Document:

exhibit10-2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIRD AMENDED AND RESTATED
REVOLVING CREDIT LOAN NOTE*

     

    *amending
and restating Second Amended And Revolving Credit Loan Note dated August 25,
2008 in the amount of $3,000,000.00.

     

    $2,500,000.00

     

    Due Date:
The earlier of demand

    or March
1, 2010

    Dated:
February 27, 2009

     

    FOR VALUE RECEIVED, the
undersigned (whether one or more in number, "Borrower", and if two or more in
number, shall be jointly and severally bound), promises to pay to the order of
GREENFIELD COMMERCIAL CREDIT,
L.L.C., a Michigan limited liability company (the "Lender"), at its
office at 300 East Long Lake Road, Suite 180, Bloomfield Hills, Michigan 48304,
or at such other place as Lender may designate in writing, the principal sum of
Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00), or such
lesser sum as shall have been advanced by Lender to Borrower pursuant to that
certain Third Amendment To Loan And Security Agreement dated as of this date
between Borrower and Lender (which, together with all amendments and
modifications thereof, is hereinafter referred to as the "Loan Agreement"), plus
interest as hereinafter provided, all lawful money of the United States of
America, in accordance with the terms hereof.

     

    The
unpaid principal balance of this Third Amended And Restated Note ("Note") shall
bear interest computed upon the basis of a year of 360 days for the actual
number of days elapsed in a month, at a rate of interest (the "Effective Rate")
which is equal to seven (7.0%) percentage points above LIBOR (hereafter
defined), as such rate shall vary from time to time, upwards and downwards, and
each such LIBOR change shall cause an identical change in the Effective Rate to
occur based upon the rate published on the date which is two business days prior
to the beginning of each month, effective for the upcoming month. "LIBOR" means
the London interbank offered rate for three months, published from day to day in
the WALL STREET JOURNAL in its Money Rates column. Should such publication not
continue to publish LIBOR, then Lender will select a comparable announced rate.
LIBOR shall not be less than 2%, irrespective of the actual published
rate.

     

    Interest
on all principal amounts advanced by Lender from time to time and unpaid by
Borrower shall be paid on the first day of the month following execution of this
Note, and on the same day of each month thereafter until the Due Date, upon
which date the entire unpaid principal balance of this Note, together with all
accrued and unpaid interest, shall be due and payable in full. Borrower shall
pay to Lender a late charge of five percent (5%) of any monthly payment not
received by Lender within ten (10) calendar days after said payment is due,
which late charge shall be payable on the next monthly payment date or on
demand. In addition to the foregoing, Borrower shall pay to Lender on the first
day of each month with respect to the prior calendar month or portion thereof,
the amount, if any, necessary to pay the fees as set forth in the Loan
Agreement.

     

    Advances
of principal, repayment, and readvances may be made under this Note from time to
time, upon the terms set forth in the Loan Agreement and said Loan Agreement is
incorporated herein by reference. Mandatory repayments of principal before the
Due Date shall be made by Borrower to Lender pursuant to the Loan Agreement. If,
prior to the Due Date, Borrower pays the balance of
the

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Note
after demand or terminates the Loan, whether voluntarily or involuntarily,
Borrower shall pay to Lender as liquidated damages and as compensation for the
costs of being prepared to make funds available under the Loan Agreement a
termination fee as set forth in the Loan Agreement.

     

    All
advances made hereunder shall be charged to a loan account in Borrower's name on
Lender's books, and Lender shall debit to such account the amount of each
advance made to, and credit to such account the amount of each repayment made by
Borrower. Lender shall furnish Borrower with a monthly statement of Borrower's
loan account, which statement shall be deemed to be correct, accepted by, and
binding upon Borrower, unless Lender receives a written statement of exceptions
from Borrower within thirty (30) days after such statement has been furnished.
Borrower expressly assumes all risks of loss or delay in the delivery of any
payments made by mail, and no course of conduct or dealing shall affect
Borrower's assumption of these risks.

