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Title: |
Participation Agreement |
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Entities: |
First Union National Bank; Fleet National Bank; Fleet Securities, Inc.; Human Genome Sciences Inc.; International Swaps & Derivatives Association, Inc.; Day, Berry & Howard; Mayer, Brown, Rowe & Maw; Traville LLC; Genome Statutory Trust 2001A; Wells Fargo Bank Northwest, N.A.; BancBoston Leasing Investments Inc.; EagleFunding Capital Corporation |
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Date: |
2002 |
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Size: |
Preview shows 23KB of 409KB total |
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Price: |
$67 |
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ID: |
#283204 |
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PARTICIPATION AGREEMENT
dated as of November 7, 2001
among
HUMAN GENOME SCIENCES, INC.,
as Lessee and Construction Agent,
TRAVILLE LLC,
as Ground Lessor,
GENOME STATUTORY TRUST 2001A,
as Ground Lessee and Lessor,
WELLS FARGO BANK NORTHWEST, N.A.,
not in its individual capacity except as
specifically set forth herein, but solely as Trustee,
BANCBOSTON LEASING INVESTMENTS INC.
and
FIRST UNION NATIONAL BANK,
as Investors,
EAGLEFUNDING CAPITAL CORPORATION,
as a Lender,
FLEET SECURITIES, INC.,
as Administrator of EagleFunding Capital Corporation,
FLEET NATIONAL BANK
and
FIRST UNION NATIONAL BANK,
as Liquidity Providers,
FLEET NATIONAL BANK,
as Fleet National Bank Collateral Agent,
FIRST UNION NATIONAL BANK,
as First Union Collateral Agent
and
FLEET NATIONAL BANK,
as Administrative Agent and Liquidity Agent
{PAGE}
PARTICIPATION AGREEMENT
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
ARTICLE I DEFINITIONS; INTERPRETATION................................................................3
ARTICLE II CLOSING; FUNDING OF ADVANCES...............................................................3
SECTION 2.1. Documentation Date and Initial Advance Date..................................3
SECTION 2.2. Advances.....................................................................3
SECTION 2.2.1. Lessor Commitment....................................................4
SECTION 2.2.2. Investors' Commitments...............................................4
SECTION 2.2.3. Conduit's Fundings...................................................5
SECTION 2.2.4. Liquidity Providers' Commitments to Make Facility Loans..............5
SECTION 2.2.5. Procedures for Advances..............................................5
SECTION 2.2.6. Use of Advances......................................................6
SECTION 2.2.7. Investor Amounts and Yield...........................................7
SECTION 2.2.8. Loans and Interest...................................................7
SECTION 2.2.9. Construction Period Accrued Interest, Construction Period
Accrued Yield and Construction Period Fees...........................7
SECTION 2.2.10. Final Completion Advance.............................................8
SECTION 2.3. Computations and Notice of Rates.............................................8
SECTION 2.4. Overdue Payments.............................................................9
SECTION 2.5. Confirmation of Participants and the Other Parties..........................10
ARTICLE III INTENTIONS OF THE PARTIES.................................................................10
SECTION 3.1. Nature of Transaction.......................................................10
SECTION 3.2. Amounts Due Under Lease.....................................................10
ARTICLE IV CONDITIONS PRECEDENT......................................................................11
SECTION 4.1. Conditions to Documentation Date............................................11
SECTION 4.2. Conditions to Initial Advance Date..........................................16
SECTION 4.3. Conditions Precedent to the Manufacturing Facility Site Purchase Date
and the Manufacturing Facility Site Purchase Advance........................16
SECTION 4.4. Conditions Precedent to each Advance........................................19
SECTION 4.5. Lease Commencement Upon Substantial Completion..............................20
{/TABLE}
-i-
{PAGE}
PARTICIPATION AGREEMENT
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
ARTICLE V REPRESENTATIONS AND WARRANTIES............................................................20
SECTION 5.1. Representations and Warranties of Lessee....................................20
SECTION 5.2. Representations and Warranties of Ground Lessor.............................26
SECTION 5.3. Representations and Warranties of Trustee, the Trust and the Trust
Company.....................................................................27
SECTION 5.4. Representations of the Investors............................................29
SECTION 5.5. Representations of Liquidity Providers......................................29
SECTION 5.6. Representations of Agents...................................................30
