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Title: |
Credit Agreement |
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Entities: |
AmSouth Bank; Banc of America Securities LLC; Commerzbank AG; Highwoods Properties, Inc.; PNC Bank, NA; SouthTrust Bank; Wachovia Bank, NA; Wells Fargo Bank, NA; Bank of America, NA; Bank of New York; Highwoods Services, Inc. |
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Date: |
2000 |
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Size: |
Preview shows 32KB of 411KB total |
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Price: |
$84 |
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ID: |
#267767 |
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Start of Preview |
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CREDIT AGREEMENT
Dated as of December 13, 2000
among
HIGHWOODS PROPERTIES, INC.,
HIGHWOODS SERVICES, INC.,
HIGHWOODS REALTY LIMITED PARTNERSHIP,
HIGHWOODS/TENNESSEE HOLDINGS, L.P.
AND
HIGHWOODS FINANCE, LLC
as Borrowers,
AND CERTAIN SUBSIDIARIES OF THE BORROWERS
FROM TIME TO TIME PARTY HERETO,
as Guarantors,
THE SEVERAL LENDERS
FROM TIME TO TIME PARTY HERETO
BANK OF AMERICA, N.A.,
as Administrative Agent,
BANC OF AMERICA SECURITIES LLC
as Sole Lead Arranger and
as Sole Book Manager
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Syndication Agent, and
WACHOVIA BANK, N.A.,
as Documentation Agent
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
SECTION 1 DEFINITIONS.............................................................................. 2
-----------
1.1 Definitions............................................................................ 2
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1.2 Computation of Time Periods............................................................ 23
---------------------------
1.3 Accounting Terms....................................................................... 23
----------------
SECTION 2 CREDIT FACILITIES........................................................................ 23
-----------------
2.1 Revolving Loans........................................................................ 23
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2.2 Competitive Loan Subfacility........................................................... 25
----------------------------
2.3 Letter of Credit Subfacility........................................................... 27
----------------------------
2.4 Swingline Loan Subfacility............................................................. 30
--------------------------
2.5 Extension of Maturity Date............................................................. 32
--------------------------
2.6 Joint and Several Liability of the Borrowers........................................... 33
--------------------------------------------
2.7 Appointment of Principal Borrower as Agent for Borrowers............................... 34
--------------------------------------------------------
SECTION 3 OTHER PROVISIONS RELATING TO CREDIT FACILITIES........................................... 34
----------------------------------------------
3.1 Default Rate........................................................................... 34
------------
3.2 Extension and Conversion............................................................... 35
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3.3 Prepayments............................................................................ 35
-----------
3.4 Termination and Reduction of Revolving Committed Amount................................ 36
-------------------------------------------------------
3.5 Fees................................................................................... 36
----
3.6 Capital Adequacy....................................................................... 37
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3.7 Limitation on Eurodollar Loans......................................................... 37
------------------------------
3.8 Illegality............................................................................. 37
----------
3.9 Requirements of Law.................................................................... 37
-------------------
3.10 Treatment of Affected Loans............................................................ 38
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3.11 Taxes.................................................................................. 39
-----
3.12 Compensation........................................................................... 40
------------
3.13 Pro Rata Treatment..................................................................... 40
------------------
3.14 Sharing of Payments.................................................................... 41
-------------------
3.15 Payments, Computations, Etc............................................................ 42
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3.16 Evidence of Debt....................................................................... 43
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SECTION 4 GUARANTY................................................................................. 43
--------
4.1 The Guarantee.......................................................................... 43
-------------
4.2 Obligations Unconditional.............................................................. 44
-------------------------
4.3 Reinstatement.......................................................................... 44
-------------
4.4 Certain Additional Waivers............................................................. 45
--------------------------
4.5 Remedies............................................................................... 45
--------
4.6 Rights of Contribution................................................................. 45
----------------------
4.7 Continuing Guarantee................................................................... 46
--------------------
SECTION 5 CONDITIONS............................................................................... 46
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5.1 Closing Conditions..................................................................... 46
------------------
5.2 Conditions to all Extensions of Credit................................................. 47
--------------------------------------
SECTION 6 REPRESENTATIONS AND WARRANTIES........................................................... 48
------------------------------
6.1 Financial Condition.................................................................... 48