     

    Upon the
Due Date, which Borrower acknowledges may be upon demand, Lender, without prior
notice to Borrower, may declare the entire unpaid principal balance of this Note
and all accrued interest, together with all other indebtedness of Borrower to
Lender, to be immediately due and payable. Upon the occurrence of any Default
specified on the Loan Agreement or upon demand, the unpaid principal balance of
this Note shall bear interest at a rate which is four percent (4%) greater than
the Effective Rate otherwise applicable. After Default or demand, Lender may
apply its own indebtedness or liability to Borrower to any indebtedness due
under this Note. Borrower agrees to pay all of the Lender's costs incurred in
the collection of this Note as provided in the Loan Agreement.

     

    Acceptance
by Lender of any payment in an amount less than the amount then due shall be
deemed an acceptance on account only. Upon any Default, neither the failure of
the Lender promptly to exercise its right to declare the outstanding principal
and accrued unpaid interest hereunder to be immediately due and payable, nor the
failure of the Lender to demand strict performance of any other obligation of
the Borrower or any other person who may be liable hereunder, shall constitute a
waiver of any such rights, nor a waiver of such rights in connection with any
future default on the part of the Borrower or any other person who may be liable
hereunder.

     

    Borrower
acknowledges that no Default is necessary for Lender to make
demand.

     

    Borrower
and all endorsees, sureties and guarantors hereof hereby jointly and severally
waive presentment for payment, demand, notice of non-payment, notice of protest
or protest of this Note, and Lender diligence in collection or bringing suit,
and do hereby consent to any and all extensions of time, renewals, waivers or
modifications as may be granted by Lender with respect to payment or any other
provisions of this Note, and to the release of any collateral or any part
thereof, with or without substitution. The liability of Borrower under this Note
shall be absolute and unconditional, without regard to the liability of any
other party. This Note and all rights and obligations hereunder shall be
governed by the laws of the State of Michigan.

     

    In no
event whatsoever shall the interest rate and other charges charged hereunder
exceed the highest rate permissible under any law which a court of competent
jurisdiction shall, in the final determination, deem applicable
hereto. In the event that a court determines that Lender has received interest
or other charges hereunder in excess of the highest rate applicable hereto,
Lender shall either,

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    in its
sole discretion, promptly apply such amounts to the principal due hereunder or
refund such amount to Borrower and the provisions herein shall be deemed amended
to provide for such permissible rate.

     

    This Note
is issued pursuant to the terms of the Loan Agreement and is secured by the
Collateral, as defined in the Loan Agreement. All of the terms, covenants and
conditions of the Loan Agreement are hereby made a part of this Note and are
hereby incorporated by reference.

     

    
      	 
      	 
      	
              “BORROWER”

            
	 
      	 
      	 
      
	 
      	 
      	
              ARIZONA
      LNG, L.L.C.

            
	 
      	 
      	
              a
      Nevada limited liability company

            
	 
      	 
      	
              By:  New
      Earth LNG, LLC, a Delaware

            
	 
      	 
      	
                      limited
      liability company

            
	 
      	 
      	
              Its:   Sole
      Member

            
	 
      	 
      	 
      
	 
      	 
      	
              By:   /s/ Cem Hacioglu

            
	 
      	 
      	
                      Cem
      Hacioglu

            
	 
      	 
      	
              Its:   President
      and CEO

            
	 
      	 
      	 
      
	 
      	 
      	
              and

            
	 
      	 
      	 
      
	 
      	 
      	
              APPLIED
      LNG TECHNOLOGIES USA,

            
	 
      	 
      	
              LLC, a Delaware limited
      liability company

            
	 
      	 
      	
              By:  New
      Earth LNG, LLC, a Delaware

            
	 
      	 
      	
                      limited
      liability company

            
	 
      	 
      	
              Its:   Sole
      Member

            
	 
      	 
      	 
      
	 
      	 
      	
              By:   /s/ Cem Hacioglu

            
	 
      	 
      	
                      Cem
      Hacioglu

            
	 
      	 
      	
              Its:   President
      and CEO

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ENDORSEMENT

    

    Pay to
the order of Wells Fargo Foothill, LLC, as Agent.

