THIRD AMENDMENT TO LOAN AND
SECURITY AGREEMENT
THIS THIRD AMENDMENT TO LOAN AND SECURITY
AGREEMENT ("Third
Amendment") is entered into as of February 27, 2009 between
GREENFIELD COMMERCIAL CREDIT, L.L.C. , a Michigan limited
liability company ("Lender"), and APPLIED LNG TECHNOLOGIES USA,
L.L.C. and ARIZONA LNG, L.L.C. , Delaware and Nevada limited
liability companies, respectively ("Borrower").
RECITALS
A. Lender
and Borrower entered into a Loan And Security Agreement on March 1,
2007 and amended the same from time to time (as amended the "Loan
Agreement"). All capitalized terms not defined herein shall have
the same meanings ascribed to such terms in the Loan
Agreement.
B. Borrower
has requested an extension of the Maturity Date and a decrease in
the Maximum Loan Amount, to $2,500,000.00, and Lender agrees,
subject to the terms and conditions below:
NOW, THEREFORE , in consideration of the mutual covenants,
conditions, and provisions as hereinafter set forth, the parties
hereto agree as follows:
1.
Maturity Date.
The Loan
Agreement and paragraph 2 (D) of its Term Sheet are amended to
provide for a Maturity Date of the earlier of demand or March 1,
2010.
2.
Maximum Loan Amount/Monthly Processing Fee.
The
Loan Agreement, Paragraph 2(A) of its Term Sheet, and Revolving
Credit Loan Rider #1 ("Rider") and Paragraph 2 (A) (i) of its Term
Sheet are amended to provide for a Maximum Loan Amount of
$2,500,000.00. Paragraph 15 (H) (iii) of the Loan Agreement Term
Sheet is amen
