Common use of REFINANCING EVENT Clause in Contracts

REFINANCING EVENT. The occurrence, on or before the Maturity Date, of any refinancing, or other replacement, of the Senior Indebtedness. SENIOR INDEBTEDNESS. The sum of (i) any indebtedness of Borrower which is secured by a lien upon the Facility, and (ii) that certain promissory note dated as of April 29, 1996, in the original principal amount of 1,671,000, executed and delivered by the Borrower to Hansa Finance Limited Liability Company, the collective total amount of which shall not exceed $6,814,600. Notwithstanding any provisions in this Note, or in any instrument securing this Note, the total liability for payments legally regarded as interest shall not exceed the maximum limits imposed by the laws of the State of Washington in effect on the date hereof, and any payment of same in excess of the amount allowed thereby shall, as of the date of such payment, automatically be deemed to have been applied to the payment of the principal indebtedness evidenced hereby, or, if same has been fully repaid, shall be deemed to be held by Holder as additional security for all remaining indebtedness of Borrower to Holder and shall be repaid to Borrower upon demand after all of such indebtedness has been fully paid. Any notation or record of Holder with respect to such required application which is inconsistent with the provisions of this paragraph shall be disregarded for all purposes and shall not be binding upon either Borrower or Holder. The Borrower and the Lender have entered into a Lease Agreement dated as of February 26, 1996 (the "Lease"), pursuant to which the Borrower has leased the Facility to the Lender. In the event that the Lender fails to pay to the Borrower any amounts owing with respect to the Lease from time to time, then until such time as such amounts are paid, the Borrower's obligations under this Note shall be abated by an amount (the "Reduction Amount") equal to the lesser of (i) any amounts then due and payable under this Note that have not otherwise been paid or (ii) the amount of such nonpayment under the Lease, such reduction to be applied first to accrued interest which is due and payable (other than Additional Interest), and then to the outstanding principal amount of the Loans evidenced hereby. Upon payment by Lender of amounts due under the Lease, such abatement shall cease and all amounts then due and payable, including interest accruing at the non-default rate during such period of abatement, shall be promptly paid to Lender. The loans evidenced hereby (the "Loans") shall be made to the Borrower in two separate advances. The first such advance shall occur on the date hereof in the amount of $300,000 (the "Initial Advance"). So long as (a) no Event of Default is continuing hereunder, and (b) the Lender shall have received an assignment of all of the economic interests of the limited partners of the Borrower, pursuant to a collateral assignment of limited partnership interests (all such interests assigned pursuant to any such collateral assignment being hereinafter collectively referred to as the "Collateral") in the form of Exhibit A attached hereto (collectively, the "Collateral Assignments" and, collectively with this Note, the "Loan Documents"), the second such advance shall occur on the Permanent Loan Closing Date in the amount of $975,000, or such other amount as the Lender and the Borrower shall agree to in writing (the "Second Advance"), provided, that the Borrower may request a lesser amount without the written consent of the Lender. All sums payable under this Note shall be paid in immediately available funds in lawful money of the United States of America which shall be legal tender for public and private purposes at the time of such payment. All payments under this Note shall be made to Holder without notice, demand, set-off (except for the abatement of payments due expressly set forth herein with respect to ▇▇▇▇▇▇'s failure to make payments under the Lease) or counterclaim and free and clear of and without deduction on account of taxes, levies, fees, deductions, withholdings, restrictions or conditions of any nature now or hereafter imposed or levied by any country or any political subdivision thereof unless Borrower is required by law to make such deductions. If any such obligation is imposed upon Borrower with respect to any amount payable by it hereunder, it will pay to ▇▇▇▇▇▇, on the date on which such amount becomes due and payable hereunder, such additional amount as shall be necessary to enable Holder to receive the same net amount which it would have received on such due date had no such obligation been imposed upon Borrower.

