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Loan and Security Agreement

 

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Title:

Loan and Security Agreement

Entities:

American Financial Realty Trust; Barnett Banks Inc.; Beard Co.; Chicago Title Insurance Co.; Deutsche Bank Securities Inc.; Environmental Remediation Holding Corp.; First Union National Bank; McGraw-Hill Companies Inc.; Midland Loan Services, Inc.; PNC Bank, NA; Bank of America, NA; Morgan, Lewis & Bockius; Skadden, Arps, Slate, Meagher & Flom LLP

Date:

2004

Size:

Preview shows 75KB of 564KB total

Price:

$65

ID:

#334500

 

 

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AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

 

Dated as of October 1, 2003

 

Between

 

FIRST STATES INVESTORS 5000A, LLC

as Borrower

 

and

 

GERMAN AMERICAN CAPITAL CORPORATION,

as Lender


TABLE OF CONTENTS

 

             Page

I.

 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

   1
   

Section 1.1

 

Definitions

   1
   

Section 1.2

 

Principles of Construction

   24

II.

 

GENERAL TERMS

   24
   

Section 2.1

 

Loan; Disbursement to Borrower

   24
   

Section 2.2

 

Interest; Loan Payments; Late Payment Charge

   25
   

Section 2.3

 

Prepayments

   26
   

Section 2.4

 

Regulatory Change; Taxes

   27
   

Section 2.5

 

Conditions Precedent to Closing

   28

III.

 

CASH MANAGEMENT

   32
   

Section 3.1

 

Cash Management

   32

IV.

 

REPRESENTATIONS AND WARRANTIES

   41
   

Section 4.1

 

Borrower Representations

   41
   

Section 4.2

 

Survival of Representations

   51

V.

 

BORROWER COVENANTS

   51
   

Section 5.1

 

Affirmative Covenants

   51
   

Section 5.2

 

Negative Covenants

   58

VI.

 

INSURANCE; CASUALTY; CONDEMNATION; RESTORATION

   61
   

Section 6.1

 

Insurance Coverage Requirements

   61
   

Section 6.2

 

Condemnation and Insurance Proceeds

   65

VII.

 

IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS

   70
   

Section 7.1

 

Borrower to Pay Impositions and Other Charges

   70
   

Section 7.2

 

No Liens

   71
   

Section 7.3

 

Contest

   71

VIII.

 

TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS

   72
   

Section 8.1

 

Restrictions on Transfers

   72
   

Section 8.2

 

Sale of Building Equipment

   72
   

Section 8.3

 

Immaterial Transfers and Easements, etc.

   72
   

Section 8.4

 

Indebtedness

   73
   

Section 8.5

 

Permitted Interest Transfers

   73
   

Section 8.6

 

Deliveries to Lender

   74
   

Section 8.7

 

Release of Properties

   74

 

i


             Page

   

Section 8.8

 

Leases

   77

IX.

 

DEFEASANCE

   81
   

Section 9.1

 

Defeasance and Release

   81

X.

 

MAINTENANCE OF PROPERTY; ALTERATIONS

   84
   

Section 10.1

 

Maintenance of Property

   84
   

Section 10.2

 

Conditions to Alteration

   84
   

Section 10.3

 

Costs of Alteration

   85

XI.

 

BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER

INFORMATION

   86
   

Section 11.1

 

Books and Records

   86
   

Section 11.2

 

Financial Statements

   86

XII.

 

ENVIRONMENTAL MATTERS

   88
   

Section 12.1

 

Representations

   88
   

Section 12.2

 

Covenants

   89
   

Section 12.3

 

Environmental Reports

   90
   

Section 12.4

 

Environmental Indemnification

   90
   

Section 12.5

 

Recourse Nature of Certain Indemnifications

   91

XIII.

 

THE GROUND LEASES

   91
   

Section 13.1

 

Leasehold Representations, Warranties

   91
   

Section 13.2

 

Cure by Lender

   92
   

Section 13.3

 

Option to Renew or Extend the Ground Leases

   92
   

Section 13.4

 

Ground Lease Covenants

   92
   

Section 13.5

 

Lender Right to Participate

   95
   

Section 13.6

 

No Liability

   95

XIV.

 

SECURITIZATION AND PARTICIPATION

   95
   

Section 14.1

 

Sale of Note and Securitization

   95
   

Section 14.2

 

Cooperation

   96
   

Section 14.3

 

Securitization Financial Statements

   96
   

Section 14.4

 

Securitization Indemnification

   96
   

Section 14.5

 

Retention of Servicer

   99

XV.

