Loan Agreement between POET, LLC and POET Biorefining – Chancellor dated January 15, 2008
POET, LLC is lending $2,300,000 to POET Biorefining – Chancellor under this agreement. The borrower must repay the full amount by February 14, 2008, with interest at an annual rate of 9.25% calculated on the unpaid balance. Payments will be applied first to interest, then to principal. There are no additional terms or oral agreements beyond what is written here. Both parties have signed the agreement to confirm their acceptance of these terms.
Exhibit 10.29
LOAN AGREEMENT
This agreement is made and entered into this 15th day of January, 2008 by and between POET, LLC (hereinafter referred to as “Lender”) and POET Biorefining Chancellor (hereinafter referred to as “Borrower”).
Lender agrees to loan, under the terms stated herein, two-million, three-hundred thousand US dollars ($2,300,000) to Borrower.
For value received, Borrower agrees to pay to Lender, the principal sum listed above on or before February 14, 2008. Borrower further agrees to pay interest on the outstanding principal balance from the date that the loan proceeds are disbursed until such time that the entire principal balance is repaid, at an annual rate of 9.25 percent calculated on the unpaid principal balance on an annual (365 day) basis. Any Borrower payment will first be applied to accrued interest, with any remaining amount applied to the unpaid principal balance.
Lender and Borrower both agree that there are no other terms or oral promises not contained in this written agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first written above.
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| LENDER: | POET, LLC | |||
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| By | /s/ Dan Loveland | |||
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| Title: | CFO | |||
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| BORROWER: | POET Biorefining — Chancellor | |||
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| By | /s/ Darrin Ihnen | |||
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| Title: | President | |||
