 in principal and interest, for a single new promissory note of the same amount. The new note will mature on September 13, 2020, and will include other mutually agreed terms. This agreement consolidates the debt into one instrument with a new maturity date.

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EX-10.1 2 ex101promissorynotesexchan.htm EXHIBIT 10.1 Exhibit


Exhibit 10.1

PROMISSORY NOTES EXCHANGE AGREEMENT
ASCENT SOLAR TECHNOLOGIES, INC.

The undersigned holder hereby agrees to exchange each of its existing and currently outstanding Promissory Notes (aggregate principal amount and accrued interest equal to $3,504,197.45 as of September 13, 2017) issued by Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”) (the “Existing Notes”) in exchange for one newly issued Promissory Note of the Company (the “New Note”) having a principal amount of $3,504,197.45. The New Note shall have a maturity date of September 13, 2020, and shall have such other terms and conditions as are mutually agreed to by the holder and the Company.

Date: September 13, 2017

Holder:
Global Ichiban Ltd         
By: LT Asia Management Ltd
By: /s/ Ashley Ong         
Name: Ashley Ong          
Title: Director, LT Asia Management Ltd        

Ascent Solar Technologies, Inc.
By: /s/ Victor Lee
Name: Victor Lee
Title: President & CEO