NOTENote • November 14th, 2016 • Blue Dolphin Energy Co • Crude petroleum & natural gas • Texas
Contract Type FiledNovember 14th, 2016 Company Industry JurisdictionFOR VALUE RECEIVED, BLUE DOLPHIN ENERGY COMPANY (the "Borrower"), hereby promises to pay to the order of INGLESIDE CRUDE, LLC ("Payee"), the principal sum of $679,385.69 pursuant to the terms and conditions set forth herein.
NOTEBlue Dolphin Energy Co • November 14th, 2016 • Crude petroleum & natural gas • Texas
Company FiledNovember 14th, 2016 Industry JurisdictionFOR VALUE RECEIVED, BLUE DOLPHIN ENERGY COMPANY (the "Borrower"), hereby promises to pay to the order of LAZARUS CAPITAL, LLC ("Payee"), the principal sum of $422,373.79 pursuant to the terms and conditions set forth herein.
SOVEREIGN BANKBlue Dolphin Energy Co • November 14th, 2016 • Crude petroleum & natural gas
Company FiledNovember 14th, 2016 IndustryLazarus Energy LLC ("LE") and Lazarus Refining & Marketing, LLC ("LRM", and collectively, with LE, "Lazarus") have three outstanding loans (collectively, the "Loans") from Sovereign Bank ("Bank"). The Loans are evidenced by, among other documents, (i) three Loan Agreements (collectively, the "Loan Agreements") dated May 2, 2014, June 22, 2015, and December 4, 2015, respectively. As of the quarter ending September 30, 2016, Lazarus is in breach of the following covenants specified in the Loan Agreements, as specified below (collectively, the "Covenant Default"):