Loan Agreement and Promissory Note between KF Business Ventures, LP and Triton Emission Solutions Inc. dated August 31, 2015
KF Business Ventures, LP loaned $200,000 to Triton Emission Solutions Inc. on August 31, 2015. The loan accrues interest at 6% per year, compounded monthly, and must be repaid, along with any collection costs, no earlier than 90 days after the agreement's execution. The debt is formalized by a promissory note signed by Triton Emission Solutions Inc.'s CEO. The agreement outlines the repayment terms and the borrower's waiver of certain notice rights.
LOAN AGREEMENT
August 31, 2015
KF Business Ventures, LP (the “Lender”) with an address located at 10866 Wilshire Boulevard, Suite 1500, Los Angeles, California 90024, advanced USD$200,000 (the “Principal Sum”) to Triton Emission Solutions Inc. (the “Borrower”) with the registered address at 151 San Francisco St, Suite 201, San Juan, PR 00901. The Lender advanced the funds on August 31, 2015.
The Principal Sum is to accumulate interest at the rate of 6% per year compounded monthly (the “Interest”) from August 31, 2015. In addition, The Borrower acknowledges that it will be obligated to repay any costs that the Lender may incur in trying to collect the Principal Sum and the Interest.
The Lender acknowledges that the Principal Sum together with accrued interest is to be repaid not earlier than 90 days following the execution of the Loan Agreement.
The Borrower will evidence the debt and the repayment of the Principal Sum and the Interest with a promissory note in the attached form.
| LENDER |
| BORROWER |
| KF Business Ventures, LP |
| Triton Emission Solutions Inc. |
|
|
|
|
|
|
| Per: |
|
|
|
|
|
|
|
|
| /s/ Robert Kopple |
| /s/ Anders Aasen |
| By: Robert Kopple |
| By: Anders Aasen, CEO |
PROMISSORY NOTE
| Principal Amount: USD$200,000 | August 31, 2015 |
FOR VALUE RECEIVED Triton Emission Solutions Inc., (the “Borrower”) of 151 San Francisco St, Suite 201, San Juan, PR 00901 promises to pay not earlier than 90 days following execution of this Promissory Note to the order of KF Business Ventures, LP (the “Lender”) with an address located at 10866 Wilshire Boulevard, Suite 1500, Los Angeles, California 90024, the sum of USD$200,000 (the “Principal Sum”) together with the accumulated Interest.
For the purposes of this promissory note, Interest Rate means six (6) per cent per year. Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 6.17% per annum calculated monthly), and is payable together with the Principal Sum not earlier than 90 days following execution of this Promissory Note.
The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
BORROWER
Triton Emission Solutions Inc.
Per:
/s/ Anders Aasen
By: Anders Aasen, CEO
