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On June 25, 1990, Skokie executed a promissory note
evidencing a loan of $1,500,000 from Brunswick. On November 1,
1990, Skokie made a loan repayment to Brunswick in the amount of
$354,522.67. On June 21, 1991, Skokie made a loan repayment to
Brunswick in the amount of $741,777.70. After this second
payment, the outstanding balance of the loan was $403,699.63.
On June 25, 1990, ABN-Willemstad and Clavicor entered into a
Revolving Credit Agreement (RCA) under which ABN-Willemstad
agreed to make available to Clavicor one or more loans in the
aggregate principal amount of $150 million. The RCA was to
expire no later than June 24, 1991. By agreements dated June 25,
1990, Rocky and Jasper pledged their 6,000 shares of Clavicor to
ABN-Willemstad as security for the RCA. On June 25, 1990, ABN-
Willemstad and Clavicor entered into a Subordinated Loan
Agreement (SLA) under which ABN-Willemstad agreed to loan
Clavicor $15 million, subordinated to the RCA. According to the
SLA, the loan was not to bear interest, unless the outstanding
principal was not paid on the expiration date.
By Option Agreement dated June 25, 1990, Rocky and Jasper
each granted ABN the irrevocable option to purchase up to 100
percent of their Clavicor shares at par.
On June 25, 1990, the Otrabanda partners made the following
capital contributions to the partnership:
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