BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -5-06 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 CANADA BC TOLL FREE: 1-800-663-1385 web site: http://www.bcuc.com FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by Kyuquot Power Ltd. for Approval of a New Debt Servicing Agreement BEFORE: L.F. Kelsey, Commissioner January 19, 2006 L.A. Boychuk, Commissioner O R D E R WHEREAS: A. On December 28, 2005, Kyuquot Power Ltd. (“KPL”) applied for Commission approval of a new Debt Servicing Agreement effective December 8, 2005 between the Canadian Western Bank and KPL (the “new Debt Agreement”); and B. The new Debt Agreement is to finance the construction of the 14.4 kV single phase distribution line from BC Hydro’s grid at Oclucje to Kyuquot (“the Project”), which was approved by Commission Order No. C-18-01; and C. The new Debt Agreement consists of a floating rate Demand Non-Revolving (“DNR”) Loan for $1.8 million with no specified term and a Letter of Credit for $20,000; and D. Security for the new Debt Agreement includes a demand debenture providing a first fixed charge on all assets related to the Project and various assignments; and E. The Commission has reviewed the Application along with supporting material and finds that approval is warranted. NOW THEREFORE pursuant to Sections 50(2) and 52 of the Utilities Commission Act, the Commission …/2
BRITISH COLUMBIA UTILITIES COMMISSION ORDER NUMBER G-5-06 2 approves for KPL the new Debt Servicing Agreement effective December 8, 2005 with Canadian Western Bank. DATED at the City of Vancouver, in the Province of British Columbia, this 24 th day of January 2006. BY ORDER Original signed by: L.F. Kelsey Commissioner Orders/Kyuquot Power_Debt Services Agreement
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