as Borrower
AND THEIR ASSIGNEES UNDERSECTION 13.6,
as Lenders
as Administrative Agent and Sole Lead Arranger
Page | ||||
ARTICLE I DEFINITIONS | 1 | |||
Section 1.1 Definitions | 1 | |||
Section 1.2 General; References to San Francisco Time | 28 | |||
ARTICLE II CREDIT FACILITY | 28 | |||
Section 2.1 Revolving Loans | 28 | |||
Section 2.2 Letters of Credit | 30 | |||
Section 2.3 Swingline Loans | 34 | |||
Section 2.4 Bid Rate Loans | 37 | |||
Section 2.5 Rates and Payment of Interest on Loans | 40 | |||
Section 2.6 Number of Interest Periods | 41 | |||
Section 2.7 Repayment of Loans | 41 | |||
Section 2.8 Prepayments | 41 | |||
Section 2.9 Continuation | 42 | |||
Section 2.10 Conversion | 43 | |||
Section 2.11 Notes | 43 | |||
Section 2.12 Expiration or Termination Date of Letters of Credit Past Termination Date | 43 | |||
Section 2.13 Amount Limitations | 44 | |||
Section 2.14 Optional Increase to the Commitment | 44 | |||
Section 2.15 Extension of the Termination Date | 46 | |||
ARTICLE III PAYMENTS, FEES AND OTHER GENERAL PROVISIONS | 46 | |||
Section 3.1 Payments | 46 | |||
Section 3.2 Pro Rata Treatment | 46 | |||
Section 3.3 Sharing of Payments, Setoff, Etc | 47 | |||
Section 3.4 Several Obligations | 48 | |||
Section 3.5 Minimum Amounts | 48 | |||
Section 3.6 Fees | 48 | |||
Section 3.7 Computations | 50 | |||
Section 3.8 Usury | 50 | |||
Section 3.9 Agreement Regarding Interest and Charges | 50 | |||
Section 3.10 Statements of Account | 50 | |||
Section 3.11 Defaulting Lenders | 50 | |||
Section 3.12 Taxes | 51 | |||
ARTICLE IV POOL ASSETS | 53 | |||
Section 4.1 Inclusion of Pool Assets | 53 | |||
Section 4.2 Termination of Designation as Pool Asset | 53 | |||
Section 4.3 Ineligibility of a Property as Pool Asset | 54 |
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ARTICLE V YIELD PROTECTION, ETC | 54 | |||
Section 5.1 Additional Costs; Capital Adequacy | 54 | |||
Section 5.2 Suspension of LIBOR Loans | 55 | |||
Section 5.3 Illegality | 56 | |||
Section 5.4 Compensation | 56 | |||
Section 5.5 Treatment of Affected Loans | 57 | |||
Section 5.6 Change of Lending Office | 57 | |||
Section 5.7 Assumptions Concerning Funding of LIBOR Loans | 58 | |||
ARTICLE VI CONDITIONS PRECEDENT | 58 | |||
Section 6.1 Initial Conditions Precedent | 58 | |||
Section 6.2 Conditions Precedent to All Loans and Letters of Credit | 60 | |||
Section 6.3 Conditions as Covenants | 61 | |||
ARTICLE VII REPRESENTATIONS AND WARRANTIES | 61 | |||
Section 7.1 Representations and Warranties | 61 | |||
Section 7.2 Survival of Representations and Warranties, Etc | 67 | |||
ARTICLE VIII AFFIRMATIVE COVENANTS | 67 | |||
Section 8.1 Preservation of Existence and Similar Matters | 68 | |||
Section 8.2 Compliance with Applicable Law and Material Contracts | 68 | |||
Section 8.3 Maintenance of Property | 68 | |||
Section 8.4 Conduct of Business | 68 | |||
Section 8.5 Insurance | 68 | |||
Section 8.6 Payment of Taxes and Claims | 69 | |||
Section 8.7 Books and Records; Inspections | 69 | |||
Section 8.8 Use of Proceeds | 69 | |||
Section 8.9 Environmental Matters | 70 | |||
Section 8.10 Further Assurances | 70 | |||
Section 8.11 Material Contracts | 70 | |||
Section 8.12 REIT Status | 70 | |||
Section 8.13 Exchange Listing | 71 | |||
Section 8.14 Guarantors | 71 | |||
