MBFC Financing definition
MBFC Financing means indebtedness of USRR to MIBFC pursuant to that certain Loan Agreement dated November 1, 1991, and related documents related to a loan in the original principal amount of One Million Five Hundred Thousand Dollars ($1,500,000) with a current principal loan balance of $200,000.
Examples of MBFC Financing in a sentence
As of the date hereof, the aggregate principal amount owed by USRR to Bank One Indianapolis is $3,546,972.03 (the "Bank One Indebtedness"), and the aggregate principal amount owed to MBFC pursuant to the MBFC Financing is $200,000.
Further, Buyer is assuming the MBFC Financing and Buyer shall make provision satisfactory to Bank One's counsel that the Liens related to the MBFC Financing shall be released at such time as MIBFC Bond Counsel approves in the alternative substitute security or a Bond payoff as adequate to protect its Bond Holders until maturity.
The Bank One Indebtedness shall have been paid in full and Bank One shall have released all liens on USRR's assets except for liens related to the MBFC Financing.