Mendocino Brewing Company, Inc. Issues New Note to Catamaran Services, Inc
July 17, 2017 at 05:27 pm EDT
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On July 17, 2017, Mendocino Brewing Company, Inc. issued a New Note to Catamaran Services, Inc. in the principal amount of $500,000. The Company previously issued the Prior Notes to Catamaran. Pursuant to the terms of the New Secured Note, the Company promises to pay the principal sum of $500,000 with accrued interest, to Catamaran within six months following the date of the New Secured Note, subject to payment in full of the Obligations. If the Company is not able to satisfy its obligations on the New Secured Note within the six month period following the date of the Secured Note, the Secured Note shall be automatically extended for additional six month terms until the New Secured Note is paid. Interest shall accrue on the unpaid principal of the New Secured Note at a rate equal to the lesser of (i) 1.5% per annum above the prime rate offered from time to time by the Bank of America Corporation in San Francisco, California, or (ii) 10% per annum, until the principal is fully paid. The New Secured Note may be prepaid without penalty at the option of the Company; however, no payments on the New Secured Note may be made unless the Obligations have been satisfied in full. The New Secured Note may be assigned to any third party by Catamaran. The New Secured Note is secured by a security interest in the Property, which security interest is subject and subordinated to the security interest held by Lender pursuant to the Credit Agreement.
Mendocino Brewing Company, Inc. (MBC) is a craft brewer. The Company produces ales and lagers in its breweries in the United States. The Company operates through two segments: brewing operations, tavern and tasting room operations in the United States and Canada (the North American Territory), and distributor operations in Europe (including Austria, Belgium, Denmark, Ireland, Italy, the Netherlands, France, Finland, Germany, Greece, Iceland, Liechtenstein, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom) (the Foreign Territory). The Company's operations in the North American Territory consist primarily of brewing and marketing craft beers. The Company's operations in the Foreign Territory consist primarily of the marketing and distribution of Kingfisher Premium Lager in the Foreign Territory through Indian restaurants, chain retail grocers, liquor stores and other retail outlets (such as convenience stores).
MENDOCINO BREWING COMPANY, INC. 
