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This excerpt taken from the KSP 8-K filed Apr 7, 2006. “Loan” means
the amount advanced with respect to a Vessel, as set forth on Exhibit 5
hereto.
This excerpt taken from the KSP 10-Q filed Feb 7, 2006. Loan”). The principal
amount of $15,147,600.00 has been advanced to the Mortgagor on or before the
date hereof. The entire proceeds of the
Loan shall be used by the Mortgagor to refinance indebtedness initially
incurred in connection with the acquisition of two Canadian vessels. The obligations of the Mortgagor with respect
to the Loan are evidenced by the Loan Agreement and by a term promissory note
(the “ These excerpts taken from the KSP 8-K filed Mar 30, 2005. Loan”) to enable Borrower to refinance its
acquisition of the Vessels identified on Schedule I, attached hereto.
B. Lender has agreed to make the Loan to Borrower pursuant to the provisions of this Loan Agreement.
C. Borrower desires (i) to provide for the issuance by Borrower to Lender of a promissory note (the “ Loan”) in an aggregate amount outstanding
at any time not to exceed the amount permitted by this Section 2.02. Each Loan shall be in an aggregate principal amount
of not less than the Minimum Loan Amount or an integral multiple of $100,000.00
in excess thereof.
(c) Subject to availability, Borrower may request the L/C Issuer to issue trade, commercial documentary letters of credit (each, a “ | EXCERPTS ON THIS PAGE:
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