Mezzanine Financing. Lender shall have the right at any time to divide the Loan into two or more parts (the “Mezzanine Option”): a mortgage loan (the “Mortgage Loan”) and one or more mezzanine loans (the “Mezzanine Loan(s)”). The principal amount of the Mortgage Loan plus the principal amount of the Mezzanine Loan(s) shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan(s). In effectuating the foregoing, the Mezzanine Lender will make a loan to the Mezzanine Borrower(s); Mezzanine Borrower(s) will contribute the amount of the Mezzanine Loan(s) to Borrower and Borrower will apply the contribution to pay down the Mortgage Loan. The Mortgage Loan and the Mezzanine Loan(s) will be on the same terms and subject to the same conditions set forth in this Agreement, the Note, the Security Instrument and the other Loan Documents except as follows:
Mezzanine Financing. The Company shall issue $80,000,000 ------------------- principal amount of senior notes of the Company for aggregate consideration of $80,000,000 substantially in the form of Exhibit G attached hereto.
Mezzanine Financing. Administrative Agent shall have the right, at any time, to divide the Loan into two or more parts (the “Mezzanine Option”): a mortgage loan (the “Mortgage Loan”) and one or more Approved Mezzanine Loans. The principal amount of the Mortgage Loan plus the principal amount of the Approved Mezzanine Loan(s) shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Approved Mezzanine Loan(s). In effectuating the foregoing, the Approved Mezzanine Lender will make a loan to a borrower (the “Mezzanine Borrower(s)”); Mezzanine Borrower(s) will contribute the amount of the Approved Mezzanine Loan(s) to Borrower (in its capacity as Borrower under the Mortgage Loan, “Mortgage Borrower”) and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount (without prepayment premium). The Mortgage Loan and the Approved Mezzanine Loan(s) shall be on the same terms and subject to the same conditions set forth in this Agreement, the Notes, the Mortgages and the other Loan Documents except as follows:
Mezzanine Financing. As of the Effective Date, no Relevant Party has entered into any Mezzanine Financing Facility.
Mezzanine Financing. Mezzanine Financing shall mean a private sale to Accredited Investors of newly created securities either in the form of common stock, preferred stock, convertible notes, or other securities in which new capital is raised in an amount of Three Million Dollars ($3,000,000) or more.
Mezzanine Financing. If Holdings Stockholder approval is obtained, then the terms of the Operative Documents shall be modified as follows and Holdings shall issue warrants to MRC under the terms set forth below. The parties will execute and deliver documentation to effect the below changes. SENIOR SUBORDINATED NOTES MODIFICATIONS Maturity: 5 years from the Closing Date of the existing Senior Subordinated Notes Purchase and Security Agreement. Coupon: 10.0% per annum payable in cash and 4.0% per annum payable-in-kind Cash interest payable monthly by automatic bank draft in arrears on a 360 day basis and actual days elapsed; PIK accrued annually and added to the principal balance of the Senior Subordinated Notes Fees: No additional fees; provided, that, whether closing occurs or not, all reasonable out-of-pocket expenses, including legal expenses, will be reimbursed.
Mezzanine Financing. Provided Tenant provides to Landlord a notice setting forth the name and address of any Mezzanine Financing Source, Landlord shall thereafter deliver to each Mezzanine Financing Source a copy of each notice of default or Lease termination given to Tenant at the same time as, and whenever any such notice of default or notice of termination shall thereafter be given by Landlord to, Tenant, and no such notice of default or notice of termination given by Landlord to Tenant shall be effective as against a Mezzanine Financing Source unless and until a copy thereof shall have been so given to each such Mezzanine Financing Source. Mezzanine Financing Sources providing Mezzanine Financing that are not Leasehold Mortgagees shall be deemed granted and entitled to the same notice and cure rights, protections, limitations on liability and other rights as Leasehold Mortgagees under this Lease, including without limitation this Article (irrespective of whether Mezzanine Financing Sources are expressly named as beneficiaries thereof), provided that such provisions shall be deemed modified (as necessary) to reflect the nature of the security for the Mezzanine Financing. By way of example and not limitation, if the Mezzanine Financing is secured by a pledge of the direct or indirect equity or ownership interests in Tenant, then, in the case of a non-monetary Event of Default that cannot be remedied by a Mezzanine Financing Source without possession of the Private Facilities, the Mezzanine Financing Source will need to institute foreclosure proceedings with respect to the pledge of such ownership interests (in lieu of foreclosure of a Leasehold Mortgage). Without limiting the terms of this Section, it is understood that Landlord shall have no right to terminate this Lease or to reenter the Private Facilities, by reason of a default or Event of Default by Tenant, until all such notice and cure periods and other rights (including rights to a New Lease) have been fully afforded to Mezzanine Financing Sources in the same manner and subject to the same terms and conditions as those afforded to Leasehold Mortgagees, adjusted to accommodate the differences in security as hereinabove provided. Landlord shall accept performance by a Mezzanine Financing Source of any covenant, condition or agreement on Xxxxxx’s part to be performed hereunder with the same force and effect as though performed by Xxxxxx; provided that nothing contained herein shall be deemed to impose upon any Mezzanine...
Mezzanine Financing. Subject to Administrative Agent’s approval of the Mezzanine Loan Documents, which approval shall be evidenced by Administrative Agent’s execution and delivery to Mezzanine Lender of the Intercreditor Agreement, Administrative Agent hereby approves of the Mezzanine Loan.
Mezzanine Financing. (A) The letter of credit option has been chosen by Purchaser pursuant to Section 16 of the Purchase Agreement. Notwithstanding anything to the contrary contained in such Section 16, the aggregate amount of the letter(s) of credit to be provided by Seller under the Mezzanine Loan Documents may be reduced to an amount less than $35,000,000, so long as Purchaser's monetary obligations to Seller under the Mezzanine Loan Documents are calculated as if Seller had provided letter(s) of credit in the aggregate amount of $35,000,000.
Mezzanine Financing. Beneficiary acknowledges, approves and consents to that certain Mezzanine Debt ("MEZZANINE DEBT") evidenced by that certain Junior Promissory Note, dated as of ______________, 2005 in the original principal amount of $3,000,000.00 to Grantor from Beneficiary ("MEZZANINE DEBT LENDER"), and secured by that certain junior Deed of Trust, Security Agreement and Fixture Filing dated as of ______________, 2005, granted by Grantor, and which such Mezzanine Debt is subordinated to the Loan pursuant to that certain Intercreditor Agreement, dated as of ______________, 2005, between Mezzanine Debt Lender and Beneficiary. Notwithstanding anything contained herein to the contrary, Borrower acknowledges and agrees that the Mezzanine Debt shall be the only permitted Mezzanine Debt while the Loan is outstanding.
