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Title: |
Participation Agreement |
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Entities: |
Allegiance Telecom, Inc.; American Financial Realty Trust; LaSalle National Bank; U.S. Bank, NA; Bank of America, NA; Allen & Overy; Morgan, Lewis & Bockius; Saul Ewing LLP; Troutman Sanders; Womble Carlyle Sandridge & Rice PLLC; First States Investors 3500, LLC |
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Date: |
2003 |
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Size: |
Preview shows 18KB of 292KB total |
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Price: |
$64 |
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ID: |
#334584 |
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Participation Agreement
Dated as of May 23, 2003
Among
Bank of America, N.A., as Lessee,
First States Investors 3500, LLC, as Owner Participant,
U.S. Bank National Association,
a national banking association (as successor to State Street Bank
and Trust Company of Connecticut, National Association), not in its
individual capacity, but solely as Owner Trustee under the
Amended and Restated Trust Agreement (1997-D)
dated as of May 23, 2003,
and Lessor, and Patrick E. Thebado as Co-Trustee and Lessor
First States Group, L.P., as Recourse Guarantor,
and
Wells Fargo Bank Northwest, National Association,
as Indenture Trustee and Pass Through Trustee
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Office Buildings Located in the
Southeastern United States
================================================================================
{PAGE}
Table of Contents
{TABLE}
{CAPTION}
Section Heading Page
------- ------- ----
{S} {C} {C}
Article I Definitions.............................................................1
Article II Lease...................................................................1
Section 2.1. Agreement to Lease......................................................1
Section 2.2. Participation and Purchase..............................................1
Section 2.3. Closing.................................................................2
Section 2.4. Postponement of Closing Date............................................2
Section 2.5. Return of Funds.........................................................2
Article III Conditions Precedent to Closing.........................................3
Section 3.1. Participation Conditions................................................3
Section 3.2. Lessee's Conditions.....................................................8
Article IV Representations and Warranties..........................................9
Section 4.1. Representations and Warranties of Lessee................................9
Section 4.2. Representations and Warranties of the Owner Participant................10
Section 4.3. Representations and Warranties of Indenture Trustee and Pass
Through Trustee.....................................................15
Section 4.4. Representations and Warranties of Trust Company........................16
Section 4.5. Representations and Warranties of the Recourse Guarantor...............17
Section 4.6. Representations and Warranties of the Lessor...........................19
Article V Covenants of Lessee....................................................21
Section 5.1. Merger, etc............................................................21
Section 5.2. Delivery of Documents..................................................22
Section 5.3. Additional Reports of Lessee...........................................23
Section 5.4. Further Assurance......................................................23
Section 5.5. Indenture..............................................................24
Section 5.6. Enforcement of Certain Warranties......................................26
Section 5.7. Change of Name or Location.............................................26
Section 5.8. Investigation by Governmental Authorities..............................27
Section 5.9. No Acquisition of Notes or Certificates................................27
Section 5.10. Redemption Premium Payable by Lessee...................................27
Section 5.11. Annual Rent Roll.......................................................27
Section 5.12. Amendments to Lease....................................................27
Section 5.13. Trustee Fees...........................................................27
Article VI Other Covenants and Agreements.........................................28
Section 6.1. Cooperation with Lessee................................................28
{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C} {C}
Section 6.2. Closing Conditions.....................................................28
Section 6.3. No Bankruptcy Petition.................................................28
Section 6.4. Lessor Liens...........................................................28
Section 6.5. Further Assurances of Owner Participant................................30
Section 6.6. Prepayment.............................................................30
Section 6.7. Indebtedness...........................................................31
Section 6.8. Limit on Activities....................................................31
Section 6.9. No Subsidiaries........................................................31
Section 6.10. No Voluntary Bankruptcy................................................31
Section 6.11. Change of Name or Location.............................................31
Section 6.12. New Series of Certificates.............................................31
Section 6.13. Performance of Lease...................................................31
Section 6.14. Quiet Enjoyment........................................................32
Section 6.15. Redemption Premium Payable by Lessor...................................32
Section 6.16. Termination of Other Operative Documents...............................32
Section 6.17. Security Documents; Amendments.........................................32
Section 6.18. Lien Release...........................................................33
Section 6.19. Foreclosure Rights.....................................................33
Section 6.20. Lease Covenants........................................................33
Section 6.21. Subleases..............................................................34
Section 6.22. Certain Limitations in Reorganization..................................34
Section 6.23. Trust Issues...........................................................34
Section 6.24. Granting of Easements..................................................35
Section 6.26. Owner for Federal Tax Purposes.........................................36
Section 6.27. Special Purpose Company................................................36
Section 6.28. United States Person...................................................36
Section 6.29. Agreements of the Recourse Guarantor...................................36
Section 6.30. Further Assurances of Indenture Trustee................................38
Section 6.31. Change of Situs........................................................38
Section 6.32. Single Purpose Entity, Separateness....................................39
Section 6.33. Further Assurances; NAIC Filings.......................................42
Section 6.34. Insurance..............................................................43
