iLearningEngines, Inc.: debt financing — Arrowroot Acquisition issues $2M promissory note to sponsor, draws $700K at 15% interest

iLearningEngines, Inc.

Unsecured promissory note for up to $2M issued to sponsor Arrowroot Acquisition LLC; initial drawdown of $700K.
Note bears 15% simple annual interest; matures upon initial business combination or winding up.
Repayment limited to funds outside the trust account; note forfeited if no business combination occurs.
Drawdowns require sponsor approval; minimum $10K per request unless agreed otherwise.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

iLearningEngines, Inc. incurred loan of $2,000,000 with Arrowroot Acquisition LLC at 15% per annum maturing upon closing of the Company’s initial business combination or the date that the winding up of the Company is effective.

Instrument: loan
Principal: $2,000,000
Counterparty: Arrowroot Acquisition LLC
Rate: 15% per annum
Maturity: upon closing of the Company’s initial business combination or the date that the winding up of the Company is effective
Event: incurrence

Exact text from the filing

On June 13, 2023, Arrowroot Acquisition Corp., a Delaware corporation and blank check company (the “Company”), issued an unsecured promissory note (the “Note”) in the principal amount of $2,000,000 to Arrowroot Acquisition LLC (the “Sponsor”), of which $700,000 was funded by the Sponsor upon execution of the Note. The Note bears interest at 15% per annum and matures upon closing of the Company’s initial business combination or the date that the winding up of the Company is effective (such date, the “Maturity Date”).

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Source: SEC EDGAR

accession 0001213900-23-048633

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