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Interim Revolving Credit Agreement

 

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Title:

Interim Revolving Credit Agreement

Entities:

Banc of America Securities LLC; JVC Americas Corp.; McGraw-Hill Companies Inc.; SouthTrust Bank; Wells Capital, Inc.; Wells Operating Partnership II, LP; Wells Operating Partnership, LP; Wells Real Estate Investment Trust II Inc.; Wells Real Estate Investment Trust Inc.; International Swaps & Derivatives Association, Inc.; Bank of America, NA

Date:

2004

Size:

Preview shows 91KB of 345KB total

Price:

$87

ID:

#255768

 

 

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Start of Preview

 

 

$350 MILLION INTERIM REVOLVING

CREDIT AGREEMENT

 

Dated as of May 10, 2004

 

among

 

WELLS OPERATING PARTNERSHIP II, L.P.,

as the Borrower,

 

WELLS REAL ESTATE INVESTMENT TRUST II, INC.,

as the REIT Guarantor,

 

the other parties from time to time party hereto,

and identified as Guarantors,

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

the other parties from time to time party hereto,

and identified as Lenders,

 

and

 

BANC OF AMERICA SECURITIES LLC,

as Sole Lead Arranger and Sole Book Manager,

TABLE OF CONTENTS

 

Section
        

Page

ARTICLE I DEFINITIONS AND ACCOUNTING TERMS    1
        1.01    Defined Terms.    1
1.02    Other Interpretive Provisions.    21
1.03    Accounting Terms.    22
1.04    Rounding.    22
1.05    References to Agreements and Laws.    22
1.06    Times of Day.    22
1.07    Unconsolidated Entities.    22
1.08    Covenant Calculations Related to Indebtedness.    22
1.09    Covenant Calculations Related to Approved Bond Transactions.    23
ARTICLE II THE COMMITMENTS AND BORROWINGS    23
2.01    Loans.    23
2.02    Borrowings, Conversions and Continuations of Loans.    24
2.03    Intentionally Omitted.    24
2.04    Prepayments.    26
2.05    Termination or Reduction of Aggregate Revolving Commitments.    27
2.06    Maturity Date.    27
2.07    Interest.    28
2.08    Fees.    28
2.09    Computation of Interest and Fees.    28
2.10    Evidence of Debt.    28
2.11    Payments Generally.    30
2.12    Sharing of Payments.    30
ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY    30
3.01    Taxes.    30
3.02    Illegality.    31
3.03    Inability to Determine Rates.    31
3.04    Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans.    31
3.05    Funding Losses.    32
3.06    Matters Applicable to all Requests for Compensation.    32
3.07    Survival.    33
ARTICLE IV GUARANTY    33
4.01    The Credit Document Guaranty.    33
4.02    Obligations Unconditional.    33
4.03    Reinstatement.    34
4.04    Certain Additional Waivers.    34
4.05    Remedies.    34
4.06    Rights of Contribution.    34
4.07    Guarantee of Payment; Continuing Guarantee.    35
ARTICLE V CONDITIONS PRECEDENT TO THE CLOSING DATE AND BORROWINGS    35
5.01    Conditions of Closing.    35
5.02    Conditions to all Borrowings.    38
ARTICLE VI REPRESENTATIONS AND WARRANTIES    38
6.01    Existence, Qualification and Power; Compliance with Laws.    38
6.02    Authorization; No Contravention.    38
6.03    Governmental Authorization; Other Consents.    39
6.04    Binding Effect.    39
6.05    Financial Statements; No Material Adverse Effect.    39
6.06    Litigation.    39

 

i

        6.07    No Default.    40
6.08    Ownership of Property; Liens.    40
6.09    Environmental Compliance.    40
6.10    Insurance.    41
6.11    Taxes.    41
6.12    ERISA Compliance.    41
6.13    Corporate Structure.    41
6.14    Margin Regulations; Investment Company Act; Public Utility Holding Company Act.    42
6.15    Disclosure.    42
6.16    Compliance with Laws.    42
6.17    Approved Properties; Real Properties.    42
6.18    Solvency.    43
6.19    Investments.    43
6.20    Business Locations.    43
6.21    Brokers' Fees.    43
6.22    Labor Matters.    43
6.23    Nature of Business.    43
6.24    Representations and Warranties from Other Credit Documents.    43
6.25    REIT Status.    43
ARTICLE VII AFFIRMATIVE COVENANTS    43
7.01    Financial Statements.    44
7.02    Certificates; Other Information.    44
7.03    Notices and Information.    46
7.04    Payment of Obligations.    46
7.05    Preservation of Existence, Etc.    46
7.06    Maintenance of Properties.    47
7.07    Maintenance of Insurance.    47
7.08    Compliance with Laws.    47
7.09    Books and Records.    47
7.10    Inspection Rights.    47
7.11    Use of Proceeds.    47
7.12    Proposed Approved Properties/Acceptance of Approved Properties.    48
7.13    Additional Credit Parties.    50
7.14    Agreement Regarding Environmental Recommendations and Title Conditions.    51
7.15    REIT Status/REIT Ownership of Borrower.    51
7.16    Further Assurances.    51
7.17    Pledged Assets.    51
7.18    Distributions from Excluded Entities.    52
ARTICLE VIII NEGATIVE COVENANTS    52
8.01    Intentionally Omitted.    52
8.02    Investments.    52
8.03    Indebtedness.    53
8.04    Fundamental Changes.    54
8.05    Addition/Removal of Approved Properties; Dispositions.    54
8.06    Restricted Payments.    54
8.07    Change in Nature of Business.    55
8.08    Transactions with Affiliates and Insiders.    55
8.09    Burdensome Agreements.    55
8.10    Use of Proceeds.    56
8.11    Financial Covenants.    56
8.12    No Foreign Subsidiaries.    57
8.13    Prepayment of Other Indebtedness, Etc.    57
8.14    Organization Documents; Fiscal Year.    57
8.15    Ownership of Subsidiaries; Limitations on the REIT Guarantor.    57
8.16    Sale Leasebacks.    58

