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Mezzanine Loan Agreement

 

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Title:

Mezzanine Loan Agreement

Entities:

Greenwich Capital Financial Products, Inc.; KBS Real Estate Investment Trust, Inc.; McGraw-Hill Companies Inc.; Wachovia Bank, NA

Date:

2007

Size:

245KB total

Price:

$49

ID:

#2687141

 

 

► Loans ► Loan Agreements ► Mezzanine Loan Agreements
► Financial
► Services ► Printing & Publishing

 

 

Start of Preview

 

MEZZANINE LOAN AGREEMENT

Dated as of November 14, 2006

Between

KBS REIT ACQUISITION IV, LLC

as Borrower

And

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

as Lender

 

TABLE OF CONTENTS

 

                    Page

1.

    DEFINITIONS; PRINCIPLES OF CONSTRUCTION    1
   1.1    Specific Definitions    1
   1.2    Index of Other Definitions    10
   1.3    Principles of Construction    12

2.

    GENERAL LOAN TERMS    12
   2.1    The Loan    12
   2.2    Interest; Monthly Payments    12
      2.2.1    Generally    12
      2.2.2    Default Rate    13
      2.2.3    Taxes    13
      2.2.4    Breakage Indemnity    13
      2.2.5    New Payment Date    13
   2.3    Loan Repayment    14
      2.3.1    Repayment    14
      2.3.2    Mandatory Prepayments    14
      2.3.3    Optional Prepayments    14
   2.4    Release of Collateral    14
   2.5    Payments and Computations    14
      2.5.1    Making of Payments    14
      2.5.2    Computations    15
      2.5.3    Late Payment Charge    15
   2.6    Origination Fee    15

3.

    CASH MANAGEMENT AND RESERVES    15
   3.1    Cash Management Arrangements    15
   3.2    [Intentionally deleted]    15
   3.3    Grant of Security Interest; Application of Funds    15
   3.4    Cash Flow Allocation    16
   3.5    Permitted REIT Distributions    17

4.

    REPRESENTATIONS AND WARRANTIES    17
   4.1    Organization; Special Purpose    17
   4.2    Proceedings; Enforceability    17
   4.3    No Conflicts    17

 

(i)

                    Page
   4.4    Litigation    17
   4.5    Agreements    18
   4.6    Title    18
   4.7    No Bankruptcy Filing    18
   4.8    Full and Accurate Disclosure    18
   4.9    Tax Filings    19
   4.10    No Plan Assets    19
   4.11    Compliance    19
   4.12    Contracts    20
   4.13    Federal Reserve Regulations; Investment Company Act    20
   4.14    Easements; Utilities and Public Access    20
   4.15    Physical Condition    20
   4.16    Leases    21
   4.17    Fraudulent Transfer    21
   4.18    Ownership of Borrower and Owner    22
   4.19    Purchase Options    22
   4.20    Management Agreement    22
   4.21    Hazardous Substances    22
   4.22    Name; Principal Place of Business    23
   4.23    Other Debt    23
   4.24    Pledged Collateral    23
   4.25    Senior Loan    23
   4.26    Perfection of Accounts    24
   4.27    No Contractual Obligations    24

5.

    COVENANTS    24
   5.1    Existence    24
   5.2    Taxes and Other Charges    25
   5.3    Access to Property    25
   5.4    Repairs; Maintenance and Compliance; Alterations    25
      5.4.1    Repairs; Maintenance and Compliance    25
      5.4.2    Alterations    26

 

(ii)

                   Page
 

5.5

    Performance of Other Agreements    26
 

5.6

    Cooperate in Legal Proceedings    26
 

5.7

    Further Assurances    26
 

5.8

    Environmental Matters    27
     5.8.1    Hazardous Substances    27
     5.8.2    Environmental Monitoring    27
 

5.9

    Title to the Pledged Collateral    29
 

5.10

    Leases    29
     5.10.1    Generally    29
     5.10.2    Leasing    29
     5.10.3    Lease Execution and Modification    30
     5.10.4    Additional Covenants with respect to Leases    30
 