ARTICLE IX INFORMATION | 72 | |||
Section 9.1 Quarterly Financial Statements | 73 | |||
Section 9.2 Year-End Statements | 73 | |||
Section 9.3 Compliance Certificate | 73 | |||
Section 9.4 Other Information | 74 | |||
ARTICLE X NEGATIVE COVENANTS | 77 | |||
Section 10.1 Financial Covenants | 77 | |||
Section 10.2 Negative Pledge | 79 | |||
Section 10.3 Restrictions on Intercompany Transfers | 79 | |||
Section 10.4 Merger, Consolidation, Sales of Assets and Other Arrangements | 79 |
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Section 10.5 Plans | 81 | |||
Section 10.6 Fiscal Year | 81 | |||
Section 10.7 Modifications of Organizational Documents and Material Contracts | 81 | |||
Section 10.8 Transactions with Affiliates | 81 | |||
ARTICLE XI DEFAULT | 82 | |||
Section 11.1 Events of Default | 82 | |||
Section 11.2 Remedies Upon Event of Default | 85 | |||
Section 11.3 Marshaling; Payments Set Aside | 87 | |||
Section 11.4 Allocation of Proceeds | 87 | |||
Section 11.5 Letter of Credit Collateral Account | 87 | |||
Section 11.6 Performance by Administrative Agent | 88 | |||
Section 11.7 Rights Cumulative | 89 | |||
ARTICLE XII THE AGENT | 89 | |||
Section 12.1 Authorization and Action | 89 | |||
Section 12.2 Administrative Agent’s Reliance, Etc | 90 | |||
Section 12.3 Notice of Defaults | 91 | |||
Section 12.4 Wells Fargo as Lender | 91 | |||
Section 12.5 Approvals of Lenders | 91 | |||
Section 12.6 Lender Credit Decision, Etc | 92 | |||
Section 12.7 Indemnification of Administrative Agent | 93 | |||
Section 12.8 Successor Administrative Agent | 93 | |||
Section 12.9 Titled Agents | 94 | |||
ARTICLE XIII MISCELLANEOUS | 94 | |||
Section 13.1 Notices | 94 | |||
Section 13.2 Expenses | 95 | |||
Section 13.3 Stamp, Intangible and Recording Taxes | 96 | |||
Section 13.4 Electronic Document Deliveries | 96 | |||
Section 13.5 Litigation; Jurisdiction; Other Matters; Waivers | 97 | |||
Section 13.6 Successors and Assigns | 98 | |||
Section 13.7 Amendments | 101 | |||
Section 13.8 Nonliability of Administrative Agent and Lenders | 103 | |||
Section 13.9 Confidentiality | 103 | |||
Section 13.10 Indemnification | 103 | |||
Section 13.11 Termination; Survival | 105 | |||
Section 13.12 Severability of Provisions | 105 | |||
Section 13.13 GOVERNING LAW | 105 | |||
Section 13.14 Counterparts | 106 | |||
Section 13.15 Obligations with Respect to Loan Parties | 106 | |||
Section 13.16 Independence of Covenants | 106 | |||
Section 13.17 Limitation of Liability | 106 | |||
Section 13.18 USA Patriot Act Notice. Compliance | 106 | |||
Section 13.19 Entire Agreement | 107 | |||
Section 13.20 Construction | 107 |
-iii-
SCHEDULE 1.1(A) | Pro Rata Shares of Lenders and Outstanding Balances as of Effective Date | |
SCHEDULE 1.1(B) | List of Loan Parties | |
SCHEDULE 1.1(C) | List of Persons Excluded from Definition of “Unconsolidated Affiliate” | |
SCHEDULE 4.1 | Initial Pool Assets | |
SCHEDULE 7.1(b) | Ownership Structure | |
SCHEDULE 7.1(f) | List of Properties and Marketable Securities | |
SCHEDULE 7.1(g) | Existing Indebtedness | |
SCHEDULE 7.1(h) | Material Contracts | |
SCHEDULE 7.1(i) | Litigation | |
SCHEDULE 7.1(x) | List of Properties owned by non-Borrower or Guarantor parties | |
SCHEDULE 10.8 | Certain Transactions with Affiliates | |
SCHEDULE 11.1(d) | Indebtedness in known non-monetary default | |
