Blue Dolphin Pipe Line modifies $8.3M note with Lazarus, deferring principal to 2025

BLUE DOLPHIN ENERGY CO

BDPL enters Payment Agreement with Lazarus Energy to modify $8,307,555 promissory note.
Interest-only payments of $0.05M monthly from May 2023 through April 2025; then ~$0.4M P&I through April 2027.
Interest rate set at 8.00% per year effective May 9, 2023; first $0.05M payment made May 15, 2023.
Lazarus forbears from remedies on existing defaults if payments current; 30-day cure period after missed payment.
Missed payment exceeding 13 days automatically voids modified terms, reinstating original note provisions.

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