REFINANCING EVENT. The occurrence, on or before the Maturity Date, of any refinancing, or other replacement, of the Senior Indebtedness. SENIOR INDEBTEDNESS. The sum of (i) any indebtedness of Borrower which is secured by a lien upon the Facility, and (ii) that certain promissory note dated as of April 2926, 1996, in the original principal amount of 1,671,000$1,646,027, executed and delivered by the Borrower to Hansa Finance Limited Liability Company, the collective total amount of which shall not exceed $6,814,6007,082,227. Notwithstanding any provisions in this Note, or in any instrument securing this Note, the total liability for payments legally regarded as interest shall not exceed the maximum limits imposed by the laws of the State of Washington in effect on the date hereof, and any payment of same in excess of the amount allowed thereby shall, as of the date of such payment, automatically be deemed to have been applied to the payment of the principal indebtedness evidenced hereby, or, if same has been fully repaid, shall be deemed to be held by Holder as additional security for all remaining indebtedness of Borrower to Holder and shall be repaid to Borrower upon demand after all of such indebtedness has been fully paid. Any notation or record of Holder with respect to such required application which is inconsistent with the provisions of this paragraph shall be disregarded for all purposes and shall not be binding upon either Borrower or Holder. The Borrower and the Lender have each entered into a Lease Agreement dated as of February 26, 1996 26,1996 (the "Lease"), pursuant to which the Borrower has leased the Facility to the Lender. In the event that the Lender fails to pay to the Borrower any amounts owing with respect to the Lease from time to time, then until such time as such amounts are paid, the Borrower's obligations under this Note shall be abated by an amount (the "Reduction Amount") equal to the lesser of (i) any amounts then due and payable under this Note that have not not. otherwise been paid or (ii) the amount of such nonpayment under the Lease, such reduction to be applied first to accrued interest which is due and payable (other than Additional Interest), and then to the outstanding principal amount of the Loans evidenced hereby. Upon payment by Lender of amounts due under the Lease, such abatement shall cease and all amounts then due and payable, including interest accruing at the non-default rate during such period of abatement, shall be promptly paid to Lender. The loans evidenced hereby (the "Loans") shall be made to the Borrower in two three separate advances. The first such advance shall occur on the date hereof in the amount of $300,000 200,000 (the "Original Initial Advance"). So long as no Event of Default is continuing hereunder, the second such advance shall occur on or before January 15, 1997, in the amount of $100,000 (collectively with the Original Initial Advance, the "Initial Advance"). So long as (a) no Event of Default is continuing hereunder, and (b) the Lender shall have received an assignment of all of the economic interests of the limited partners members of the Borrower, other than the one percent (l%) interest of the managing member of the Borrower, pursuant to a collateral assignment of limited partnership interests (all such interests assigned pursuant to any such collateral assignment being hereinafter collectively referred to as the "Collateral") in the form of Exhibit A C attached hereto (collectively, the "Collateral Assignments" and, collectively with this Note, the "Loan Documents"), the second final such advance shall occur on the Permanent Loan Closing Date in the amount of $975,000955,000, or such other amount as the Lender and the Borrower shall agree to in writing (the "Second Advance"), provided, that the Borrower may request a lesser amount without the written consent of the Lender. All sums payable under this Note shall be paid in immediately available funds in lawful money of the United States of America which shall be legal tender for public and private purposes at the time of such payment. All payments under this Note shall be made to Holder without notice, demand, set-off (except for the abatement of payments due expressly set forth herein with respect to ▇▇▇▇▇▇'s failure to make payments under the Lease) or counterclaim and free and clear of and without deduction on account of taxes, levies, fees, deductions, withholdings, restrictions or conditions of any nature now or hereafter imposed or levied by any country or any political subdivision thereof unless Borrower is required by law to make such deductions. If any such obligation is imposed upon Borrower with respect to any amount payable by it hereunder, it will pay to ▇▇▇▇▇▇, on the date on which such amount becomes due and payable hereunder, such additional amount as shall be necessary to enable Holder to receive the same net amount which it would have received on such due date had no such obligation been imposed upon Borrower.