    

    
      	 
      	 
      	
              GREENFIELD
      COMMERCIAL CREDIT, L.L.C., a Michigan

            
	 
      	 
      	
              limited
      liability company

            
	 
      	 
      	 
      
	 
      	 
      	
              By:  GCC
      Management, Inc., its sole Manager

            
	 
      	 
      	 
      
	 
      	 
      	
              By:   /s/ Gerald V. Greve

            
	 
      	 
      	
                      Gerald
      V. Greve

            
	 
      	 
      	
              Its:  
      Chief Financial Officer

            
	
              Date:
      3/10/09Filed by sedaredgar.com - Gemini Explorations, Inc. - Exhibit

PARTIAL SETTLEMENT AGREEMENT AND RELEASE 

          THIS
AGREEMENT is dated as of August 20, 2008 and is made by and between TUXEDO
HOLDINGS, LTD.(“Tuxedo”), ICE CAP HOLDINGS, LTD. (“Ice Cap”), OUTBOARD
INVESTMENTS, LTD. (“Outboard”) and GEMINI EXPLORATIONS, INC. (“Gemini”). 

          WHEREAS
On or about February 28, 2007, Gemini entered into a Services Agreement for the
provision of geological exploration services with Minera Primecap Geological
Services, S.A. for the sum of Two Hundred and Fifty Thousand Dollars
($250,000.00) .

          WHEREAS
On or about August 7, 2008 there was a Court approved Settlement Agreement
reducing the principal balance owed by settling a partial amount of Forty Five
Thousand Dollars ($45,000.00) leaving a balance due and owing of Two Hundred and
Five Thousand Dollars ($205,000.00) . 

          WHEREAS
On or about August 20, 2008 Minera Primecap Geological Services, S.A. entered
into an Assignment of Debt with Tuxedo Holdings, Ltd. to assign all rights of
the debt for services for good and valuable consideration. 

          WHEREAS
On or about August 20, 2008, Tuxedo Holdings, Ltd. entered into an agreement
with Outboard Investments, LTD. to assign Ten Thousand dollars ($10,000.00) of
the debt to Outboard Investments, LTD. for good and valuable consideration. 

          WHEREAS
On or about August 20, 2008, Tuxedo Holdings, Ltd. entered into an agreement
with Ice Cap Holdings, Ltd. to assign Ten Thousand dollars ($10,000.00) of the
debt to Ice Cap Holdings, Ltd. for good and valuable consideration. 

          WHEREAS,
on or about August 21, 2008 Tuxedo, Ice Cap and Outboard filed an action against
Gemini entitled Outboard Investments, Ltd., Ice Cap Holdings, Ltd. And
Tuxedo Holdings, Ltd. vs. Gemini Explorations, Inc., Case No:
____________, (the “Action”) in the Circuit Court of the Twelfth Judicial
Circuit, Sarasota County, Florida (the “Court”), whereby Tuxedo, Ice Cap and
Outboard asserted claims against Gemini alleging Gemini failed to pay Tuxedo,
Ice Cap and Outboard according to the terms set forth in the Service
Agreement, the amount due and owing under the Debenture in the amount of
Two Hundred and Five Thousand 

($205,000.00) in principal plus interest (hereinafter, the
“Claims”); 

          WHEREAS,
Gemini, in its Answer, denied any and all wrongdoing and asserted affirmative
defenses; 

          WHEREAS,
Gemini denied that it is liable for the amount sought in the Action, but
acknowledges that they do not have sufficient cash to satisfy the claims made in
the Action or to defend the Action and Gemini seeks to resolve this Action and
agrees to pay Tuxedo, Ice Cap and Outboard on the Service Agreement; 

          WHEREAS,
Gemini currently only has the means to satisfy payment of Tuxedo, Ice Cap and
Outboard’s bona fide claims through the issuance of authorized shares to Tuxedo,
Ice Cap and Outboard, pursuant to Section 3(a)(10) of the Securities Act of 1933
(hereinafter the “Act”); 

          WHEREAS,
Gemini and Tuxedo, Ice Cap and Outboard desire to partially resolve, settle, and
compromise Tuxedo, Ice Cap and Outboard’s bona fide claims that it has asserted
against Gemini, which arise out of or relate to the Service Agreement, in the
amount of Two Hundred and 

Five Thousand Dollars ($205,000.00) due and owing (hereinafter
the “Compromised Amount”); 

          With
this background incorporated herein, the parties hereby agree to the following
settlement: 

TERMS OF SETTLEMENT 

          1.
CLAIMS. Tuxedo, Ice Cap and Outboard agrees to partially resolve its bona
fide claim with Gemini for the agreed upon sum of Thirty Thousand Dollars
($30,000.00) which amount shall be deducted from the balance due and owing under
the Service Agreement which is Two Hundred and Five Thousand Dollars
($205,000.00) . 