EXHIBIT A | Form of Assignment and Acceptance Agreement | |
EXHIBIT B | Form of Pool Certificate | |
EXHIBIT C | Form of Guaranty | |
EXHIBIT D-1 | Form of Notice of Borrowing | |
EXHIBIT D-2 | Form of Notice of Swingline Borrowing | |
EXHIBIT E | Form of Notice of Continuation | |
EXHIBIT F | Form of Notice of Conversion | |
EXHIBIT G-1 | Form of Revolving Note | |
EXHIBIT G-2 | Form of Swingline Note | |
EXHIBIT G-3 | Form of Bid Rate Note | |
EXHIBIT H | Form of Opinion of Counsel | |
EXHIBIT I | Form of Compliance Certificate | |
EXHIBIT J | Form of Designation Agreement | |
EXHIBIT K-1 | Form of Bid Rate Quote Request | |
EXHIBIT K-2 | Form of Bid Rate Quote | |
EXHIBIT K-3 | Form of Bid Rate Quote Acceptance | |
EXHIBIT L | Form of Solvency Certificate | |
EXHIBIT M | Form of Transfer Authorizer Designation |
-iv-
Credit Rating | Applicable Margin for | |||
Level | (from S&P and one other Rating Agency) | LIBOR Loans | ||
1 | A-/A3 or equivalent or higher | 0.45% | ||
2 | BBB+/Baa1 or equivalent | 0.60% | ||
3 | BBB/Baa2 or equivalent | 0.675% | ||
4 | BBB-/Baa3 or equivalent | 0.80% | ||
5 | Less than BBB-/Baa3 or equivalent or no rating from S&P and one other Rating Agency | 1.15% |
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Level | Facility Fee | |
1 | 0.125% | |
2 | 0.15% | |
3 | 0.15% | |
4 | 0.175% | |
5 | 0.225% |
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1600 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Attention: Howard M. Sipzner, CFO
Facsimile :(305) 957-1214
Telephone Number:(305) 947-1664
1600 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Attention: Arthur L. Gallagher, Esq.
Facsimile :(305) 957-1214
Telephone Number:(305) 947-1664
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BORROWER: | ||||||
EQUITY ONE, INC., | ||||||
a Maryland corporation | ||||||
By: | /s/ Howard M. Sipzner | |||||
Howard M. Sipzner | ||||||
Executive Vice President and Chief Financial Officer |
Page 108
January 17, 2006 with Equity One, Inc.]
WELLS FARGO BANK, NATIONAL ASSOCIATION, | ||||||||
as Administrative Agent and as a Lender | ||||||||
By | /s/ Edwin S. Poole III | |||||||
Name: | Edwin S. Poole III | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$33,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Wells Fargo Bank, N.A. | ||||||||
Real Estate Group | ||||||||
Suite 1450 | ||||||||
401 East Jackson Street | ||||||||
Tampa, Florida 33602 | ||||||||
Attention: Edwin S. Poole, III | ||||||||
Senior Relationship Manager | ||||||||
Tel: (813) 202-7205 | ||||||||
Fax: (813) 202-7201 | ||||||||
With a copy to: | ||||||||
Wells Fargo Bank, N.A. | ||||||||
Real Estate Group | ||||||||
420 Montgomery Street, 6th Floor | ||||||||
San Francisco, CA 94163 | ||||||||
Attention: Chief Credit Officer | ||||||||
Fax: (415) 781-8324 |
Page 109
WACHOVIA BANK, | ||||||||
as Co-Syndication Agent and as a Lender | ||||||||
By | /s/ Cynthia A. Bean | |||||||
Name: | Cynthia A. Bean | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$24,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
301 S. College St. | ||||||||
NC - 0172 | ||||||||
Charlotte, NC 28288 | ||||||||
Attention: Cynthia Bean | ||||||||
Tel: (704) 383 7534 | ||||||||
Fax: (704) 383 6205 |
Page 110
SUNTRUST BANK, | ||||||||