ARTICLE VI COVENANTS AND AGREEMENTS..................................................................30
SECTION 6.1. Covenants of Lessee and Construction Agent..................................30
SECTION 6.2. Covenants of the Trust, Trustee and Trust Company...........................37
SECTION 6.3. Covenants of the Investors..................................................39
SECTION 6.4. No Proceedings..............................................................39
SECTION 6.5. Quiet Enjoyment.............................................................39
SECTION 6.6. Discharge of Lessor Liens...................................................40
SECTION 6.7. Confidentiality.............................................................40
SECTION 6.8. Performance of Operative Documents; Waiver of Set-off and Other Rights......41
SECTION 6.9. Easements...................................................................41
SECTION 6.10. Certain Notices.............................................................42
SECTION 6.11. Refinancing.................................................................42
SECTION 6.12. Lessor Hedging Agreements...................................................43
ARTICLE VII PAYMENT OF CERTAIN EXPENSES...............................................................44
SECTION 7.1. Payment of Transaction Costs and Other Costs................................44
SECTION 7.2. Brokers' Fees...............................................................44
SECTION 7.3. Limitations During Construction Period......................................44
ARTICLE VIII TRANSFERS OF PARTICIPANTS' INTERESTS......................................................44
SECTION 8.1.1. Transfers by Investors..............................................44
SECTION 8.1.2. Transfers by Conduit................................................45
SECTION 8.2. Transfers by Liquidity Providers............................................46
{/TABLE}
-ii-
{PAGE}
PARTICIPATION AGREEMENT
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
SECTION 8.3. Replacement of Conduit, an Investor or a Liquidity Provider.................46
SECTION 8.4. Transfers by HGSI...........................................................46
SECTION 8.5. Renewal of Lease Term Expiration Date and Maturity Dates....................46
ARTICLE IX INDEMNIFICATION...........................................................................48
SECTION 9.1. General Indemnification.....................................................48
SECTION 9.1.1. General Indemnification.............................................48
SECTION 9.1.2. Exceptions to Indemnifications......................................50
SECTION 9.1.3. Construction Period Indemnification.................................51
SECTION 9.2. General Tax Indemnity.......................................................52
SECTION 9.3. Withholding Tax.............................................................57
SECTION 9.4. Calculation of General Tax Indemnity Payments...............................58
SECTION 9.5. Environmental Indemnity.....................................................59
SECTION 9.6. Proceedings in Respect of Claims............................................60
SECTION 9.7. Additional Costs; Capital Adequacy..........................................62
SECTION 9.8. Illegality..................................................................62
SECTION 9.9. Compensation................................................................63
SECTION 9.10. Obligations of Lessee to Pay Certain Amounts................................63
SECTION 9.11. Indemnity Payments in Addition to Lease Obligations.........................64
SECTION 9.12. Right to Convert............................................................64
SECTION 9.13. Mitigation..................................................................64
SECTION 9.14. Liquid Collateral...........................................................64
ARTICLE X DISTRIBUTIONS OF PAYMENTS AND GROSS PROCEEDS..............................................64
SECTION 10.1. Agreement of Agents and Participants........................................64
SECTION 10.2. Base Rent...................................................................65
SECTION 10.3. Purchase Payments by Lessee.................................................65
SECTION 10.4. Recourse Amounts; Construction Period Maximum Guaranty Amount and
Residual Value Guaranty Amount..............................................67
SECTION 10.5. Gross Sale Proceeds.........................................................70
{/TABLE}
-iii-
{PAGE}
PARTICIPATION AGREEMENT
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
SECTION 10.6. Supplemental Rent...........................................................74
SECTION 10.7. Excluded Amounts............................................................74
SECTION 10.8. Distribution of Payments After Construction Agency Event of Default
or Lease Event of Default...................................................74
SECTION 10.9. Other Payments..............................................................80
