Amendment No. 1 to Secured Promissory Note PN274 between Stabilis Solutions, Inc. and M/G Finance Co., Ltd.

Contract Categories: Business Finance › Note Agreements
Summary

This amendment updates the payment schedule for a secured promissory note originally issued by Stabilis Solutions, Inc. to M/G Finance Co., Ltd. The outstanding balance of $3,464,107.11 will now be repaid in twelve scheduled payments of principal and interest, beginning January 2022 and ending December 2022, with payments deferred from September to December 2021. All other terms of the original note remain unchanged. The amendment is effective as of September 20, 2021.

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EX-10.6 2 a9302021amendment1tosecure.htm EX-10.6 Document

Exhibit 10.6
Amendment No. 1 to Secured Promissory Note
PN274
    Maker:     Stabilis Solutions, Inc., a Florida corporation (F/K/A Stabilis Energy, Inc.)
Maker’s Mailing Address:
         11750 Katy Freeway
         Suite 900
         Houston, TX 77079
Payee: M/G Finance Co., Ltd.
Loan Origination Date: August 16, 2019
Date of Amendment: September 20, 2021
Original Principal Amount: $5,000,000
The above reference Promissory Note (“Note”), the outstanding balance of which at the time of this amendment is $3,464,107.11, is hereby amended as follows:
Terms of Payment (principal and interest):
From the date hereof Maker shall make twelve (12) payments of principal and interest as follows:


Date
Beginning Balance
Payment
Accrued
Interest
(SEP-DEC 2021)
Interest
Principal
Ending Balance
9/10/2021 3,464,107.11DEFERRED3,464,107.11
10/10/2021 3,464,107.11DEFERRED3,464,107.11
11/10/2021 3,464,107.11DEFERRED3,464,107.11
12/10/2021 3,464,107.11DEFERRED3,464,107.11
1/10/20223,464,107.11235,367.36102,048.6425,512.16107,806.573,356,300.55
2/10/20223,356,300.55235,367.3624,718.19210,649.173,145,651.38
3/10/20223,145,651.38235,367.3623,166.82212,200.542,933,450.85
4/10/20222,933,450.85235,367.3621,604.03213,763.332,719,687.51
5/10/20222,719,687.51235,367.3620,029.72215,337.642,504,349.87
6/10/20222,504,349.87235,367.3618,443.82216,923.542,287,426.34
7/10/20222,287,426.34235,367.3616,846.24218,521.122,068,905.22
8/10/20222,068,905.22235,367.3615,236.90220,130.461,848,774.75
9/10/20221,848,774.75470,734.7213,615.70457,119.021,391,655.73
10/10/2022
1,391,655.73470,734.7210,249.15460,485.57931,170.16
11/10/2022
931,170.16470,734.726,857.80463,876.92467,293.24
12/10/2022
467,293.24470,734.723,441.48467,293.240.00
All other terms and conditions of the Note remain unchanged.
    
EXECUTED and made EFFECTIVE as of September 20, 2021.
                                  
                        
MAKER: STABILIS SOLUTIONS, INC.
    By:                    
         Andrew L. Puhala
Its: Senior Vice President, Chief Financial Officer and Secretary
PAYEE: M/G FINANCE CO., LTD.
    By:               
         Ben Broussard
Its: Chief Financial Officer