-------------------
6.2 No Change; Dividends................................................................... 48
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6.3 Organization; Existence; Compliance with Law........................................... 49
--------------------------------------------
6.4 Power; Authorization; Enforceable Obligations.......................................... 49
---------------------------------------------
6.5 No Conflicts........................................................................... 49
------------
6.6 No Default............................................................................. 49
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6.7 Ownership.............................................................................. 49
---------
6.8 Indebtedness........................................................................... 49
------------
6.9 Litigation............................................................................. 50
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6.10 Taxes.................................................................................. 50
-----
6.11 Compliance with Laws................................................................... 50
--------------------
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
6.12 ERISA.................................................................................. 50
-----
6.13 Subsidiaries........................................................................... 51
------------
6.14 Governmental Regulations, Etc.......................................................... 51
-----------------------------
6.15 Purpose of Loans and Letters of Credit................................................. 52
--------------------------------------
6.16 Environmental Matters.................................................................. 52
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6.17 Intellectual Property.................................................................. 52
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6.18 Solvency............................................................................... 52
--------
6.19 Investments............................................................................ 52
-----------
6.20 Disclosure............................................................................. 52
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6.21 No Burdensome Restrictions............................................................. 53
--------------------------
6.22 Labor Matters.......................................................................... 53
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6.24 Principal Offices...................................................................... 53
------------------
SECTION 7 AFFIRMATIVE COVENANTS.................................................................... 53
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7.1 Information Covenants.................................................................. 53
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7.2 Preservation of Existence and Franchises............................................... 56
----------------------------------------
7.3 Books and Records...................................................................... 56
-----------------
7.4 Compliance with Law.................................................................... 56
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7.5 Payment of Taxes and Other Indebtedness................................................ 57
---------------------------------------
7.6 Insurance.............................................................................. 57
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7.7 Maintenance of Property................................................................ 57
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7.8 Performance of Obligations............................................................. 57
--------------------------
7.9 Use of Proceeds........................................................................ 57
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7.10 Audits/Inspections..................................................................... 57
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7.13 Management............................................................................. 60
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7.14 Upstream of Excess Cash Flow........................................................... 60
----------------------------
7.16 Environmental Indemnity................................................................ 60
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SECTION 8 NEGATIVE COVENANTS....................................................................... 61
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8.1 Indebtedness........................................................................... 61
------------
8.2 Liens.................................................................................. 61
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8.3 Nature of Business..................................................................... 61
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8.4 Consolidation, Merger, Dissolution, etc................................................ 61
----------------------------------------
8.6 Investments............................................................................ 62
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8.8 Prepayments of Indebtedness, etc....................................................... 62
---------------------------------
8.9 Transactions with Affiliates........................................................... 62
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8.10 Fiscal Year; Organizational Documents.................................................. 62
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8.11 Limitation on Restricted Actions....................................................... 62
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8.12 Ownership of Subsidiaries.............................................................. 63
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8.13 Sale Leasebacks........................................................................ 63
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8.14 No Further Negative Pledges............................................................ 63
