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$100,000,000
CREDIT AGREEMENT
Dated as of June 27, 2003
Among
MAGUIRE PROPERTIES, L.P.,
as Borrower,
MAGUIRE PROPERTIES, INC.,
as Parent Guarantor,
THE SUBSIDIARY GUARANTORS NAMED HEREIN,
as Guarantors,
THE INITIAL LENDERS NAMED HEREIN,
as Initial Lenders,
WACHOVIA BANK, NA,
as Initial Issuing Bank,
CITICORP NORTH AMERICA, INC.,
as Administrative Agent and as Collateral Agent,
WACHOVIA SECURITIES, INC.,
as Syndication Agent,
BANK ONE, NA, COMMERZBANK AG and FLEET NATIONAL BANK,
as Co-Documentation Agents,
BANK OF THE WEST,
as Senior Managing Agent.
and
CITIGROUP GLOBAL MARKETS INC. and WACHOVIA SECURITIES, INC.,
as Joint Lead Arrangers and Joint Book Running Managers
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TABLE OF CONTENTS
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SECTION PAGE
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ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01. Certain Defined Terms................................................ 1
SECTION 1.02. Computation of Time Periods; Other Definitional Provisions........... 23
SECTION 1.03. Accounting Terms..................................................... 23
ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT
SECTION 2.01. The Advances and the Letters of Credit............................... 24
SECTION 2.02. Making the Advances.................................................. 25
SECTION 2.03. Issuance of and Drawings and Reimbursement Under Letters of Credit... 26
SECTION 2.04. Repayment of Advances................................................ 27
SECTION 2.05. Termination or Reduction of the Commitments.......................... 28
SECTION 2.06. Prepayments.......................................................... 28
SECTION 2.07. Interest............................................................. 29
SECTION 2.08. Fees................................................................. 30
SECTION 2.09. Conversion of Advances............................................... 31
SECTION 2.10. Increased Costs, Etc................................................. 32
SECTION 2.11. Payments and Computations............................................ 33
SECTION 2.12. Taxes................................................................ 35
SECTION 2.13. Sharing of Payments, Etc............................................. 37
SECTION 2.14. Use of Proceeds...................................................... 38
SECTION 2.15. Evidence of Debt..................................................... 38
SECTION 2.16. Extension of Termination Date........................................ 38
ARTICLE III
CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT
SECTION 3.01. Conditions Precedent to Initial Extension of Credit.................. 39
SECTION 3.02. Conditions Precedent to Each Borrowing and Issuance.................. 44
SECTION 3.03. Determinations Under Section 3.01.................................... 45
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
SECTION 4.01. Representations and Warranties of the Loan Parties................... 45
ARTICLE V
COVENANTS OF THE LOAN PARTIES
SECTION 5.01. Affirmative Covenants................................................ 49
SECTION 5.02. Negative Covenants................................................... 54
SECTION 5.03. Reporting Requirements............................................... 60
SECTION 5.04. Financial Covenants.................................................. 62
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ARTICLE VI
EVENTS OF DEFAULT
SECTION 6.01. Events of Default ................................................... 63
SECTION 6.02. Actions in Respect of the Letters of Credit upon Default ............ 65
ARTICLE VII
GUARANTY
SECTION 7.01. Guaranty; Limitation of Liability.................................... 65
SECTION 7.02. Guaranty Absolute.................................................... 66
SECTION 7.03. Waivers and Acknowledgments.......................................... 67
SECTION 7.04. Subrogation.......................................................... 68
SECTION 7.05. Guaranty Supplements................................................. 69
SECTION 7.06. Indemnification by Guarantors ....................................... 69
SECTION 7.07. Subordination........................................................ 69
SECTION 7.08. Continuing Guaranty.................................................. 70
ARTICLE VIII
THE AGENTS
SECTION 8.01. Authorization and Action............................................. 70
SECTION 8.02. Agents' Reliance, Etc................................................ 71
SECTION 8.03. CNAI and Affiliates.................................................. 71
SECTION 8.04. Lender Party Credit Decision......................................... 71
SECTION 8.05. Indemnification by Lender Parties.................................... 71
SECTION 8.06. Successor Agents..................................................... 72
ARTICLE IX
MISCELLANEOUS
SECTION 9.01. Amendments, Etc...................................................... 73
SECTION 9.02. Notices, Etc......................................................... 74
SECTION 9.03. No Waiver; Remedies.................................................. 75
SECTION 9.04. Costs and Expenses................................................... 75
SECTION 9.05. Right of Set-off..................................................... 76
SECTION 9.06. Binding Effect....................................................... 77
SECTION 9.07. Assignments and Participations....................................... 77
SECTION 9.08. Execution in Counterparts............................................ 79
SECTION 9.09. No Liability of the Issuing Banks.................................... 80
SECTION 9.10. Confidentiality...................................................... 80
SECTION 9.11. Release of Collateral................................................ 80
SECTION 9.12. Jurisdiction, Etc.................................................... 81
SECTION 9.13. Governing Law........................................................ 81
SECTION 9.14. Waiver of Jury Trial................................................. 1
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SCHEDULES
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Schedule I - Commitments and Applicable Lending Offices
Schedule II - Eligible Real Estate Assets
Schedule 4.01(b) - Subsidiaries
Schedule 4.01(d) - Authorizations, Approvals, Actions, Notices and Filings
Schedule 4.0l(f) - Disclosed Litigation
Schedule 4.01(n) - Existing Debt
Schedule 4.01(o) - Surviving Debt
Schedule 4.01(p) - Existing Liens
Schedule 4.01(q) - Owned Real Property
Schedule 4.01(r) - Leased Real Property
Schedule 4.01(s) - Environmental Concerns
Schedule 4.0l(w) - Existing Loans to Directors and Executive Officers
Schedule 4.0l(x) - Excluded Subsidiaries and Excluded Subsidiary Agreements
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EXHIBITS
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Exhibit A - Form of Note
Exhibit B - Form of Notice of Borrowing
Exhibit C - Form of Guaranty Supplement
Exhibit D - Form of Assignment and Acceptance
Exhibit E-l - Form of Opinion of Counsel to the Loan Parties
Exhibit E-2 - Form of Opinion of Maryland Counsel to the Loan Parties
Exhibit F-l - Form of Security Agreement (Maguire Partners-Plaza Las Fuentes, LLC
and Maguire/Cerritos I, LLC)
Exhibit F-2 - Form of Security Agreement (Maguire Properties Services, Inc.)