5.11

    Estoppel Statement    30
 

5.12

    Property Management    30
     5.12.1    Management Agreement    30
     5.12.2    Termination of Manager    31
 

5.13

    Special Purpose Bankruptcy Remote Entity    31
 

5.14

    Assumption in Non-Consolidation Opinion    31
 

5.15

    Change in Business or Operation of Property    31
 

5.16

    Debt Cancellation    32
 

5.17

    Affiliate Transactions    32
 

5.18

    Zoning    32
 

5.19

    No Joint Assessment    32
 

5.20

    Principal Place of Business    32
 

5.21

    Change of Name, Identity or Structure    32
 

5.22

    Indebtedness    33
 

5.23

    Licenses    33
 

5.24

    Compliance with Restrictive Covenants, Etc.    33
 

5.25

    ERISA    33
 

5.26

    Prohibited Transfers    33
 

5.27

    Liens    33
 

5.28

    Dissolution    34
 

5.29

    Expenses    34

 

(iii)

                   Page
  5.30    Indemnity    34
  5.31    Limitation on Securities Issuances    35
  5.32    Patriot Act Compliance    36
  5.33    Limitation on Distributions    36
  5.34    Contractual Obligations    36
6.   NOTICES AND REPORTING    37
  6.1    Notices    37
  6.2    Borrower Notices and Deliveries    37
  6.3    Financial Reporting    38
     6.3.1    Bookkeeping    38
     6.3.2    Annual Reports    38
     6.3.3    Monthly/Quarterly Reports    38
     6.3.4    Other Reports    39
     6.3.5    Annual Budget    40
     6.3.6    Senior Loan    40
     6.3.7    Inspection    40
7.   INSURANCE; CASUALTY; AND CONDEMNATION    41
  7.1    Insurance    41
     7.1.1    Coverage    41
  7.2    Policies    43
  7.3    Casualty    44
     7.3.1    Notice; Restoration    44
     7.3.2    Settlement of Proceeds    45
  7.4    Condemnation    45
     7.4.1    Notice; Restoration    45
     7.4.2    Collection of Award    45
  7.5    Application of Proceeds or Award    46
8.   DEFAULTS    46
  8.1    Events of Default    46
  8.2    Remedies    48
     8.2.1    Acceleration    48
     8.2.2    Remedies Cumulative    48
     8.2.3    [Intentionally Omitted]    48
     8.2.4    Delay    48
     8.2.5    Lenders Right to Perform    49

 

(iv)

                   Page

9.

   SENIOR LOAN    49
  9.1    Compliance with Senior Loan Documents    49
  9.2    Senior Loan Defaults    49
  9.3    Senior Loan Estoppels    50
  9.4    No Amendments to Senior Loan Documents    51
  9.5    Acquisition of the Senior Loan    51
  9.6    Deed in Lieu of Foreclosure    51
  9.7    Refinancing or Prepayment of the Senior Loan    52
  9.8    Intercreditor Agreement    52

10.

   SPECIAL PROVISIONS    52
  10.1    Sale of Note and Secondary Market Transaction    52
     10.1.1    General; Borrower Cooperation    52
     10.1.2    Use of Information    53
     10.1.3    Borrowers Obligations Regarding Disclosure Documents    53
     10.1.4    Borrower Indemnity Regarding Filings    54
     10.1.5    Indemnification Procedure    54
     10.1.6    Contribution    55
     10.1.7    [Intentionally Omitted]    55
     10.1.8    Severance of Loan    55

11.

   MISCELLANEOUS    56
  11.1    Exculpation    56
  11.2    Brokers and Financial Advisors    57
  11.3    Retention of Servicer    57
  11.4    Survival    58
  11.5    Lenders Discretion    58
  11.6    Governing Law    58
  11.7    Modification, Waiver in Writing    58
  11.8    Trial by Jury    59
  11.9    Headings/Exhibits    59
  11.10    Severability    59
  11.11    Preferences    59
  11.12    Waiver of Notice    59
  11.13    Remedies of Borrower    59

 

(v)

              Page
 

11.14

    Prior Agreements    60
 

11.15