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8.15 Non-Guarantor Subsidiaries............................................................. 63
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SECTION 9 EVENTS OF DEFAULT........................................................................ 63
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9.1 Events of Default...................................................................... 63
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9.2 Acceleration; Remedies................................................................. 65
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SECTION 10 AGENCY PROVISIONS....................................................................... 66
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10.1 Appointment, Powers and Immunities..................................................... 66
----------------------------------
10.2 Reliance by Administrative Agent....................................................... 66
--------------------------------
10.3 Defaults............................................................................... 67
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10.4 Rights as a Lender..................................................................... 67
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10.5 Indemnification........................................................................ 67
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10.6 Non-Reliance on Administrative Agent and Other Lenders................................. 68
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10.7 Successor Administrative Agent......................................................... 68
------------------------------
10.8 Minimum Commitments by Agents.......................................................... 68
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SECTION 11 MISCELLANEOUS........................................................................... 68
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11.1 Notices................................................................................ 68
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11.2 Right of Set-Off; Adjustments.......................................................... 69
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11.3 Benefit of Agreement; Assignments...................................................... 70
---------------------------------
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
11.4 No Waiver; Remedies Cumulative...................................................... 71
------------------------------
11.5 Expenses; Indemnification........................................................... 71
-------------------------
11.6 Amendments, Waivers and Consents.................................................... 72
--------------------------------
11.7 Counterparts........................................................................ 73
------------
11.8 Headings............................................................................ 73
--------
11.9 Survival............................................................................ 73
--------
11.10 Governing Law; Submission to Jurisdiction; Venue.................................... 73
------------------------------------------------
11.11 Severability........................................................................ 74
------------
11.12 Entirety............................................................................ 74
--------
11.13 Binding Effect; Termination......................................................... 74
---------------------------
11.14 Confidentiality..................................................................... 74
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11.15 Conflict............................................................................ 75
--------
{/TABLE}
{PAGE}
SCHEDULES
=========
Schedule 1.1(a) Investments
Schedule 1.1(b) Nichols Documents
Schedule 2.1(a) Lenders
Schedule 2.3(a) Existing Letters of Credit
Schedule 6.12 ERISA Matters
Schedule 6.13 Subsidiaries
Schedule 6.24 Principal Place of Business
Schedule 7.6 Insurance
Schedule 8.1 Indebtedness
EXHIBITS
========
Exhibit 2.1(b)(i) Form of Notice of Borrowing (Revolving Loans)
Exhibit 2.4(b)(i) Form of Notice of Borrowing (Swingline Loans)
Exhibit 2.1(e) Form of Revolving Note
Exhibit 2.2(b) Form of Competitive Bid Request
Exhibit 2.2(c) Form of Competitive Bid
Exhibit 2.2(d) Form of Competitive Bid Accept/Reject Letter
Exhibit 2.2(h) Form of Competitive Note
Exhibit 2.4(d) Form of Swingline Note
Exhibit 3.2 Form of Notice of Extension/Conversion
Exhibit 7.1(b) Form of Quarterly Statement
Exhibit 7.1(c) Form of Officer's Compliance Certificate
Exhibit 7.12 Form of Joinder Agreement
Exhibit 11.3(b) Form of Assignment and Acceptance
{PAGE}
CREDIT AGREEMENT
THIS CREDIT AGREEMENT dated as of December 13, 2000 (as amended, modified,
restated or supplemented from time to time, the "Credit Agreement"), is by and
----------------
among HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership
("Highwoods Realty"), HIGHWOODS PROPERTIES, INC., a Maryland corporation
----------------
("Highwoods Properties"), HIGHWOODS FINANCE, LLC, a Delaware limited liability
--------------------
company ("Highwoods Finance"), HIGHWOODS SERVICES, INC., a North Carolina
-----------------
corporation ("Highwoods Services"), and HIGHWOODS/TENNESSEE HOLDINGS, L.P., a
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Tennessee limited partnership ("Highwoods Tennessee") (Highwoods Realty,
Highwoods Properties, Highwoods Finance, Highwoods Services, and Highwoods
Tennessee are hereinafter referred to individually as a "Borrower" and
--------
collectively as the "Borrowers"), the subsidiaries of the Borrowers identified
---------
on the signature pages hereto (such Subsidiaries are hereinafter referred to
individually as a "Guarantor" and collectively as the "Guarantors"), the Lenders
--------- ----------
(as defined herein), BANK OF AMERICA, N.A., as Administrative Agent for the
Lenders (in such capacity, the "Administrative Agent"), BANC OF AMERICA
--------------------
SECURITIES LLC, as Sole Lead Arranger (in such capacity, the "Sole Lead
---------
Arranger") and Sole Book Manager (in such capacity, the "Sole Book Manager"),
-------- -----------------
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Syndication Agent (in such capacity,
the "Syndication Agent"), WACHOVIA BANK, N.A., as Documentation Agent (in such
capacity, the "Documentation Agent") and the Lenders identified herein.