as Co-Syndication Agent and as a Lender | ||||||||
By | /s/ Nancy B. Richards | |||||||
Name: | Nancy B. Richards | |||||||
Title: | Senior Vice President | |||||||
Commitment Amount: | ||||||||
$24,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
SunTrust Bank | ||||||||
8330 Boone Boulevard, 8th Floor | ||||||||
Vienna, Virginia 22182 | ||||||||
Attention: Nancy Richards | ||||||||
Tel: (703) 442-1557 | ||||||||
Fax: (703) 442-1570 |
Page 111
PNC BANK, | ||||||||
as Co-Documentation Agent and as a Lender | ||||||||
By | /s/ Tracy Kochanowski | |||||||
Name: | Tracy Kochanowski | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$21,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
One PNC Plaza, 249 Fifth Avenue | ||||||||
Mailstop; P1-POPP-19-2 | ||||||||
Pittsburgh, PA 15222 | ||||||||
Attention: Wayne Robertson | ||||||||
Tel: 412.762.8452 | ||||||||
Fax: 412.762.6500 |
Page 112
JPMORGAN CHASE BANK, N.A. | ||||||||
as Co-Documentation Agent and as a Lender | ||||||||
By | /s/ Marc E. Costntino | |||||||
Name: Marc E. Costntino | ||||||||
Title: Vice President | ||||||||
Commitment Amount: | ||||||||
$20,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Attention: | ||||||||
Tel: | ||||||||
Fax: | ||||||||
Page 113
BANK OF AMERICA, N.A., | ||||||||
as Managing Agent and as a Lender | ||||||||
By | /s/ Lisa Marti Stevens | |||||||
Name: | Lisa Marti Stevens | |||||||
Title: | Senior Vice President | |||||||
Commitment Amount: | ||||||||
$17,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Bank of America, N.A. | ||||||||
401 E. Las Olas Blvd., 8th Floor | ||||||||
Ft. Lauderdale, Fl 33301 | ||||||||
Attention: Nancy J. Blackwood | ||||||||
Tel: (954) 765-2627 | ||||||||
Fax: (954) 765-2164 |
Page 114
BANK OF MONTREAL, | ||||||||
as Managing Agent and as a Lender | ||||||||
By | /s/ David L. Mistic | |||||||
Name: David L. Mistic | ||||||||
Title: Vice President | ||||||||
Commitment Amount: | ||||||||
$17,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Attention: | ||||||||
Tel: | ||||||||
Fax: | ||||||||
Page 115
BRANCH BANKING & TRUST COMPANY, | ||||||||
as Managing Agent and as a Lender | ||||||||
By: | /s/ Guy Guenthner | |||||||
Name: | Guy Guenthner | |||||||
Title: | Senior Vice President | |||||||
Commitment Amount: | ||||||||
$17,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Branch Banking & Trust Company | ||||||||
6550 N. Federal Highway, Suite 500 | ||||||||
Ft. Lauderdale, FL 33308 | ||||||||
Attn: D. Guy Guenthner | ||||||||
Senior Vice President | ||||||||
Tel: (954) 776-3319 | ||||||||
Fax: (954) 491-7650 |
Page 116
DEUTSCHE BANK TRUST COMPANY AMERICAS, | ||||||||
as a Lender | ||||||||
By | /s/ Steven Lapham | |||||||
Name: | Steven Lapham | |||||||
Title: | Managing Director | |||||||
By | /s/ Brenda Casey | |||||||
Name: | Brenda Casey | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$15,000,000 | ||||||||
Credit/Business Matters: | ||||||||
Deutsche Bank Trust Company Activities | ||||||||
200 Crescent Court, Suite 550 | ||||||||
Dallas, Texas 75201 | ||||||||
Attention: Scott Speer | ||||||||
Tel: 214-740-7903 | ||||||||
Fax: 214-740-7910 |
Page 117
COMERICA BANK, | ||||||||
as a Lender | ||||||||
By | /s/ Leslie Vogel | |||||||
