Extension Notice for Amended and Restated Senior Secured Convertible Promissory Note between Paragon Capital LP and Magnolia Solar Corporation

Contract Categories: Business Finance › Note Agreements
Summary

Paragon Capital LP and Magnolia Solar Corporation have agreed to extend the maturity date of a $700,000 senior secured convertible promissory note. The new maturity date is December 31, 2013. Both parties have acknowledged and accepted this extension in writing. This agreement modifies the original terms of the note by providing additional time for repayment.

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EX-10.1 2 ex101.htm EXHIBIT 10.1 ex101.htm
Exhibit 10.1
 
Paragon Capital LP

June 21, 2013

VIA EMAIL and FACSIMILE

Magnolia Solar Corporation
54 Cummings Park
Suite 316
Woburn, MA 01801
Facsimile: (781) 735-0575
Email: ***@***



Dear Sir/Madam:

Reference is made to that certain Amended and Restated Original Issue Discount Senior Secured Convertible Promissory Note (the “Note”) of Magnolia Solar Corporation (the “Company”) in the principal amount of $700,000.

Pursuant to the terms of the Note, the undersigned hereby notifies the Company that it elects to extend the maturity date of the Note to December 31, 2013.
 
  Very truly yours,  
  Paragon Capital LP  
     
  By: /s/ Alan Donenfeld    
    Name: Alan Donenfeld  
    Title: Managing Partner  
 
Agreed and Accepted:
 
Magnolia Solar Corporation

 
By: 
/s/ Yash Puri
 
      
Yash R. Puri, Executive Vice President