W I T N E S S E T H
WHEREAS, Highwoods Realty and the Guarantors identified therein entered
into (i) that certain Credit Agreement dated as of September 27, 1996 which
provided a $280,000,000 credit facility (the "1996 Credit Facility") to
--------------------
Highwoods Realty (as amended, modified, supplemented or restated from time to
time, the "1996 Credit Agreement") and (ii) that certain Credit Agreement dated
---------------------
as of December 15, 1997 which provided a $150,000,000 credit facility (the "1997
----
Credit Facility") to Highwoods Realty (as amended, modified, supplemented or
---------------
restated from time to time, the "1997 Credit Agreement");
---------------------
WHEREAS, the Borrowers and the Guarantors identified therein entered into
that certain Credit Agreement dated as of July 3, 1998 which provided a
$600,000,000 credit facility (the "1998 Credit Facility") to the Borrowers for
--------------------
the purpose of refinancing the 1996 Credit Facility and the 1997 Credit Facility
and for the other purposes set forth therein, which credit facility was amended
as of December 10, 1999 to, among other things, reduce the amount of the credit
facility to $450,000,000 (as amended, the "1998 Credit Agreement");
---------------------
WHEREAS, the Borrowers have requested that the Lenders provide a
restructured $300,000,000 credit facility for the purpose of refinancing the
1998 Credit Facility, replacing the 1998 Credit Agreement and for the other
purposes set forth herein; and
WHEREAS, the Lenders have agreed to make the requested credit facility
available to the Borrowers on the terms and conditions set forth herein and in
the other Credit Documents (as amended as of the date hereof);
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
{PAGE}
SECTION 1
DEFINITIONS
-----------
1.1 Definitions.
-----------
As used in this Credit Agreement, the following terms shall have the
meanings specified below unless the context otherwise requires:
"Acquired Properties" means, at any time, all interests in Properties
-------------------
purchased by any Borrower, any Consolidated Party or any unconsolidated
affiliate thereof within the previous three (3) calendar months from any
third party entity through an arms length transaction.
"Additional Credit Party" means each Person that becomes a Guarantor
-----------------------
after the Closing Date by execution of a Joinder Agreement.
"Adjusted Base Rate" means the Base Rate plus the Applicable
------------------ ----
Percentage.
"Adjusted EBITDA" means, for any period, the sum of (a) EBITDA for
---------------
such period less (b) aggregate Capital Expenditure Reserves for all
----
Properties with respect to such period; provided, that such sum shall be
exclusive of any adjustment for such period attributable to the Straight-
Lining of Rents.
"Adjusted Eurodollar Rate" means the Eurodollar Rate plus the
------------------------ ----
Applicable Percentage.
"Adjusted Investment Value" means, as of any date, (a) with respect to
-------------------------
the ratio specified in Section 7.11(l), the sum of (i) the total assets as
of such date, as determined in accordance with GAAP, of Non-Wholly Owned
Subsidiaries which are Credit Parties, less (ii) that portion thereof
----
attributable to the owners thereof other than the Borrowers or any Wholly
Owned Subsidiary, and (b) with respect to the ratio specified in Section
7.11(m), the sum of (i) investments in any Minority Interest Entities as of
such date of determination, plus (ii) (A) the total assets as of such date,
----
as determined in accordance with GAAP, of Non-Wholly Owned Subsidiaries
which are not Credit Parties, less (B) that portion thereof attributable to
----
the owners thereof other than the Borrowers or any Wholly Owned Subsidiary,
plus (iii) the aggregate outstanding principal balance of all loans made by
----
a Consolidated Party to a Person which is not a Credit Party to the extent
such loans are not included in (i) or (ii) of this subsection (b), plus
----
(iv) the aggregate outstanding principal balance of all loans made by a
third party to a Person which is not a Credit Party if such loans are
guaranteed by a Consolidated Party to the extent such guaranteed loans are
not included in (i), (ii) or (iii) of this subsection (b).
"Adjusted NOI" means, with respect to any applicable time period for
------------
any Property, (a) Net Operating Income for such period with respect to such
Property less (b) the sum of (i) the Capital Expenditure Reserve amount for
----
such Property during such period, plus (ii) a management fee in the amount
----
of three percent (3%) of total revenues derived from the Property during
such period; provided, that such amount shall be exclusive of any
adjustment for such period attributable to the Straight-Lining of Rents;
provided, further, that, in each case, (i) all amounts included in the
above calculations (and not otherwise adjusted for interests in Minority
Interest Entities) shall be adjusted to account for any amounts
attributable to any interests held by any Consolidated Party in any
Minority Interest Entity and (ii) all amounts included in the above
calculations (and not otherwise adjusted to account for Outside Interests)
shall be adjusted to deduct therefrom the pro rata share of such amounts
allocable to Outside Interests..
"Administrative Agent" shall have the meaning assigned to such term in
--------------------
the heading hereof, together with any successors or assigns.
"Affiliate" means, with respect to any Person, any other Person (i)
---------
directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person or (ii) directly or indirectly
owning or holding five percent (5%) or more of the equity interest in such
Person. For purposes of this definition, "control" when used with respect
to any Person means the power to direct the management and policies of
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