Exhibit G - Form of Mortgage
Exhibit H - Form of Borrowing Base Certificate
Exhibit I - Form of Letter of Credit
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CREDIT AGREEMENT
CREDIT AGREEMENT dated as of June 27,2003 among MAGUIRE
PROPERTIES, L.P., a Maryland limited partnership (the "BORROWER"), MAGUIRE
PROPERTIES, INC., a Maryland corporation (the "GENERAL PARTNER" or the "PARENT
GUARANTOR"), the entities listed on the signature pages hereof as the guarantors
(together with any Additional Guarantors (as hereinafter defined) acceding
hereto pursuant to Section 7.05, the "SUBSIDIARY GUARANTORS" and, together with
the Parent Guarantor, the "GUARANTORS") the banks, financial institutions and
other institutional lenders listed on the signature pages hereof as the initial
lenders (the "INITIAL LENDERS"), WACHOVIA BANK, NA, as the initial issuer of
Letters of Credit (as hereinafter defined) (the "INITIAL ISSUING BANK"),
CITICORP NORTH AMERICA, INC. ("CNAI"), as administrative agent (together with
any successor administrative agent appointed pursuant to Article VII, the
"ADMINISTRATIVE AGENT") for the Lender Parties (as hereinafter defined), CNAI,
as collateral agent (together with any successor collateral agent appointed
pursuant to Article VIII, the "COLLATERAL AGENT", and together with the
Administrative Agent, the "AGENTS") for the Lender Parties, WACHOVIA SECURITIES,
INC. ("WSI), as syndication agent, BANK ONE, NA, COMMERZBANK AG AND FLEET
NATIONAL BANK, as co-documentation agents, BANK OF THE WEST, as senior managing
agent, and CITIGROUP GLOBAL MARKETS INC. ("CITIGROUP") and WSI, as joint lead
arrangers and joint book running managers (the "ARRANGERS").
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01. Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined):
"ADDITIONAL GUARANTOR" has the meaning specified in Section
7.05.
"ADJUSTED EBITDA" means, for the fiscal quarter of the Parent
Guarantor most recently ended for which financial statements are
required to be delivered to the Lender Parties pursuant to Section
5.03(b) or (c), as the case may be, (a) EBITDA less (b) an amount equal
to 25% of the Capital Expenditure Reserve for all Real Property;
provided, however, that for purposes of this definition, in the case of
any acquisition or disposition of any direct or indirect interest in
any Real Property (including through the acquisition of Equity
Interests) by the Parent Guarantor or any of its Subsidiaries during
any fiscal quarter, Adjusted EBITDA will include with respect to such
Real Property an adjustment to include, in the case of an acquisition,
and to exclude, in the case of a disposition, an amount equal to the
product of (y) the actual Adjusted EBITDA generated by the Real
Property so acquired or disposed of during such fiscal quarter,
multiplied by (z) a fraction the numerator of which is the total number
of days in such fiscal quarter and the denominator of which is the
actual number of days in such fiscal quarter that such Real Property
was owned by the Parent Guarantor or such Subsidiary.
"ADJUSTED NET OPERATING INCOME" means, for any Eligible Real
Estate Asset, the Net Operating Income attributable to such Eligible
Real Estate Asset less the sum of (a) the amount, if any, by which (i)
3% of all rental and other income from the operation of such Eligible
Real Estate Asset for the consecutive four fiscal quarters of the
Parent Guarantor most recently ended for which financial statements are
required to be delivered to the Lender Parties pursuant to Section
5.03(b) or (c), as the case may be, exceeds (ii) all management fees
payable in respect of such Eligible Real Estate Asset during such
fiscal period and (b) the total Capital Expenditure Reserve for such
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