REFINANCING EVENT. The occurrence, on or before the Maturity Date, of any refinancing, or other replacement, of the Senior Indebtedness. SENIOR INDEBTEDNESS. The sum of (i) any indebtedness of Borrower which is secured by a lien upon the Facility, and (ii) that certain promissory note dated as of April 29, 1996, in the original principal amount of 1,671,000$1,505,000, executed and delivered by the Borrower to Hansa Finance Limited Liability Company, the collective total amount of which shall not exceed $6,814,6006,474,700. Notwithstanding any provisions in this Note, or in any instrument securing this Note, the total liability for payments legally regarded as interest shall not exceed the maximum limits imposed by the laws of the State of Washington in effect on the date hereof, and any payment of same in excess of the amount allowed thereby shall, as of the date of such payment, automatically be deemed to have been applied to the payment of the principal indebtedness evidenced hereby, or, if same has been fully repaid, shall be deemed to be held by Holder as additional security for all remaining indebtedness of Borrower to Holder and shall be repaid to Borrower upon demand after all of such indebtedness has been fully paid. Any notation or record of Holder with respect to such required application which is inconsistent with the provisions of this paragraph shall be disregarded for all purposes and shall not be binding upon either Borrower or Holder. The Borrower and the Lender have entered into a Lease Agreement dated as of February 26, 1996 (the "Lease"), pursuant to which the Borrower has leased the Facility to the Lender. In the event that the Lender fails to pay to the Borrower any amounts owing with respect to the Lease from time to time, then until such time as such amounts are paid, the Borrower's obligations under this Note shall be abated by an amount (the "Reduction Amount") equal to the lesser of (i) any amounts then due and payable under this Note that have not otherwise been paid or (ii) the amount of such nonpayment under the Lease, such reduction to be applied first to accrued interest which is due and payable (other than Additional Interest), and then to the outstanding principal amount of the Loans evidenced hereby. Upon payment by Lender of amounts due under the Lease, such abatement shall cease and all amounts then due and payable, including interest accruing at the non-default rate during such period of abatement, shall be promptly paid to Lender. The loans evidenced hereby (the "Loans") shall be made to the Borrower in two separate advances. The first such advance shall occur on the date hereof in the amount of $300,000 (the "Initial Advance"). So long as (a) no Event of Default is continuing hereunder, and (b) the Lender shall have received an assignment of all of the economic interests of the limited partners members of the Borrower, other than the one percent (1%) interest of the managing member of the Borrower, pursuant to a collateral assignment of limited partnership membership interests (all such interests assigned pursuant to any such collateral assignment being hereinafter collectively referred to as the "Collateral") in the form of Exhibit A attached hereto (collectively, the "Collateral Assignments" and, collectively with this Note, the "Loan Documents"), the second such advance shall occur on the Permanent Loan Closing Date in the amount of $975,0001,150,000, or such other amount as the Lender and the Borrower shall agree to in writing (the "Second Advance"), provided, that the Borrower may request a lesser amount without the written consent of the Lender. All sums payable under this Note shall be paid in immediately available funds in lawful money of the United States of America which shall be legal tender for public and private purposes at the time of such payment. All payments under this Note shall be made to Holder without notice, demand, set-off (except for the abatement of payments due expressly set forth herein with respect to ▇▇▇▇▇▇'s failure to make payments under the Lease) or counterclaim and free and clear of and without deduction on account of taxes, levies, fees, deductions, withholdings, restrictions or conditions of any nature now or hereafter imposed or levied by any country or any political subdivision thereof unless Borrower is required by law to make such deductions. If any such obligation is imposed upon Borrower with respect to any amount payable by it hereunder, it will pay to ▇▇▇▇▇▇, on the date on which such amount becomes due and payable hereunder, such additional amount as shall be necessary to enable Holder to receive the same net amount which it would have received on such due date had no such obligation been imposed upon Borrower.