SECTION 10.10. Order of Application........................................................81
SECTION 10.11. Remaining Funds.............................................................81
SECTION 10.12. Time of Payment.............................................................81
ARTICLE XI LESSEE DIRECTIONS; RECOURSE DURING CONSTRUCTION PERIOD....................................82
SECTION 11.1. Lessee Directions...........................................................82
SECTION 11.2. Recourse on Liability During Construction Period............................82
SECTION 11.3. Notice to Administrative Agent..............................................82
ARTICLE XII MISCELLANEOUS.............................................................................83
SECTION 12.1. Survival of Agreements......................................................83
SECTION 12.2. Brokers.....................................................................83
SECTION 12.3. Notices.....................................................................84
SECTION 12.4. Counterparts................................................................84
SECTION 12.5. Amendments, Waivers and Instructions........................................84
SECTION 12.6. Headings, etc...............................................................86
SECTION 12.7. Parties in Property.........................................................86
SECTION 12.8. Applicable Law..............................................................86
SECTION 12.9. Severability................................................................86
SECTION 12.10. Limitation of Liability.....................................................86
SECTION 12.11. Further Assurances..........................................................87
SECTION 12.12. Reproduction of Documents...................................................88
SECTION 12.13. Submission to Jurisdiction..................................................88
SECTION 12.14. Jury Trial..................................................................89
SECTION 12.15. Appointment of Administrative Agent.........................................89
SECTION 12.16. Resignation by Administrative Agent.........................................91
{/TABLE}
-iv-
{PAGE}
PARTICIPATION AGREEMENT
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
SECTION 12.17. Appointment of the Fleet National Bank Collateral Agent.....................92
SECTION 12.18. Resignation by the Fleet National Bank Collateral Agent.....................94
SECTION 12.19. Appointment of the First Union Collateral Agent.............................95
SECTION 12.20. Resignation by the First Union Collateral Agent.............................97
SECTION 12.21. Binding Effect..............................................................98
SECTION 12.22. Non-Petition................................................................98
SECTION 12.23. Limitations on Recourse to Conduit..........................................98
SECTION 12.24. Limitations on Recourse to the Trust Company................................98
SECTION 12.25. Consent to Certain Actions..................................................99
SECTION 12.26. Notice to Administrative Agent..............................................99
SECTION 12.27. Estoppel Certificates.......................................................99
SECTION 12.28. Expenses During the Construction Period.....................................99
SECTION 12.29. Release and Exchange of Liquid Collateral..................................100
Exhibit A Form of Advance Request
Exhibit B Form of Monthly Certification
Exhibit C Form of Assignment and Acceptance
Exhibit D Form of Lessee Rent Notice
Exhibit E Form of Compliance Certificate
Schedule I Material Construction Documents
Schedule II Addresses for Payment and Other Communications
Schedule III Filings and Recordings
Schedule IV Appraisal Information
Schedule V Account and Wiring Information
Schedule VI Non-Capitalizable Transaction Costs
Schedule VII Equipment List
Schedule VIII Adjacent Site Description
Schedule IX Synthetic Lease Obligations
Schedule 5.1(a)(v) Legal Proceedings
Appendix A Definitions and Interpretation
{/TABLE}
-v-
{PAGE}
PARTICIPATION AGREEMENT (HGSI)
THIS PARTICIPATION AGREEMENT dated as of November 7, 2001 (as amended,
supplemented or otherwise modified from time to time, this "Participation
Agreement"), is entered into by and among HUMAN GENOME SCIENCES, INC., a
Delaware corporation ("HGSI"), as Lessee and Construction Agent; TRAVILLE LLC, a
Maryland limited liability company whose sole member is HGSI, as Ground Lessor;
GENOME STATUTORY TRUST 2001A, a Connecticut statutory business trust (the
"Trust"), as Ground Lessee and Lessor; WELLS FARGO BANK NORTHWEST, N.A., not in
its individual capacity except as specifically set forth herein, but solely as
Trustee; BANCBOSTON LEASING INVESTMENTS INC., a Delaware corporation ("Fleet
Investor") and FIRST UNION NATIONAL BANK, a national banking association,
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