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Title: |
Loan Agreement |
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Entities: |
Chase Manhattan Bank; Citibank, NA; Fleet Bank, NA; Lehman Brothers Bank; Lehman Brothers Inc.; Rosen Consulting Group; Wyndham International, Inc.; Federal National Mortgage Association; International Swaps & Derivatives Association, Inc.; Bank of America, NA; Akin, Gump, Strauss, Hauer & Feld LLP |
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Date: |
2001 |
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Size: |
Preview shows 39KB of 536KB total |
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Price: |
$99 |
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ID: |
#386041 |
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Start of Preview |
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LOAN AGREEMENT
Dated as of July 18, 2001
Between
W-BALTIMORE, LLC, POSADAS DE SAN JUAN
ASSOCIATES, W-ATLANTA, LLC, W-BOSTON, LLC
AND TRAVIS REAL ESTATE GROUP JOINT VENTURE
collectively, as Borrower
and
LEHMAN BROTHERS BANK FSB
as Lender
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
Page
{S} {C}
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION................................................................ 1
---------------------------------------
Section 1.1 Definitions........................................................................... 1
-----------
II. GENERAL TERMS.......................................................................................... 24
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Section 2.1 Loan Commitment; Disbursement to Maker................................................ 24
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2.1.1 Agreement to Lend and Borrow.......................................................... 24
----------------------------
2.1.2 Single Disbursement to Maker.......................................................... 24
----------------------------
2.1.3 The Note, Security Instruments and Loan Documents..................................... 24
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2.1.4 Use of Proceeds....................................................................... 24
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Section 2.2 Interest; Loan Payments; Late Payment Charge; Extension............................... 24
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2.2.1 Interest Generally.................................................................... 24
------------------
2.2.2 Interest Calculation.................................................................. 25
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2.2.3 Eurodollar Rate Unascertainable; Illegality; Increased Costs.......................... 25
------------------------------------------------------------
2.2.4 Payment on Maturity Date.............................................................. 27
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2.2.5 Payments after Default................................................................ 27
----------------------
2.2.6 Late Payment Charge................................................................... 27
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2.2.7 Usury Savings......................................................................... 27
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2.2.8 Taxes................................................................................. 28
-----
2.2.9 Extension............................................................................. 29
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Section 2.3 Prepayments........................................................................... 29
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2.3.1 Voluntary Prepayments................................................................. 29
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2.3.2 Mandatory Prepayments................................................................. 30
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2.3.3 Prepayments After Default............................................................. 30
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2.3.4 Making of Payments.................................................................... 30
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Section 2.4 Interest Rate Cap Agreement........................................................... 30
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Section 2.5 Release of Property................................................................... 31
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2.5.1 Release of Individual Property........................................................ 31
------------------------------
2.5.2 Release on Payment in Full............................................................ 32
--------------------------
Section 2.6 Substitution of Properties............................................................ 32
--------------------------
Section 2.7 Out Parcel Releases................................................................... 39
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III. CASH MANAGEMENT........................................................................................ 42
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Section 3.1............................................................................................ 42
Establishment of Accounts........................................................................................ 42
-------------------------
Section 3.2 Deposits into Lockbox Account......................................................... 42
-----------------------------
Section 3.3 Account Name.......................................................................... 44
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Section 3.4 Eligible Accounts..................................................................... 44
-----------------
Section 3.5 Permitted Investments................................................................. 44
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Section 3.6 The Initial Deposits.................................................................. 44
--------------------
Section 3.7 Transfer To and Disbursements from the Lockbox Account................................ 45
------------------------------------------------------
Section 3.8 Withdrawals From the Tax Account and the Insurance Premium Account.................... 45
------------------------------------------------------------------
Section 3.9 Withdrawals from the Replacement Reserve Account...................................... 46
------------------------------------------------
Section 3.10 Withdrawals from the Debt Service Account............................................. 46
-----------------------------------------
Section 3.11 Withdrawals from the Ground Rent Account.............................................. 46
----------------------------------------
Section 3.12 Withdrawals from the Property Account................................................. 46
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Section 3.13 Sole Dominion and Control............................................................. 46