 

ii

        8.17    Excluded Entity; Non-Credit Party Ownership Matters.    58
ARTICLE IX EVENTS OF DEFAULT AND REMEDIES    58
9.01    Events of Default.    58
9.02    Remedies Upon Event of Default.    60
9.03    Application of Funds.    61
ARTICLE X ADMINISTRATIVE AGENT    61
10.01    Appointment and Authorization of Administrative Agent.    61
10.02    Delegation of Duties.    62
10.03    Liability of Administrative Agent.    62
10.04    Reliance by Administrative Agent.    62
10.05    Notice of Default.    63
10.06    Credit Decision; Disclosure of Information by Administrative Agent.    63
10.07    Indemnification of Administrative Agent.    63
10.08    Administrative Agent in its Individual Capacity.    64
10.09    Successor Administrative Agent.    64
10.10    Administrative Agent May File Proofs of Claim.    64
10.11    Credit Document Guaranty Matters.    65
10.12    Other Agents; Arrangers and Managers.    65
ARTICLE XI MISCELLANEOUS    66
11.01    Amendments, Etc.    66
11.02    Notices and Other Communications; Facsimile Copies.    67
11.03    No Waiver; Cumulative Remedies.    68
11.04    Attorney Costs, Expenses and Taxes.    68
11.05    Indemnification by the Credit Parties.    68
11.06    Payments Set Aside.    69
11.07    Successors and Assigns.    69
11.08    Confidentiality.    71
11.09    Setoff.    71
11.10    Interest Rate Limitation.    72
11.11    Counterparts.    72
11.12    Integration.    72
11.13    Survival of Representations and Warranties.    72
11.14    Severability.    72
11.15    Tax Forms.    73
11.16    Replacement of Lenders.    74
11.17    Governing Law.    74
11.18    Waiver of Right to Trial by Jury.    74
11.19    USA Patriot Act.    75
11.20    ENTIRE AGREEMENT.    75
      SIGNATURES    S-1

 

iii

SCHEDULES

 

          1.01    Existing Approved Bond Transactions
          2.01    Commitments and Pro Rata Shares
          6.05    Indebtedness
          6.06    Litigation
          6.09    Environmental Matters
          6.10    Insurance
          6.13(a)    Corporate Structure
          6.13(b)    Capital Stock of Credit Parties
          6.13(c)    Excluded Entities
          6.17(a)    Approved Properties
          6.17(b)    Proposed Approved Properties
          6.17(c)    Real Properties/Excluded Properties
          6.20    Chief Executive Office, Jurisdiction of Incorporation, Principal Place of Business
          8.02    Existing Investments
        11.02    Administrative Agents Office, Certain Addresses for Notices
        11.09    Accounts Excluded From Lender Set-Off Rights

 

EXHIBITS

 

        A    Form of Loan Notice
        B    Form of Revolving Note
        C    Form of Joinder Agreement
        D    Form of Compliance Certificate
        E    Form of Assignment and Assumption
        F-1    Form of REIT Guarantor Pledge Agreement
        F-2    Form of Borrower Pledge Agreement
        G    Form of Mortgage Instrument
        H    Form of Proposed Approved Property Request and Certificate
        I    Form of Equity Report
        J    Form of Debit Account Form

 

iv

CREDIT AGREEMENT

 

This INTERIM REVOLVING CREDIT AGREEMENT (as amended, modified, restated or supplemented from time to time, the Agreement) is entered into as of May             , 2004 by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (together with any permitted successors and assigns, the Borrower), WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation (together with any permitted successors and assigns, the REIT Guarantor), the other entities identified as guarantors on the signature pages hereto or from time to time made guarantors hereunder through the execution of a Joinder Agreement (together with any permitted successors and assigns, the Other Guarantors; collectively, with the REIT Guarantor, the Guarantors), the Lenders (as defined herein), BANK OF AMERICA, N.A., as Administrative Agent (as defined herein) and BANC OF AMERICA SECURITIES LLC, as Sole Lead Arranger and Sole Book Manager.

 

The Borrower and Guarantors have requested that the Lenders provide revolving credit facilities in an aggregate amount of $350,000,000.00 (the Credit Facilities) for the purposes hereinafter set forth, and the Lenders are willing to do so on the terms and conditions set forth herein.

 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01 Defined Terms.

 

As used in this Agreement, the following terms shall have the meanings set forth below: