EX-10.27 5 dex1027.htm FIRST AMENDMENT TO NOTE, DATED AS OF NOVEMBER 10, 2003 First Amendment to Note, dated as of November 10, 2003

Exhibit 10.27

 

FIRST AMENDMENT TO NOTE

 

$43,000,000

             New York, New York
               November 10, 2003

 

THIS FIRST AMENDMENT TO NOTE, dated as of November 10, 2003 (this Amendment), is made by and between GLOBAL MARSH PROPERTY OWNER, L.P., a Texas limited partnership (Borrower), having an office at c/o Global Innovation Partners, LLC, 2730 Sand Hill Road, Suite 280, Menlo Park, California 94025, and GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation (together with its successors and assigns, Lender), having an office at 60 Wall Street, 10th Floor, New York, New York 10005.

 

WHEREAS, Borrower and Lender are parties to that certain Note, dated as of August 18, 2003 (the Note), in the principal amount of $43,000,000; and

 

WHEREAS, Borrower and Lender desire to amend the terms of the Note as provided in this Amendment.

 

NOW THEREFORE, in consideration of Ten Dollars ($10.00) paid in hand the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree to amend the Note as follows:

 

1. Capitalized terms used in this Amendment and not defined herein shall have the meaning provided in the Note.

 

2. The Note is hereby amended by deleting the definition of “Initial Maturity Date” on page 2 of the Note in its entirety and substituting the following in place therefor:

 

Initial Maturity Date” shall mean August 9, 2006.”

 

In connection therewith and as a result thereof, the First Extension Option shall constitute Borrower’s option to extend the Maturity Date for a period of thirteen (13) months, from the Initial Maturity Date of August 9, 2006 to the First Extended Maturity Date of September 9, 2007.

 

3. The Note is hereby further amended by deleting the definition of “LIBOR Margin” on page 3 of the Note in its entirety and substituting the following in place therefor:

 

LIBOR Margin shall mean 1.59302326% per annum.”

 

4. Except as amended by this Amendment, the Note shall continue to remain in full force and effect.

 


5. This Amendment shall be governed by the laws of the State of New York, without regard to choice of law rules.

 

6. This Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one binding agreement.

 

7. The provisions of this Amendment are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, and not any other clause or provision of this Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

2


IN WITNESS WHEREOF, the parties hereto have entered into this Amendment on the date first written above.

 

BORROWER:
GLOBAL MARSH PROPERTY OWNER, L.P.,
a Texas limited liability partnership

By:

  Global Marsh General Partner, LLC,
a Delaware limited liability company,
its general partner
   

By:

  Global Marsh Member, LLC,
a Delaware limited liability company,
its member
       

By:

  Global Innovation Partners, LLC,
a Delaware limited liability company,
its member
           

By:

  Global Innovation Manager, LLC,
a Delaware limited liability company, its manager
               

By:

  /s/                    
               

Name:

  Michael F. Foust
               

Title:

  Authorized Signatory

 


LENDER:
GERMAN AMERICAN CAPITAL CORPORATION,
a Maryland corporation
By:   /s/                    

Name:

  Donald S. Belanger

Title:

  Vice President
By:   /s/                    

Name:

  MICHAEL P. HART

Title:

  Authorized Signatory

 


The undersigned GLOBAL INNOVATION PARTNERS, LLC, a Delaware limited liability company (Guarantor), hereby acknowledges and consents to this First Amendment to Note solely to confirm and ratify Guarantor’s obligations pursuant to (a) that certain Environmental Indemnity, dated as of August 18, 2003, from Guarantor to Lender, and (b) that certain Guaranty of Recourse Obligations, dated as of August 18, 2003, from Guarantor to Lender, as such obligations relate to the Note as amended by this Amendment.

 

GLOBAL INNOVATION PARTNERS, LLC,
a Delaware limited liability company

By:

  Global Innovation Manager, LLC,
a Delaware limited liability company,
its manager
   

By:

  /s/                    
   

Name:

  Michael F. Foust
   

Title:

  Authorized Signatory