Name: | Leslie Vogel | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$15,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Comerica Bank | ||||||||
500 Woodward | ||||||||
MC 3256 | ||||||||
Detroit, Michigan 48226 | ||||||||
Attention: Betsy Branson | ||||||||
Tel: 313-222-5878 | ||||||||
Fax: 313-222-3697 |
Page 118
EUROHYPO AG, New York Branch | ||||||||
as a Lender | ||||||||
By | /s/ John Lippman | |||||||
Name: | John Lippman | |||||||
Title: | Vice President | |||||||
By | /s/ Stephen Cox | |||||||
Name: | Stephen Cox | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$15,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Head of Portfolio Operations | ||||||||
Eurohypo AG, New York Branch | ||||||||
1114 Avenue of the Americas | ||||||||
New York, NY 10036 | ||||||||
Facsimile: (866) 267-7680 | ||||||||
with a copy to: | ||||||||
Legal Director | ||||||||
Eurohypo AG, New York Branch | ||||||||
1114 Avenue of the Americas | ||||||||
New York, NY 10036 | ||||||||
Facsimile: (866) 267-7680 |
Page 119
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, | ||||||||
successor by merger to UFJ Bank Limited, | ||||||||
as a Lender | ||||||||
By | /s/ James T. Taylor | |||||||
Name: | James T. Taylor | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$15,000,000 |
Page 120
FIRST HORIZON, | ||||||||
as a Lender | ||||||||
By | /s/ J. Jordan O’Neill III | |||||||
Name: | J. Jordan O’Neill III | |||||||
Title: | Senior Vice President | |||||||
Commitment Amount: | ||||||||
$12,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
First Horizon Bank | ||||||||
1650 Tysons Blvd. | ||||||||
Suite 1150 | ||||||||
McLean, VA 22102-4875 | ||||||||
Attention: Jordan O’Neil | ||||||||
Tel: 703-394-2518 | ||||||||
Fax: 703-734-1834 |
Page 121
REGIONS BANK, | ||||||||
as a Lender | ||||||||
By | /s/ Lance Aylsworth | |||||||
Name: | Lance Aylsworth | |||||||
Title: | Vice President | |||||||
Commitment Amount: | ||||||||
$12,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Regions Bank | ||||||||
2800 Ponce De Leon Blvd. | ||||||||
9th Floor | ||||||||
Coral Gables, FL 33134 | ||||||||
Attention: Lance Aylsworth | ||||||||
Tel: (305) 648-7013 | ||||||||
Fax: (305) 774-5189 |
Page 122
ISRAEL DISCOUNT BANK OF NEW YORK, | ||||||||
as a Lender | ||||||||
By | /s/ David Keinan | |||||||
Name: David Keinan | ||||||||
Title: Senior Vice President, Regional Manager for FL | ||||||||
By | /s/ Robert R. Munoz | |||||||
Name: Robert R. Munoz | ||||||||
Title: Senior Vice President, Chief Lending Officer for FL | ||||||||
Commitment Amount: | ||||||||
$9,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
18851 NE 19th Av. Suite 600 | ||||||||
Aventura, FL 33180 | ||||||||
Attention: | Robert Munoz | |||||||
Tel: (305) 682-3781 | ||||||||
Fax: (305) 682-3727 |
Page 123
CHANG HWA COMMERCIAL BANK, LTD., | ||||||||
as a Lender | ||||||||
By | /s/ Jim C.Y. Chen | |||||||
Name: | Jim C.Y. Chen | |||||||
Title: | VP and General Manager | |||||||
Commitment Amount: | ||||||||
$9,000,000 | ||||||||
Lending Office (all Types of Loans): | ||||||||
Chang Hwa Commercial Bank, Ltd. | ||||||||
Loan Department | ||||||||
685 Third Avenue, 29th Floor | ||||||||
New York, NY 10017 | ||||||||
Attention: Danielle Tsai, Loan Officer | ||||||||
Tel: 212-651-9770 ext. 29 | ||||||||
Fax: 212-651-9785 |
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