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Section 3.14 Security Interest..................................................................... 46
-----------------
Section 3.15 Rights on Default..................................................................... 46
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{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C}
Section 3.16 Financing Statement; Further Assurances............................................... 47
---------------------------------------
Section 3.17 Borrower's Obligation Not Affected.................................................... 47
----------------------------------
Section 3.18 Payments Received Under this Agreement................................................ 47
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IV. REPRESENTATIONS AND WARRANTIES......................................................................... 47
------------------------------
Section 4.1 Borrower Representations.............................................................. 47
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4.1.1 Organization.......................................................................... 47
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4.1.2 Proceedings........................................................................... 48
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4.1.3 No Conflicts.......................................................................... 48
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4.1.4 Litigation............................................................................ 48
----------
4.1.5 Agreements............................................................................ 48
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4.1.6 Solvency.............................................................................. 48
--------
4.1.7 Full and Accurate Disclosure.......................................................... 49
----------------------------
4.1.8 No Plan Assets........................................................................ 49
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4.1.9 Compliance............................................................................ 49
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4.1.10 Financial Information................................................................. 50
---------------------
4.1.11 Condemnation.......................................................................... 50
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4.1.12 Federal Reserve Regulations........................................................... 50
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4.1.13 Utilities and Public Access........................................................... 50
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4.1.14 Not a Foreign Person.................................................................. 50
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4.1.15 Separate Lots......................................................................... 50
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4.1.16 Assessments........................................................................... 51
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4.1.17 Enforceability........................................................................ 51
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4.1.18 No Prior Assignment................................................................... 51
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4.1.19 Insurance............................................................................. 51
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4.1.20 Use of Property....................................................................... 51
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4.1.21 Certificate of Occupancy; Licenses.................................................... 51
----------------------------------
4.1.22 Flood Zone............................................................................ 51
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4.1.23 Physical Condition.................................................................... 52
------------------
4.1.24 Boundaries............................................................................ 52
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4.1.25 Leases................................................................................ 52
------
4.1.26 Survey................................................................................ 53
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4.1.27 Inventory............................................................................. 53
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4.1.28 Filing and Recording Taxes............................................................ 53
--------------------------
4.1.29 Insolvency Opinion.................................................................... 53
------------------
4.1.30 Management Agreement.................................................................. 53
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4.1.31 Illegal Activity...................................................................... 53
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4.1.32 No Change in Facts or Circumstances; Disclosure....................................... 53
-----------------------------------------------
4.1.33 Investment Company Act................................................................ 54
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4.1.34 Principal Place of Business........................................................... 54
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4.1.35 Single Purpose Entity................................................................. 54
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4.1.36 Business Purposes..................................................................... 58
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4.1.37 Taxes................................................................................. 59
-----
4.1.38 Forfeiture............................................................................ 59
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4.1.39 Environmental Representations and Warranties.......................................... 59
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4.1.40 Management Agreement.................................................................. 59
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4.1.41 Intentionally Omitted................................................................. 59
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4.1.42 Ground Lease Representations.......................................................... 59
----------------------------
Section 4.2 Survival of Representations........................................................... 60
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V. BORROWER COVENANTS..................................................................................... 60
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Section 5.1 Affirmative Covenants................................................................. 60
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5.1.1 Existence; Compliance with Legal Requirements......................................... 60