          2.
SETTLEMENT SHARES. As soon as practicable following entry of an order by
the Court in accordance with Paragraph 4 herein, Gemini shall issue and deliver
to Tuxedo, Ice Cap and Outboard shares of Gemini’s common stock, par value $0.01
per share, (“Common Stock”) sufficient to satisfy the Compromised Amount through
the issuance of freely trading securities issued pursuant to Section 3(a)(10) of
the Act. The parties agree that the total amount of Common Stock to be delivered
by Gemini to satisfy the Compromised Amount shall be Four Million Five 

hundred Thousand (4,500,000.00) freely trading shares of Common
Stock to Tuxedo, Four Million Five Hundred Thousand (4,500,000.00) freely
trading shares of Common Stock to Outboard and Four Million Five hundred
Thousand (4,500,000.00) freely trading shares of Common Stock to Ice Cap (the
“Settlement Shares”). 

          3.
PAYMENT IN FULL. Tuxedo, Ice Cap and Outboard and Gemini agree that
delivery of the freely trading Settlement Shares pursuant to the conditions set
forth herein shall satisfy Gemini’s obligation to the extent stated above
regarding the Debenture.

          4.
FAIRNESS HEARING. Upon execution hereof, Tuxedo, Ice Cap and Outboard and
Gemini agree, pursuant to 15 U.S.C. §77(a)(10), to immediately submit the terms
and conditions of this Agreement to the Court for a hearing on the fairness of
such terms and conditions, for the issuance of an exemption from registration of
the Settlement Shares and an Order approving the Agreement. Gemini aver it is a
“reporting issuer” that files reports with the SEC under Section 13 of the
Securities and Exchange Act of 1934 (the “Exchange Act”); Gemini aver it is NOT
current in all its 

filing required under the Exchange Act; and Tuxedo, Ice Cap and
Outboard avers that although there is not adequate public information and they
are aware that Gemini is not current in it filings he acknowledges this fact and
waives the right of access to this information. In connection with such a
fairness hearing, Gemini, the issuer of the securities, and Tuxedo, Ice Cap and
Outboard , the proposed parties to whom the securities are to be issued, agree
that the value of the Settlement Shares utilized to satisfy the Claims is fair
and reasonable. This Agreement shall become binding upon the parties only upon
entry of an order by the Court substantially in the form of annexed hereto as
Exhibit A (the “Order”) . 

          5.
NECESSARY ACTION. At all times after the execution of this Agreement and
entry of the Order by the Court, each party hereto agrees to take or cause to be
taken all such necessary action including, without limitation, the execution and
delivery of such further instruments and documents, as may be reasonably
requested by any party for such purposes or otherwise necessary to complete or
perfect the transaction contemplated hereby. 

          6.
CONFIDENTIALITY AGREEMENT. At all times prior to execution of this
Agreement, the parties hereto agree to not disclose to any other person any of
the terms of said Agreement. 

          7.
RELEASES. Upon delivery of the Settlement Shares to Tuxedo, Ice Cap and
Outboard and in consideration of the terms and conditions of this Agreement, and
except for the obligations and representations arising or made hereunder or a
breach hereof, the parties hereby release, acquit and forever discharge the
other and each, every and all of their current and past officers, directors,
shareholder, affiliated corporations, subsidiaries, agents, employees,
representatives, attorneys, predecessors, successors and assigned (the “Released
Parties”), of and from any and all claims, damages, causes of action, suits and
costs, of whatever nature, character or description, whether known or unknown,
anticipated or unanticipated, which the parties may now have or may hereafter
have or claim to have against each other with respect to the Claims. Nothing
herein shall be deemed to negate or affect Tuxedo, Ice Cap and 

Outboard’s right and title to any securities heretofore issued
to it by Gemini. 

