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 on the terms set forth in the Note Purchase Agreement.
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. Tenant and the direct and indirect owners of Tenant shall have the right, upon prior notice to, but without consent or approval from, Landlord, to enter into one or more mezzanine loans (each, a “Mezzanine Loan”). Neither the pledge of any equity interests in the direct and/or indirect owners of Tenant nor the foreclosure of any such pledge of equity interests shall be deemed to constitute an assignment or transfer of this Lease or the leasehold estate created hereunder nor shall a Tenant Mezzanine Lender (as hereinafter defined) by foreclosing on a pledge of equity interests, and assuming ownership of such equity interests, be deemed to be an assignee or transferee or mortgagee in possession of the leasehold estate created hereunder in violation of this Lease, it being acknowledged that any such foreclosure by such Tenant Mezzanine Lender shall not be deemed to violate this Lease or require the consent or approval of, or notice to, Landlord. Provided Tenant provides to Landlord a notice setting forth the name and address of any Tenant Mezzanine Lender having a security interest in the direct or indirect equity or other ownership interest in Tenant (whether or not such security interest shall also cover other equity or ownership interests in one or more other person or entity) (each, a “Tenant Mezzanine Lender”), Landlord shall thereafter deliver to each Tenant Mezzanine Lender 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 by Landlord shall be deemed to have been duly given to Tenant unless and until a copy thereof shall have been so given to each such Tenant Mezzanine Lender. Subject to the terms of this ARTICLE XIII, Tenant Mezzanine Lenders shall (i) thereupon have a single period (for all Tenant Mezzanine Lenders) of ten (10) days more than the cure period afforded to Tenant in the case of a default in the payment of Rent and thirty (30) days more than the cure period afforded to Tenant in the case of any other default which is capable of being cured by a Tenant Mezzanine Lender, after notice of such default is given to Tenant Mezzanine Lenders, for curing the default, causing the same to be cured by Tenant or otherwise, and (ii) within such period and otherwise as herein provided, have the right to cure such default, cause the same to be cur...
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. 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. As of the Effective Date, no Relevant Party has entered into any Mezzanine Financing Facility.
Mezzanine Financing. (A) Within 45 days from the date hereof Purchaser shall elect one of the following two options: (i) to have Seller provide a letter of credit in the amount of $40,000,000, which may be reduced if so specified in such notice to not less than $35,000,000, as additional collateral for the loan to the owners of the Properties at the Closing, as more particularly provided in the Mezzanine Loan Documents or (ii) to have Seller provide a mezzanine loan to the owners of the Properties in the amount of $40,000,000, which may be reduced if so specified in such notice to not less than $35,000,000, as more particularly provided in the Mezzanine Loan Documents; if Purchaser fails to make such election, Purchaser shall be deemed to have elected the letter of credit option at $40,000,000. If Purchaser elects option (ii) to obtain a mezzanine loan from Seller, notwithstanding anything herein to the contrary, the Cash Balance shall be reduced by the amount of such loan. In no event will the letter of credit amount or the mezzanine loan amount exceed Purchaser's equity in the Properties as more particularly provided in the Mezzanine Loan Documents.
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 any financing which is secured by a security interest in the direct or indirect Ownership Interests in Owner.
