AGREEMENTDebt Restructuring Agreement • December 1st, 2015 • Axion International Holdings, Inc. • Plastics foam products
This Agreement ("Agreement") is made as of the 21st day of November, 2015, by and among Allen R. Kronstadt (“Kronstadt”), Axion International Holdings, Inc. ("Holdings"), Axion International, Inc. ("International") and Axion Recycled Plastics Incorporated (“Plastics”). (Holdings, International and Plastics are hereinafter collectively referred to as "Axion"), as follows:
PROMISSORY NOTE, LOAN AND SECURITY AGREEMENTPromissory Note, Loan and Security Agreement • December 1st, 2015 • Axion International Holdings, Inc. • Plastics foam products • Maryland
For value received, and on the terms and subject to the conditions set forth herein, Axion International Holdings, Inc., a Colorado corporation (“Holdings”), Axion International, Inc., a Delaware corporation (“Axion International”) and Axion Recycled Plastics Incorporated (“Plastics”) (Holdings, Axion International and Plastics are hereinafter collectively, the “Borrower”), hereby jointly and severally promise to pay to the order of Plastic Ties Financing LLC, or any of its assigns (the “Lender”), on the earlier of (i) December 10, 2015, or (ii) the first business day after the debtor-in-possession term loan (“DIP Loan”) has been approved by the United States Bankruptcy Court for the District of Delaware in connection with the Borrowers (or any of them) voluntary chapter 11 bankruptcy case (“Cases”) (the “Maturity Date”), the loan (“Loan”) made by Lender to Borrower in the original principal amount of Five Hundred Thousand Dollars ($500,000.00) (“Principal Amount”) or so much thereof t
