Examples of Marina Associates in a sentence
On or prior to the Effective Date, Trump Taj Mahal Associates, Trump Plaza Associates and Trump Marina Associates, L.P. and such other corporate entities selected by THCR shall be converted or merged into limited liability companies in the state of organization as selected by THCR.
TCS was formed in June 1996 to provide managerial, financial, accounting, purchasing, legal and other services necessary and incidental to the operations of each of the Xxxxx casino properties pursuant to a Second Amended and Restated Services Agreement (or the Administrative Services Agreement), dated as of January 1, 1998, by and among TCS and each of (i) Xxxxx Plaza Associates, (ii) Xxxxx Xxx Majal Associates, (iii) Marina Associates, and (iv) Xxxxx Indiana, Inc.
The above pro forma adjustments reflect the elimination of the interest expense on the senior secured notes and the working capital loan through July 2002 and the elimination of interest expense on Marina Associates $70 million bank debt from July 2002 through December 31, 2002.
During July 2002, Marina Associates entered into a $70 million bank loan facility, the proceeds of which were used to retire Trump Castle Funding’s $62 million senior secured notes and a $5 million working capital loan.
Under the Castle Services Agreement, Marina Associates was required to pay TCI-II an annual fee of $1.5 million for each year in which EBITDA exceeded $50 million.
EBITDA represents income from operations before depreciation, amortization, non-cash write-downs and charges related to required regulatory obligations, non-recurring debt renegotiation costs and, with respect to (i) Marina Associates, fees paid pursuant to the Castle Services Agreement (see “Certain Relationships and Related Party Transactions”); (ii) Trump Indiana, Inc., fees paid pursuant to a marketing service agreement with THCR and (iii) Trump 29 Services, certain pre-opening costs.
Pursuant to the Castle Services Agreement, Xx. Xxxxx earned approximately $2.3 million, $2.2 million and $3.5 million, based on Marina Associates' EBITDA for the years ended December 31, 2000, 2001 and 2002, respectively.
To record the cancellation of Castle Funding’s 13.875% PIK Notes at face value of approximately $141,900 and related interest, net of discount, which is held by THCR Holdings, which will be contributed to Marina Associates at book value and cancelled at face value, and the gain of $18,254 resulting therefrom.
In March 2000, the Board of Directors of THCR authorized and directed THCR to cause Marina Associates and Xxxxx Indiana, Inc.
Pursuant to the Castle Services Agreement, TCI-II agreed to provide Marina Associates consulting services on a non-exclusive basis, relating to marketing, advertising, promotional and other services with respect to the business and operations of Marina Associates, in exchange for certain fees to be paid in those years in which EBITDA exceeds prescribed amounts, as discussed below.