 

ASSIGNMENTS AND PARTICIPATIONS

   99
   

Section 15.1

 

Assignment and Acceptance

   99
   

Section 15.2

 

Effect of Assignment and Acceptance

   99
   

Section 15.3

 

Content

   100
   

Section 15.4

 

Register

   100

 

ii


             Page

   

Section 15.5

 

Substitute Notes

   100
   

Section 15.6

 

Participations

   101
   

Section 15.7

 

Disclosure of Information

   101
   

Section 15.8

 

Security Interest in Favor of Federal Reserve Bank

   102

XVI.

 

RESERVE ACCOUNTS

   102
   

Section 16.1

 

Tax Reserve Account

   102
   

Section 16.2

 

Insurance Reserve Account

   103
   

Section 16.3

 

Structural Reserve Account

   103
   

Section 16.4

 

TI and Leasing Reserve Account

   104
   

Section 16.5

 

Deferred Maintenance and Environmental Remediation.

   106
   

Section 16.6

 

BofA Reserve Account.

   107

XVII.

 

DEFAULTS

   108
   

Section 17.1

 

Event of Default

   108
   

Section 17.2

 

Remedies

   111
   

Section 17.3

 

Remedies Cumulative; Waivers

   113
   

Section 17.4

 

Costs of Collection

   113

XVIII.

 

SPECIAL PROVISIONS

   113
   

Section 18.1

 

Exculpation

   113

XIX.

 

MISCELLANEOUS

   113
   

Section 19.1

 

Survival

   113
   

Section 19.2

 

Lenders Discretion

   114
   

Section 19.3

 

Governing Law

   114
   

Section 19.4

 

Modification, Waiver in Writing

   115
   

Section 19.5

 

Delay Not a Waiver

   115
   

Section 19.6

 

Notices

   116
   

Section 19.7

 

TRIAL BY JURY

   118
   

Section 19.8

 

Headings

   118
   

Section 19.9

 

Severability

   118
   

Section 19.10

 

Preferences

   118
   

Section 19.11

 

Waiver of Notice

   119
   

Section 19.12

 

Expenses; Indemnity

   119
   

Section 19.13

 

Exhibits and Schedules Incorporated

   121
   

Section 19.14

 

Offsets, Counterclaims and Defenses

   121
   

Section 19.15

 

Liability of Assignees of Lender

   121
   

Section 19.16

 

No Joint Venture or Partnership; No Third Party Beneficiaries

   122
   

Section 19.17

 

Publicity

   122
   

Section 19.18

 

Waiver of Marshalling of Assets

   122
   

Section 19.19

 

Waiver of Counterclaim and other Actions

   123

 

iii


             Page

   

Section 19.20

 

Conflict; Construction of Documents; Reliance

   123
   

Section 19.21

 

Prior Agreements

   123
   

Section 19.22

 

Counterparts

   123

 

iv


EXHIBITS AND SCHEDULES

 

EXHIBIT A

 

TITLE INSURANCE REQUIREMENTS, ENDORSEMENTS AND AFFIRMATIVE COVERAGES

EXHIBIT B

 

SURVEY REQUIREMENTS

EXHIBIT C

 

SINGLE PURPOSE ENTITY PROVISIONS

EXHIBIT D

 

ENFORCEABILITY OPINION REQUIREMENTS

EXHIBIT E

 

NON-CONSOLIDATION OPINION REQUIREMENTS

EXHIBIT F

 

[INTENTIONALLY OMITTED]

EXHIBIT G

 

FORM OF TENANT ESTOPPEL LETTER

EXHIBIT H

 

FORM OF GROUND LEASE ESTOPPEL

EXHIBIT I

 

FORM OF REA ESTOPPEL

EXHIBIT J

 

[INTENTIONALLY OMITTED]

EXHIBIT K

 

BORROWER ORGANIZATIONAL STRUCTURE

EXHIBIT L

 

[INTENTIONALLY OMITTED]

EXHIBIT M

 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

EXHIBIT N

 

FORM OF SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT

EXHIBIT O

 

O&M PROGRAM

EXHIBIT P

 

FORM OF TENANT NOTIFICATION LETTER

EXHIBIT Q

 

[INTENTIONALLY OMITTED]

EXHIBIT R

 

[INTENTIONALLY OMITTED]

EXHIBIT S

 

[INTENTIONALLY OMITTED]


 

End of Preview

 

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