          8.
CONTINUING JURISDICTION: Simultaneously with the execution of this
Agreement, the attorneys representing the parties hereto will execute a
stipulation of dismissal substantially in the form annexed hereto as Exhibit B
(the “Stipulation of Dismissal”), which shall be held by Tuxedo, Ice Cap and
Outboard’s counsel and filed with the Court after Gemini’s delivery of the
Settlement Shares in accordance with paragraph 2 herein. In order to enable the
Court to grant specific enforcement and other equitable relief in connection
with this Agreement, (a) the parties consent to the jurisdiction of the Court
for purposes of enforcing this Agreement and (b) each party to this Agreement
expressly waives any contention that there is an adequate remedy at law or any
like doctrine that might otherwise preclude injunctive relief to enforce this
Agreement. 

          9.
CONTINUING OBLIGATION Both parties agree to use their best efforts to
cooperate with the Court to cause the Order to be timely entered and agree that
delays caused due 

to Court calendars shall not constitute a valid reason to void
this Agreement. 

          10.
INFORMATION. Tuxedo, Ice Cap and Outboard and Gemini each represent that
prior to the execution of this Agreement, they have had the advice of counsel,
namely, Robert E. Turffs, Esquire of Robert E. Turffs, P.A. for Tuxedo, Ice Cap
and Outboard and Michael J. Raterink, Esquire of Michael J. Raterink, P.A. for
Gemini, they fully informed themselves of its terms, contents, conditions and
effects, and that no promise or representation of any kind has been made to them
except as expressly stated in this Agreement. 

          11.
OWNERSHIP AND AUTHORITY. Tuxedo, Ice Cap and Outboard and Gemini
represent and warrant that they have not sold, assigned transferred, conveyed or
otherwise disposed of any or all of any claim, demand, right or cause of action,
relating to any matter which is covered by this Agreement, that each is the sole
owner of such claim, demand, right or cause of action, and each has the power
and authority and has been duly authorized to enter into and perform this
Agreement and that this Agreement is a 

binding obligation of each, enforceable in accordance with its
terms. 

          12.
BINDING NATURE. This Agreement shall be binding on all parties executing
this Agreement and their respective successors, assigns and heirs.

          13.
AUTHORITY TO BIND. Each party to this Agreement represents and warrants
that the execution, delivery and performance of this Agreement and the
consummation of the transaction provided in this agreement have been duly
authorized by all necessary action of the respective entity and that the person
executing this Agreement on its behalf has the full capacity to bind that
entity. Each party further represents and warrants that it has been represented
by independent counsel of its choice with the negotiation and execution of this
Agreement and that counsel has reviewed this Agreement.

          14.
SIGNATURES. This Agreement may be signed in counterparts and the
Agreement, together with its counterpart signature pages, shall be deemed valid
and binding on each party when duly executed by all parties.

Facsimile signatures shall be deemed valid and binding for all
purposes.

          15.
CHOICE OF LAW, ETC. Notwithstanding the place where this Agreement may be
executed by either of the parties, or any other factor, all terms and provisions
hereof shall be governed by and construed in accordance with the laws of the
State of Florida, applicable to agreements made and to be fully performed in
that State and without regard to principles of conflicts of law thereof. Any
action brought to enforce, or otherwise arising out of this Agreement shall be
brought only in the Circuit Court of the Twelfth Judicial Circuit sitting in the
State of Florida, County of Sarasota.

          16.
INCONSISTENCY. In the event of any inconsistency between the terms of
this Agreement and any other document executed in connection herewith, the terms
of this Agreement shall control to the extent necessary to resolve such
inconsistency. 

          IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first indicated above. 

	 	  	OUTBOARD INVESTMENTS, INC. 
	 	 	 
	 	 	 
	 	By: 	  
	 	 	 
	 	Its: 	Chief Executive Officer 
	 	  	  
	 	  	  
	 	 	TUXEDO HOLDINGS,
      LTD. 
	 	 	 
	 	 	 
	 	By: 	  
	 	 	 
	 	Its: 	Chief Executive Officer 
	 	 	 
	 	 	 
	 	 	ICE CAP HOLDINGS,
      LTD. 
	 	 	 
	 	 	 
	 	By: 	  
	 	 	 
	 	Its: 	Chief Executive Officer 
	 	  	  
	 	 	 
	 	 	AND 
	 	 	 
	 	  	GEMINI EXPLORATIONS, INC. 
	 	 	 
	 	 	 
	 	By: 	  
	 	 	 
	 	Its: 	Chief Executive Officer

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