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Title:

Master Credit Facility Agreement [Amended and Restated]

Entities:

Mid-America Apartment Communities Inc.; Mid-America Apartments, LP; Prudential Multifamily Mortgage, Inc.; Federal National Mortgage Association; Venable LLP

Date:

2004

Size:

Preview shows 42KB of 316KB total

Price:

$82

ID:

#260885

Start of Preview

RECITALS

ARTICLE I

ARTICLE II

SECTION 2.01 Variable Facility Commitment

SECTION 2.02 Requests for Variable Advances

SECTION 2.03 Maturity Date of Variable Advances

SECTION 2.04 Interest on Variable Facility Advances

SECTION 2.05 Coupon Rates for Variable Advances

SECTION 2.06 Variable Facility Note

SECTION 2.07 Extension of Variable Facility Termination Date

SECTION 2.08 Reinstatement of Variable Commitment Upon Maturity of Fixed Facility Advances

SECTION 2.09 Limitations on Right to Reborrow

SECTION 2.10 Conditions Precedent to Reborrowing

ARTICLE III

SECTION 3.01 Fixed Facility Commitment

SECTION 3.02 Requests for Fixed Facility Advances

SECTION 3.03 Maturity Date of Fixed Facility Advances; Amortization

SECTION 3.04 Interest on Fixed Facility Advances

SECTION 3.05 Coupon Rates for Fixed Facility Advances

SECTION 3.06 Fixed Facility Note

SECTION 3.07 Conversion of Commitment from Variable Facility Commitment to Fixed Facility Commitment

SECTION 3.08 Limitations on Right to Convert

SECTION 3.09 Conditions Precedent to Conversion

SECTION 3.10 Defeasance

ARTICLE IV

SECTION 4.01 Rate Setting for an Advance

SECTION 4.02 Advance Confirmation Instrument for Variable Advances

SECTION 4.03 Breakage and other Costs

ARTICLE V

SECTION 5.01 Initial Advance

SECTION 5.02 Future Advances

SECTION 5.03 Conditions Precedent to Future Advances

SECTION 5.04 Determination of Allocable Facility Amount and Valuations

ARTICLE VI

SECTION 6.01 Right to Add Collateral

SECTION 6.02 Procedure for Adding Collateral

SECTION 6.03 Conditions Precedent to Addition of an Additional Mortgaged Property to the Collateral Pool

ARTICLE VII

SECTION 7.01 Right to Obtain Releases of Collateral

SECTION 7.02 Procedure for Obtaining Releases of Collateral

SECTION 7.03 Conditions Precedent to Release of Collateral Release Property from the Collateral

SECTION 7.04 Substitutions

ARTICLE VIII

SECTION 8.01 Right to Increase Commitment

SECTION 8.02 Procedure for Obtaining Increases in Commitment

SECTION 8.03 Conditions Precedent to Increase in Commitment

ARTICLE IX

SECTION 9.01 Right to Complete or Partial Termination of Facilities

SECTION 9.02 Procedure for Complete or Partial Termination of Facilities.

SECTION 9.03 Conditions Precedent to Complete or Partial Termination of Facilities

ARTICLE X

SECTION 10.01 Right to Terminate Credit Facility

SECTION 10.02 Procedure for Terminating Credit Facility

SECTION 10.03 Conditions Precedent to Termination of Credit Facility

ARTICLE XI

SECTION 11.01 Conditions Applicable to All Requests

SECTION 11.02 Delivery of Closing Documents Relating to Initial Advance Request, Collateral Addition Request, Collateral Substitution Request, Credit Facility Expansion Request or Future Advance Request

SECTION 11.03 Delivery of Property-Related Documents

ARTICLE XII

SECTION 12.01 Representations and Warranties of the Borrower

SECTION 12.02 Representations and Warranties of the Borrower

SECTION 12.03 Representations and Warranties of the Lender

ARTICLE XIII

SECTION 13.01 Compliance with Agreements

SECTION 13.02 Maintenance of Existence

SECTION 13.03 Maintenance of REIT Status

SECTION 13.04 Financial Statements; Accountants? Reports; Other Information

SECTION 13.05 Certificate of Compliance

SECTION 13.06 Maintain Licenses

SECTION 13.07 Access to Records; Discussions With Officers and Accountants

SECTION 13.08 Inform the Lender of Material Events

SECTION 13.09 Intentionally Omitted

SECTION 13.10 Inspection

SECTION 13.11 Compliance with Applicable Laws

SECTION 13.12 Warranty of Title

SECTION 13.13 Defense of Actions

SECTION 13.14 Alterations to the Mortgaged Properties

SECTION 13.15 ERISA

SECTION 13.16 Loan Document Taxes

SECTION 13.17 Further Assurances

SECTION 13.18 Monitoring Compliance

SECTION 13.19 Leases

SECTION 13.20 Intentionally Omitted

SECTION 13.21 Transfer of Ownership Interests of the Borrower

SECTION 13.22 Change in Senior Management

SECTION 13.23 Date-Down Endorsements

SECTION 13.24 Geographical Diversification

SECTION 13.25 Ownership of Mortgaged Properties

ARTICLE XIV

SECTION 14.01 Other Activities

SECTION 14.02 Value of Security

SECTION 14.03 Zoning

SECTION 14.04 Liens

SECTION 14.05 Sale

SECTION 14.06 Indebtedness

SECTION 14.07 Principal Place of Business

SECTION 14.08 Frequency of Requests

SECTION 14.09 Change in Property Management

SECTION 14.10 Condominiums

SECTION 14.11 Restrictions on Partnership Distributions

SECTION 14.12 Lines of Business

SECTION 14.13 Limitation on Unimproved Real Property and New Construction

SECTION 14.14 Dividend Payout

ARTICLE XV

SECTION 15.01 Financial Definitions

SECTION 15.02 Compliance with Debt Service Coverage Ratios

SECTION 15.03 Compliance with Loan to Value Ratios

SECTION 15.04 Compliance with Concentration Test

SECTION 15.05 Compliance with REIT?s Net Worth Test

SECTION 15.06 Compliance with REIT?s Total Indebtedness to Consolidated Total Assets Ratio

SECTION 15.07 Compliance with REIT?s Consolidated EBITDA to Interest Ratio

SECTION 15.08 Compliance with REIT?s Consolidated EBITDA to Fixed Charge Ratio

ARTICLE XVI

SECTION 16.01 Standby Fee and Rate Preservation Fee

SECTION 16.02 Origination Fees

SECTION 16.03 Due Diligence Fees

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