Loan Agreement
Exhibit 10.1
This Agreement is entered into today, the 12th day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 000 Xxxx Xxxxxxxxx Xxxxx 000, Xxxxxxxxx Xxxx, XX 00000, hereinafter called “Borrower” of the FIRST PART
And
Xxxxx Xxx, residing at 00, Xxxx Xxx, Xxxxxxx Xxx, Xxxxxxxx 0000, Xxx Xxxxxxx hereinafter called “Lender” of the SECOND PART
WHEREAS the Borrower is desirous of availing and the lender is willing to extend, a loan.
NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:
1. The Lender shall extend an interest free loan of US$270,000 to the Borrower.
2. The Borrower shall repay the same within 6 months from the date of this Agreement or issue shares/warrants against the same.
3. The Borrower has the right to prepay the loan to the Lender at any point in time without any prepayment fee.
4. In the event of a successful Offering, this loan need not be repaid.
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.
| Bannix Acquisition Corp. | Xxxxx Xxx | |||
| Date: | April 12, 2021 | Date: | April 12, 2021 | |
| Signature: | /s/ | Signature: | /s/ | |
| Name: | Xxxxxx Xxxxx | |||
| Designation: | CEO | |||
Promissory Note Agreement
This Agreement is entered into today, the 12th day of April 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 000 Xxxx Xxxxxxxxx Xxxxx 000, Xxxxxxxxx Xxxx, XX 00000, hereinafter called “Borrower” of the FIRST PART
And
Xxxxxx Xxxxxxxxx, residing at Flat Xx. 000, Xx Xxxxxxx X Xxxxx, Xxx Xxxxx, Xxxxx hereinafter called “Lender” of the SECOND PART
WHEREAS the Borrower is desirous of availing and the lender is willing to extend, a loan in the form of a promissory note.
NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:
| 1. | The Lender shall extend an interest free loan of US$300,000 to the Borrower, in the form of a promissory note. |
| 2. | The Borrower is permitted to draw down against this note as per their requirement and convenience. |
| 3. | In the event of a successful Proposed Public Offering (as defined in the S-1 of the Borrower), the note will be repaid as follows: |
| a. | Against the amount of $300,000; 30,000 Private Placement Units will be issued. |
| 4. | In the event of the Proposed Public Offering failing to materialize, the note will not be repayable by the Borrower and the same will be considered as capital contribution without any additional securities being issued. |
| 5. | This agreement amends the agreement dated 15th February, 2021. |
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.
| Bannix Acquisition Corp. | Xxxxxx Xxxxxxxxx | |||
| Date: | April 12, 2021 | Date: | April 12, 2021 | |
| Signature: | /s/ | Signature: | /s/ | |
| Name: | Xxxxxx Xxxxx | |||
| Designation: | CEO | |||
Revised Loan Agreement
This Agreement is entered into today, the 18th of August 2021 by and between Bannix Acquisition Corp., a company duly incorporated under the laws of Delaware with its office at 000, Xxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxx Xxxx, XX 00000, hereinafter called “Borrower” of the FIRST PART
and
Xxxxxx Xxxxxxxxx, residing at Flat Xx. 000, Xx Xxxxxxxx Xxxxxxxx, X Xxxxx, Xxx Xxxxx, Xxxxx, XXX acting together and hereinafter called “Lender” of the SECOND PART
WHEREAS the Borrower has previously entered into a Loan Agreement with Lender.
WHEREAS, the parties wish to amend and restate the terms of this Loan Agreement.
NOW THEREFORE, in consideration of the mutual promises set forth below, the Borrower and the Lender agree as follows:
| 1. | The Lender shall extend an unsecured, interest free loan of up to $1,030,000. |
| 2. | The Borrower is permitted to draw down up to $805,000 against this loan as per their requirement and convenience. The balance $225,000 may be drawn down only in the event of over-allotment. |
| 3. | In the event of a successful Proposed Public Offering (as defined in the S-1 of the Borrower), the loan will be repaid/forfeited as follows: |
| a. | Against the first $730,000 of loan, 175,000 Private Placement Units will be issued. |
| b. | Against the next $75,000 of loan, 20,000 Private Placement Units will be issued if the over-allotment is subscribed in full. If not, this amount will be forfeited, not repaid and no securities will be issued against it. |
| c. | The balance $225,000 of loan will be forfeited and not repaid. |
| 4. | In the event of the Proposed Public Offering failing to materialize, the loan will not be repayable by the Borrower and the same will be considered as capital contribution without any additional securities being issued. |
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement.
Date: August 18, 2021
Signature:
Name: Xxxxxx Xxxxx
Designation: Chief Executive Officer
Signature:
Name: Xxxxxx Xxxxxxxxx
Date: August 18, 2021