Section 6.35. Operating Reserve......................................................43
Article VII Transfer of Interest...................................................45
Section 7.1. Restrictions on Transfer...............................................45
Section 7.2. Effect of Transfer.....................................................45
Section 7.3. Competitors of the Lessee..............................................45
Section 7.4. Transfer by Lessor or Owner Participant................................45
Section 7.5. Default................................................................48
Article VIII Indemnification........................................................48
Section 8.1. General Indemnification................................................48
Section 8.2. General Tax Indemnification............................................53
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C} {C}
Article IX Purchase Rights........................................................62
Section 9.1. Rights of First Offer..................................................62
Section 9.2. Purchase and Transfer of Offered Asset.................................63
Section 9.3. Purchase Options.......................................................64
Article X Debt Assumption; Refinancing...........................................65
Section 10.1. Assumption of Indebtedness.............................................65
Section 10.2. Refinancing............................................................66
Article XI Financing of Alterations...............................................67
Section 11.1. Financing of Alterations...............................................67
Article XII Miscellaneous..........................................................70
Section 12.1. Survival of Agreements.................................................70
Section 12.2. Concerning the Trust Company and the Co-Trustee........................70
Section 12.3. Notices................................................................70
Section 12.4. Counterparts...........................................................70
Section 12.5. Amendments.............................................................70
Section 12.6. Headings, etc..........................................................71
Section 12.7. Parties in Interest....................................................71
Section 12.8. Governing Law..........................................................71
Section 12.9. [Reserved].............................................................71
Section 12.10. Severability...........................................................71
Section 12.11. Jurisdiction...........................................................71
Section 12.12. Priority; Attornment...................................................72
{/TABLE}
Attachments to Participation Agreement:
Schedule I -- Description of Filings and Filing Locations
Exhibit A -- Description of Existing Subleases
Exhibit B -- Schedule of Original Lessor's Cost for the Properties
Exhibit C -- Schedule of Subleases with Non-Disturbance and Attornment
-iii-
{PAGE}
Participation Agreement dated as of May 23, 2003 among Bank of America,
N.A., a national banking association, as lessee (the "Lessee"), U.S. Bank
National Association, a national banking association (as successor to State
Street Bank and Trust Company of Connecticut, National Association), not in its
individual capacity, but solely as Owner Trustee under the Amended and Restated
Trust Agreement (1997-D) dated as of May 23, 2003 (the "Owner Trustee"), Patrick
E. Thebado, an individual, not in his individual capacity, except as expressly
provided herein, but solely as Co-Trustee under the Amended and Restated Trust
Agreement (1997-D) dated as of May , 2003 ("Co-Trustee"; the Owner Trustee as
--
the lessor of the Properties in states other than the Co-Trustee States and the
Co-Trustee as the lessor of the Properties in the Co-Trustee States, separately
or together, as applicable, as lessor (the "Lessor")); First States Investors
3500, LLC, a Delaware limited liability company, as Owner Participant (the
"Owner Participant"), First States Group, L.P., a Delaware limited partnership,
as recourse guarantor (the "Recourse Guarantor"), and Wells Fargo Bank
Northwest, National Association, a national banking association, not in its
individual capacity, except as expressly provided herein, but solely as
Indenture Trustee and Pass Through Trustee (in its capacity as indenture
trustee, the "Indenture Trustee," and in its capacity as pass through trustee,
the "Pass Through Trustee").
In consideration of the mutual agreements herein contained and other good
and valuable consideration, receipt of which is hereby acknowledged, the parties
hereto hereby agree as follows:
Article I
Definitions
Unless the context shall otherwise require, capitalized terms used herein
shall have the meanings assigned thereto in Appendix A to the Lease Agreement,
dated as of the date hereof, between Lessor and Lessee, for all purposes hereof.
Article II
Lease
Section 2.1. Agreement to Lease. Subject to the terms and conditions of this
Agreement, on the Closing Date the Lessor, as owner of each of the Properties,
agrees to amend and restate the Original Leases pursuant to which the respective
lessors each leased an undivided interest in certain Properties to the Lessee,
into one Lease pursuant to which the Lessor will lease its entire fee interest
in the Properties to the Lessee pursuant to the terms and conditions of the
Lease.
Section 2.2. Participation and Purchase. (a) The Lessor desires to borrow
funds and, to secure the repayment of such borrowing, the Lessor will mortgage
the Properties as collateral security for such borrowings, and pledge and assign
the rental payments due and payable under the Lease. In order to provide for the
financing, the Lessor will authorize the issue and sale of
{PAGE}
the Notes. Subject to the terms and conditions of this Agreement, the Pass
Through Trust shall assist in the financing contemplated hereby by purchasing on
the Closing Date the Note from the Lessor for an amount in immediately available
funds equal to $200,000,000.
(b) The amount specified above for the Pass Through Trustee shall be
transferred by the Pass Through Trustee to the account of the Indenture Trustee,
ABA #121-000-248, A/C 051-0922115, Re: AFR Lease-Backed CTL, Series 2003-A
Closing Account, in immediately available funds in U.S. dollars, not later than
11:00 a.m., New York City time, on the scheduled Closing Date. Such amounts to
be paid on the Closing Date shall be held by the Indenture Trustee, not as part
of the Estate, until released in writing by the Pass Through Trustee against
delivery of the Notes by the Lessor and delivery of the Title Policies.
Section 2.3. Closing. At least three Business Days prior to the Closing Date,
the Owner Participant shall deliver to each of the Participants, the Lessee and
the Indenture Trustee written notice setting forth the Closing Date. All
documents and instruments required to be delivered on the Closing Date pursuant
to this Agreement shall be delivered at the offices of Chapman and Cutler, 111
West Monroe Street, Chicago, IL 60603 or at such other location as may be
determined by the Participants and the Lessee.
Section 2.4. Postponement of Closing Date. The Owner Participant may, by
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