Notice of Prepayment of Note

Contract Categories: Business Finance - Note Agreements
EX-10.1 2 mine_ex101.htm NOTICE OF PREPAYMENT OF NOTE mine_ex101.htm
Exhibit 10.1
Minerco Resources, Inc.
20 Trafalgar Square, Suite 455
Nashua, NH 03063

October 29, 2013
VIA FACSIMILE ###-###-####
1 Linden Pl., Suite 207
Great Neck, NY. 11021
Attn: Curt Kramer, President

Re:           Notice of Repayment of Convertible Promissory Note
Dear Mr. Kramer:
Pursuant to Section 1.9 of the Convertible Promissory Note dated May 14, 2013 with Asher Enterprises, Inc. in the principal amount of $47,500 (the “Note”), please be advised that Minerco Resources, Inc. (the “Company”) is exercising its right, on not less than three (3) trading days prior written notice to you, to prepay the outstanding principal and accrued interest on the Note in full.  This prepayment notice is being delivered to you as the holder of the Note at your registered address.  This letter shall serve as written notice of the prepayment of the Note as delivered to you in accordance with Section 4.2 of the Note.

We acknowledge and agree that on or before November 1, 2013, the optional prepayment date, we will make payment to your order of an amount equal to 175% multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) of the Note.  All capitalized terms have the meaning set forth in the Note.

Thank you.
/s/ John Powers
John Powers
cc:           Naidich Wurman Birnbaum & Maday, LLP (via facsimile ###-###-####)
Gracin & Marlow, LLP (via facsimile ###-###-####)