---------------------------------------------
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C}
5.1.2 Taxes and Other Charges.............................................................. 61
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5.1.3 Litigation........................................................................... 62
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5.1.4 Access to Properties................................................................. 62
--------------------
5.1.5 Notice of Default.................................................................... 62
-----------------
5.1.6 Cooperate in Legal Proceedings....................................................... 62
------------------------------
5.1.7 Award and Insurance Benefits......................................................... 62
----------------------------
5.1.8 Further Assurances................................................................... 62
------------------
5.1.9 Mortgage and Intangible Taxes........................................................ 63
-----------------------------
5.1.10 Financial Reporting.................................................................. 63
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5.1.11 Business and Operations.............................................................. 67
-----------------------
5.1.12 Costs of Enforcement................................................................. 67
--------------------
5.1.13 Estoppel Statement................................................................... 67
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5.1.14 Loan Proceeds........................................................................ 68
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5.1.15 Performance by Borrower.............................................................. 68
----------------------
5.1.16 Confirmation of Representations...................................................... 68
-------------------------------
5.1.17 Leasing Matters...................................................................... 68
---------------
5.1.18 Management Agreement................................................................. 69
--------------------
5.1.19 Environmental Covenants.............................................................. 71
-----------------------
5.1.20 Alterations.......................................................................... 72
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5.1.21 Intentionally Omitted................................................................ 73
---------------------
5.1.22 The Ground Lease..................................................................... 73
----------------
Section 5.2 Negative Covenants................................................................... 74
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5.2.1 Liens................................................................................ 74
-----
5.2.2 Dissolution.......................................................................... 74
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5.2.3 Change In Business................................................................... 74
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5.2.4 Debt Cancellation.................................................................... 74
-----------------
5.2.5 Zoning............................................................................... 74
------
5.2.6 No Joint Assessment.................................................................. 75
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5.2.7 Principal Place of Business.......................................................... 75
---------------------------
5.2.8 ERISA................................................................................ 75
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5.2.9 Affiliate Transactions............................................................... 75
----------------------
5.2.10 Assets............................................................................... 75
------
5.2.11 Debt................................................................................. 76
----
5.2.12 Transfers............................................................................ 76
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VI. INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS................................................... 79
---------------------------------------------------
Section 6.1 Insurance............................................................................ 79
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Section 6.2 Casualty............................................................................. 83
--------
Section 6.3 Condemnation......................................................................... 83
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Section 6.4 Restoration.......................................................................... 84
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VII. RESERVE FUNDS......................................................................................... 90
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Section 7.1 Required Repair Funds................................................................ 90
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7.1.1 Deposits............................................................................. 90
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7.1.2 Release of Required Repair Funds..................................................... 90
--------------------------------
Section 7.2 Tax and Insurance Escrow Fun......................................................... 91
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Section 7.3 Replacements and Replacement Reserve................................................. 92
------------------------------------
7.3.1 Replacement Reserve Fun.............................................................. 92
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7.3.2 Disbursements from Replacement Reserve Account....................................... 92
----------------------------------------------
7.3.3 Performance of Replacements.......................................................... 94
---------------------------
7.3.4 Failure to Make Replacements......................................................... 96
----------------------------
7.3.5 Balance in the Replacement Reserve Account........................................... 96
------------------------------------------
{/TABLE}
-iii-
{PAGE}
{TABLE}
{S} {C}
Section 7.4 Intentionally Omitted................................................................. 97
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Section 7.5 Intentionally Omitted................................................................. 97
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Section 7.6 Ground Lease Escrow Fund.............................................................. 97
------------------------
Section 7.7 Reserve Funds, Generally.............................................................. 97
------------------------
VIII. DEFAULTS............................................................................................... 98
--------
Section 8.1 Event of Default...................................................................... 98
----------------
Section 8.2 Remedies.............................................................................. 102
--------
Section 8.3 Remedies Cumulative; Waivers.......................................................... 102
----------------------------
IX. SPECIAL PROVISIONS..................................................................................... 103
------------------
Section 9.1 Sale of Notes and Securitization...................................................... 103
--------------------------------
Section 9.2 Securitization Indemnification........................................................ 105
------------------------------
Section 9.3 Servicer.............................................................................. 108
--------
Section 9.4 Exculpation........................................................................... 108
-----------
Section 9.5 Contributions and Waivers............................................................. 110
-------------------------
Section 9.6 Intentionally Omitted................................................................. 114
---------------------
X. MISCELLANEOUS.......................................................................................... 114
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Section 10.1 Survival.............................................................................. 114
--------
Section 10.2 Lender's Discretion................................................................... 114
-------------------
Section 10.3 Governing Law......................................................................... 114
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Section 10.4 Modification, Waiver in Writing....................................................... 115
-------------------------------
Section 10.5 Delay Not a Waiver.................................................................... 115
-----------------
Section 10.6 Notices............................................................................... 115
-------
Section 10.7 Trial by Jury......................................................................... 116
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Section 10.8 Headings.............................................................................. 117
--------
Section 10.9 Severability.......................................................................... 117
------------
Section 10.10 Preferences........................................................................... 117
-----------
Section 10.11 Waiver of Notice...................................................................... 117
----------------
Section 10.12 Remedies of Borrower.................................................................. 117
--------------------
Section 10.13 Expenses; Indemnity................................................................... 117
-------------------
Section 10.14 Schedules and Exhibits Incorporated................................................... 119
-----------------------------------
Section 10.15 Offsets, Counterclaims and Defenses................................................... 119
-----------------------------------
Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries......................... 119
-------------------------------------------------------------
Section 10.17 Publicity............................................................................. 119
---------
Section 10.18 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets............... 120
------------------------------------------------------------------------
Section 10.19 Waiver of Counterclaim................................................................ 120
----------------------
Section 10.20 Conflict; Construction of Documents; Reliance......................................... 120
---------------------------------------------
Section 10.21 Brokers and Financial Advisors........................................................ 121
------------------------------
Section 10.22 Prior Agreements...................................................................... 121
----------------
Section 10.23 Borrower/Maker........................................................................ 121
--------------
{/TABLE}
Schedule and Exhibits
---------------------
SCHEDULE I Properties - Allocated Loan Amounts
SCHEDULE II Rent Roll
SCHEDULE III Required Repairs - Deadlines For Completion
SCHEDULE IV Organizational Chart of Borrower
SCHEDULE V Intentionally Omitted SCHEDULE VI Permitted FF&E Financing
-iv-
{PAGE}
SCHEDULE VII Monthly Scheduled Amortization Payments
SCHEDULE VIII Litigation Schedule
SCHEDULE IX Borrower Default
SCHEDULE X Condemnations
SCHEDULE XI Special Assessments
SCHEDULE XII Lease Defaults
SCHEDULE XIII Required Lease Work
SCHEDULE XIV Lease Assignments
SCHEDULE XV Public Access
SCHEDULE XVI Insurance Claims
SCHEDULE XVII Addresses
SCHEDULE XVIII Taxes
EXHIBIT A Property Account Agreement
EXHIBIT B Intentionally Omitted
EXHIBIT C Tenant Notice Letter
EXHIBIT D Credit Card Notice Letter
EXHIBIT E Assignment of Interest Rate Cap Agreement
EXHIBIT F Out-Parcel Descriptions
EXHIBIT G Series B Convertible Preferred Stock Holders
EXHIBIT H Approved San Juan Parking Lease
-v-
{PAGE}
LOAN AGREEMENT
--------------
THIS LOAN AGREEMENT, dated as of July 18, 2001 (as amended, restated,
replaced, supplemented or otherwise modified from time to time, this
"Agreement"), between LEHMAN BROTHERS BANK FSB, having an address at 921 North
Orange Street, Wilmington, Delaware 19801 ("Lender") and W-BALTIMORE, LLC, a
Delaware limited liability company, POSADAS DE SAN JUAN ASSOCIATES, a New York
general partnership, W-ATLANTA, LLC, a Delaware limited liability company and
W-BOSTON, LLC, a Delaware limited liability company, each having an address at
c/o Wyndham International, Inc., 1950 Stemmons Freeway, Suite 6001, Dallas,
Texas 75207 (individually and collectively, as applicable, the "Maker") and
TRAVIS REAL ESTATE GROUP JOINT VENTURE, a Texas general partnership having an
address at c/o Wyndham International, Inc., 1950 Stemmons Freeway, Suite 6001,
Dallas, Texas 75207 (the "Maryland Guarantor") (Maker and the Maryland Guarantor
shall collectively be referred to herein as "Borrower").
W I T N E S S E T H:
-------------------
WHEREAS, Maker desires to obtain the Loan (as hereinafter defined) from
Lender; and
WHEREAS, Lender is willing to make the Loan to Maker, subject to and in
accordance with the terms of this Agreement and the other Loan Documents (as
hereinafter defined).
NOW THEREFORE, in consideration of the making of the Loan by Lender and
the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as
follows:
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
---------------------------------------
Section 1.1 Definitions. For all purposes of this Agreement, except
-----------
as otherwise expressly required or unless the context clearly indicates a
contrary intent:
"Acceptable Counterparty" means any Counterparty to the Interest Rate
Cap Agreement that has and shall maintain, until the expiration of the
applicable Interest Rate Cap Agreement, a long-term unsecured debt rating of not
less than "AA" (or the equivalent) by the Rating Agencies.
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